Compare RACQ Bank Savings Accounts
RACQ Bank provides residents of Queensland more options in relation to meeting their banking needs.
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RACQ Bank has been assisting residents of Queensland for more than 110 years, initially in the areas of car insurance, roadside assistance and automotive services. Over that time, they've expanded to offer their services to the rest of Australia, as well as moved into new areas like banking and finance. With a versatile selection of products, it’s easy for RACQ Bank to handle all of your financial needs.
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Rates accurate as at: July 2nd, 2022 Learn about our information service
Who is RACQ Bank?
RACQ Bank is a for-member owned financial service provider for residents of Queensland. They are able to provide members with the same benefits and services found in traditional banks, yet focus on fee free banking and helping to build savings. The savings accounts they offer are designed to be manageable, while giving you an extra incentive to save.
What’s internet banking like for RACQ Bank?
Customers can use the RACQ Bank internet banking and mobile banking platforms for different reasons. You can turn online to view your statements and transaction history, you can make regular and scheduled bill payments via BPAY, you can manage payees and transfer funds, and you can even look forward to downloading transaction history.
The online banking platform relies on the use of 128-bit encryption to keep data secure.
Notable features include:
- Its mobile banking platform does not require you to download any app
- Use it to locate rediATM branches
What about the mobile app?
Image Source: App Store| Login Page | Favourites | Account Transfer |
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What transaction accounts offered by RACQ Bank?
- Everyday Account. Equipped with a Visa Debit card, the Everyday Account allows you to easily make purchases in stores and online in Australia and overseas. This account also charges no account keeping fees.
What high interest savings accounts are offered by RACQ Bank?
- eSave account. The eSave account gives you little access to your money while it earns interest. You'll only earn interest on balances above $5000.
- Bonus Saver account. This account rewards you with bonus interest for meeting the account conditions. With no monthly fee and no minimum balance, this is an easy account to save your pennies in.
What term deposits offered by RACQ Bank?
You can choose to lock in your interest rate for terms ranging from one month to five years with a term deposit from RACQ. The minimum investment amount is $1,000. For term lengths longer than 12 months, interest is paid annually. For term lengths less than 12 months interest will be paid when the term reaches maturity.
Back to topAny feedback about RACQ Bank?
Pros
- Bonus interest. The terms for earning bonus interest on your savings are easy to meet with careful management of your extra money.
- No monthly fees. Many of the products offered by RACQ Bank are either free from any monthly fees or provide you with ways to avoid them.
- Transaction fees. You are able to conduct most of your daily transactions without incurring any fees.
- Access. You are afforded with online banking, ATM access and the option of visiting a local branch.
Cons
- Availability. The banking products offered by RACQ Bank are only available to members. To become a member you must be a resident of Queensland.
How do I apply for an account offered by RACQ Bank?
RACQ Bank offers you the convenience of applying for their savings account products online. Expect the following as you start your online application:
- Membership. If you're not a member, you will automatically become a member of the bank when you open an account. You need to be a resident of Queensland.
- Age requirements. You can be as young as 13 to apply for some of the savings products offered by RACQ Bank (however you need to be 18 to open an account online)
- Contact. Make sure that you are providing a valid email address so that the bank can forward you the details of your new account.
It is always a good idea to compare the features of financial institutions and their various products before choosing one to help you with your financial needs. This will ensure that you are getting the terms that suit you for the best possible value.
More guides on Finder
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RACQ Bank Term Deposit
Choose a term from one month to five years and earn a competitive, fixed interest rate on your deposit. This account is for Queenslanders only.
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RACQ Bank Everyday Account
Benefit from unlimited use of your debit card when you bank everyday with the RACQ Bank's Everyday Account.
Ask an Expert
I have a $45,000 term deposit due to mature 0n 7 January 2019. I received 3% interest with Westpac for this deposit based on 8 months duration. Should I rollover or is there a better rate another institution could give me?
Hi Jane,
Thanks for reaching out.
If you wish to compare the interest earnings with other term deposit products versus your current rate with Westpac, that would surely help you decide. You can use our comparison table to help you find the account that suits you. To be able to know your interest earnings, just use the calculator on top of the table on that page and enter your deposit amount and term of investment then click calculate. So for instance, we’ll use $45,000 for the deposit and 9 months (no 8-month option) for the term. Based on the results, the following are the top-earning brands:
You may want to visit the official site of the bank so you can open the account from there. Best to check and review the T&Cs and PDS of the account first before considering it’s the right product for you.
I hope that helps.
Cheers,
May