Compare RACQ Bank Savings Accounts

Compare RACQ Bank savings accounts and find out what the move to Bendigo Bank in November 2026 means for you.

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RACQ Bank
4.6 based on 835 reviews

RACQ Bank is the banking arm of RACQ, the Queensland motoring club best known for car insurance and roadside assistance. Its bank accounts are issued by Members Banking Group Limited, trading as RACQ Bank.

RACQ Bank is moving to Bendigo Bank. RACQ has sold its retail lending and deposit business to Bendigo Bank. RACQ says the transition starts at 12pm AEST on Friday 13 November 2026 and will be completed by 8pm AEST on Sunday 15 November 2026. After that, RACQ Bank accounts will be closed and customers will use equivalent Bendigo Bank accounts instead. If you already bank with RACQ, check the RACQ transition page for key dates and anything you need to do.

What are the pros and cons of banking with RACQ Bank?

Pros

  • Easy-to-meet conditions for earning bonus interest
  • No monthly account fees on many products
  • Most everyday transactions can be completed without fees
  • Access to online banking, ATMs, and local branches

Cons

  • You need a Queensland residential address to open an account
  • RACQ Bank accounts are moving to Bendigo Bank in November 2026, so customers will get new account details and need to update things like PayID and recurring card payments

How to apply for RACQ Bank savings account

Applying online for a new bank account is fast and easy. You'll need identity documents such as your driving licence or passport. For more about the process, check out our full guide to opening an account online.

RACQ Bank's website says its savings accounts are opened in an RACQ store. For general banking help, call RACQ on 13 1905. For questions about the move to Bendigo Bank, call RACQ Bank on 1800 637 013.

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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs. See full bio

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8 Responses

    tina's avatar
    tinaAugust 1, 2025

    Hi, i am looking at account RACQ Bank Bonus Saver Account. when can I withdraw funds and not loose interest?

      Alison Banney's headshotFinder
      AlisonAugust 1, 2025Finder

      Hi, if you make a withdrawal from the RACQ Bonus Saver you will not earn bonus interest that month. You will be eligible to earn bonus interest the following month if you make no withdrawals and meet the $100 deposit condition.

    Peter's avatar
    PeterJanuary 14, 2025

    Can you open a term deposit with funds from a Self Managed Super Fund

      Richard Whitten's headshotFinder
      RichardJanuary 17, 2025Finder

      Hi Peter,

      I can’t find any specific information about SMSF term deposits on RACQ’s site. I suggest giving the bank a call and enquiring about this directly on 13 1905.

    Jason's avatar
    JasonApril 23, 2024

    Hello
    I would like to open savings accounts with RACQ
    I have money to place into RACQ Bank Bonus Saver Account but it says its capped at $99,999.00
    Can you open multiple of the same account if I have more money to Invest

      Sarah Megginson's headshotFinder
      SarahSeptember 20, 2024Finder

      Hi Jason,

      Bonus Saver Accounts are restricted to a maximum of two accounts per member. If you would like to earn high interest on all of your money, you could spread it across a range of accounts – you can review some of your options here.

      Hope this helps!

    Jane's avatar
    JaneDecember 21, 2018

    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?

      May's avatarFinder
      MayDecember 21, 2018Finder

      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:

      1. ME Term Deposit = $945.00
      2. RACQ Bank Term Deposit = $928.13
      3. AMP Term Deposit $25,000+ = $928.13

      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

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