P&N Bank is an Australian financial institution comprised of the merger of 15 various credit unions. In 2013 they obtained regulator approval and became a mutual bank and are now able to provide you with the same products and security that the big banks can, including being a part of the Australian Government Guarantee of deposits up to $250,000.
Roy Morgan Customer Satisfaction Awards – Bank of the Year 2014
Pinnacle Award for Marketing Excellence – Branding 2013
Who is P&N Bank?
As a mutual bank P&N is able to offer their members savings accounts that cover all of your financial plans. Not only will you find accounts that reward you for saving by paying out higher rates of interest, they also have accounts geared towards younger Australians. There are no monthly fees to concern yourself with, and free transactions when you choose to take advantage of electronic banking through their online platform.
Easypay Access Account. A monthly fee applies for the use of this account which you can have waived by meeting their conditions. You are also provided with multiple ways of accessing your money including a linked Visa debit card that can make withdrawals at over 3,000 ATMs countrywide for free.
Student Account. Australian students aged 16 to 25 get the advantage of no monthly fees despite what your account balance is along with a choice in debit cards to make your withdrawals and purchases with. You can also earn a nominal interest rate on your balance that is paid to you quarterly.
Budgeting Account. With this account you can keep your expense money separate from your everyday cash, ensuring that all of your bills are being paid on time. The same debit card is used to access money at ATMs as your transaction account or you can use internet banking to take care of your needs.
What high interest savings accounts are offered by P&N Bank?
Hi Saver. Designed for accounts with balances of over $5,000, you will earn a bonus rate on top of the already competitive rate for the first four months after the account has been opened. There are no terms or regular deposit conditions to meet, and you are able to access your money at call through internet banking.
SwiftSaver Account. Earn bonus interest for your smart savings habits by meeting a deposit requirement with no withdrawals each month. There are no monthly fees to pay with this savings account plus you have a number of ways to access your money without having to pay any additional charges.
Way Cool Saver. For Australian children up to 15 years old, this account pays a competitive rate of interest on balances less than $5,000 without any strings attached. Once the child hits 12, they can begin accessing their savings on their own with a linked RediCard.
CashSaver. Maintain a minimum balance of $5,000 and you can earn a competitive interest rate on your savings while still having access to it. No monthly fees are charged to the account and you are given multiple options for fee free transactions.
Donation Saver. The Donation Saver pays you a nominal interest rate on your balance each month and a higher rate annually to the WA charity of your choice. This account carries no monthly fees, and offers you easy access through a number of means including internet banking.
The term deposits offered by P&N provide you with flexible terms and payment options. Your savings of at least $5,000+ is locked into the account at a fixed interest rate for a term that you choose. Depending on how often you want to receive interest payments, which are deposited into a separate account or issued by cheque, you can choose terms starting at two months for up to five years.
What are the pros and cons of banking with P&N Bank?
Pros
Online banking. Netlink is P&N’s online banking system and allows you to make secure transactions at any time. You can also download their mobile app and take advantage of banking on the go.
ATMs. With a linked debit card you have access to your money through over 3,000 ATMs across Australia using rediATM, NAB and Bank of Queensland’s networks.
Flexibility. With each account you are given multiple ways in which you can access your money.
Cons
Transaction fees. With some of the savings accounts offered by P&N Bank you will be charged when using certain transaction methods.
The way in which you apply for a savings account with P&N will depend heavily on the type you choose. While most can be applied for online, with others you will need to fill out an enquiry form first. Age restrictions will vary depending on the details of the account, but you do have to be at least 18 to fill out the forms online. You must also be an Australian resident and have an Australian residential and mailing address. Have ready your tax file number (TFN) or exemption code along with your government issued photo identification in order to help complete your application.
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.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
