P&N Hi Saver

Raise your savings potential to new heights with an account that rewards you with higher interest just for signing up.

The Hi Saver Account from P&N Bank provides you with four months to quickly increase your savings balance through bonus interest. Once that time period ends, you get an ongoing competitive rate of interest on your balance while still having complete access to your money when you need it.

Shirley Liu

Last Updated Jan 5, 2021

0.5% p.a.

Maximum variable rate

0.05%p.a.

Base interest rate

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Product Name	P&N Hi Saver Account
Maximum Variable Rate	0.5% p.a.
Standard Variable Rate	0.05% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Pros

Competitive bonus interest rate rewarded
No account fees
Fee-free transactions

Cons

Minimum balance of $5,000 required for bonus interest
One-off $10 membership payment required

Review by

Shirley Liu

shirley@finder.com.au

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.

Expert review

Remember, the bonus rate applies to account balances of $5,000 or more, so it's a good idea to wait until you have this before opening the account so you can get the full benefit of the bonus interest.

Key features

Introductory bonus interest rate of 0.45% for the first 4 months

So long as you are able to meet the minimum balance requirement of $5,000 when you open the account, you will also receive a variable bonus interest rate of 0.45% added to the standard variable rate of 0.05% for the first four months after the account has been activated.

Standard variable interest rate of 0.05%

This account has a standard variable interest rate of 0.05%. This is the rate that will apply to the balance after the introductory period is over. While this is an at call account with no minimum deposit requirements to meet, you will have to have a balance of at least $5,000 in order to earn the variable competitive interest rate on your money.

No account keeping fees

The Hi Saver Account does not have any monthly account keeping fees.

Unlimited free transactions

You are given a number of ways to access your money with the Hi Saver including; payroll and direct credit, online and over the phone transfers, cheque deposits and cash, BPAY, cash withdrawals and electronic transfers.

CashSaver account holders unable to apply

A member who holds or has held a CashSaver account is not eligible to apply for the Hi Saver. This includes those who are or were one of two joint account holders.

Interest calculated daily

The interest is calculated on your daily balance and paid into the Hi Saver Account monthly, provided that it is in excess of $4,999.

Member owned banking

P&N Bank is customer owned, only allowing members to apply for any of their products. There are no requirements to becoming a member other than paying a one-time $10 fee for you share.

Launch savings calculator

How to apply

You may apply in person or over the phone to open a Hi Saver Account or you can apply online by clicking the 'Go to Site'button above. Before getting started, check to make sure that you are eligible for this high interest savings account and have the following documents handy.

Eligibility

Minimum age. You must be at least 18 years of age to be eligible for the Hi Saver.
Residency requirements. In order for P&N Bank to accept your application you need to have an Australian residential and mailing address.

Depository requirements. While there is no minimum opening deposit requirement, you will need to have at least $5,000 in the account to qualify for regular and bonus interest.

Documentation needed

Tax file number. There is no obligation on your part to provide your tax file number (TFN) or to claim your exemption when completing the application. You should note that by not doing so you could have withholding tax deducted from your interest earnings. Even if not provided now, you do have the option of giving this information to P&N Bank at a later date.
Identification. If you are applying as a brand new member to P&N Bank, you will need to supply information from your Australian passport or driver's licence. You are also permitted to use one form of non-photo primary identification such as your birth certificate along with a secondary document such as a recent power bill. You can use original or certified copies of these documents.
Member number. For those who are already members of P&N Bank, you will be asked for your member number.

What happens after I submit my application?

After you have submitted your application online, you will receive notice of its receipt along with instructions if any other information is required. If all of the necessary details have been provided, you will then be given your new account number so that you can get started right away on earning your bonus interest.

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