P&N SwiftSaver Account

P&N SwiftSaver Account

Maximum Variable Rate


Standard Variable Rate


An account that rewards you with bonus interest every month you increase your balance.

  • Earn bonus interest
  • Easy access to savings
  • No monthly account keeping fees

Product details

When you invest your savings in the P&N Bank SwiftSaver Account you can see a rapid increase. By meeting the terms each month, you are eligible to receive a high bonus rate on top of the standard, pushing your savings growth forward. This is an account to consider if you want to see a high rate of growth, but still need to be able to access your money when needed.

Product Name
P&N SwiftSaver Account
Maximum Variable Rate
1.45% p.a.
Standard Variable Rate
0.10% p.a.
Bonus Variable Rate
1.35% p.a.
Introductory / Bonus Offer Conditions
Ongoing, variable 1.45% p.a. when you deposit $10+ each month and make no withdrawals. Available on balances up to $100,000.
Monthly Fee
Minimum Opening Deposit
Minimum monthly deposit for bonus interest rate
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Minimum Age Requirement
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the P&N SwiftSaver Account?

If your goal is to create regular saving habits, than a reward saving account such as this one is a good place to start. Compare the features of this type of account with a number of different financial institutions to find the one whose terms you are able to meet regularly in order to get the best return on your savings balance:

  • Membership. P&N is a mutual bank and only provides the SwiftSaver Account for their members. There is no special terms to meet in order to become a member other than paying a $10 shareholder fee, and you can find the application online.
  • Monthly fee. You will pay no monthly account keeping fees for the SwiftSaver.
  • Base interest rate. The standard rate for this account is variable and will be applied to the total of your balance each month.
  • Bonus interest. The variable bonus rate is competitive, and will be added to the base rate each month that you deposit at least $10 into the account and make no withdrawals. Interest payments do not count towards the deposit requirement, and the bonus interest is not eligible for accounts that are in excess of $100,000.
  • Interest calculation and payments. Interest is calculated daily at the rate you qualify for that month. If you missed the opportunity to receive bonus interest one month, you are still able to receive it the next if the terms are met. Payments are made into the account monthly.
  • Minimum balance. P&N Bank does not require that you maintain a minimum balance to keep the account active or receive interest payments.
  • Unlimited free transactions. You are able to easily access your account to make deposits and withdrawals with no charge to you by using any of the following; direct and payroll credit, phone and internet transfers, cash and cheque deposits, BPAY, cash withdrawal and direct debit. Bear in mind that electronic deductions do count as a withdrawal and will disqualify you from receiving bonus interest for that month.


  • Earn bonus interest
  • Easy access to savings
  • No monthly account keeping fees


  • You'll lose the bonus interest if you make a withdrawal
  • Need to deposit $10 to earn the bonus interest rate

How do I apply for the P&N SwiftSaver Account?

Whether or not you are an existing member of P&N Bank, you can apply for this account online. You are also permitted to apply in person or over the phone if that is more convenient for you. No matter which method you choose, you will still be asked if you meet the following eligibility requirements before proceeding with the application:

  • Minimum age. You must be at least 18 years of age in order for your application to be accepted.
  • Residency requirements. Only Australian residents with an Australian mailing and residential address are permitted to open this savings account.
  • Depository requirements. While there is no opening deposit requirement, you do need to add at least $10 to your account each month in order to qualify for the bonus interest.

P&N Bank also recommends that you have the following documentation nearby to refer to as you are filling in the online application:

  • Tax file number. There is no obligation on your part to provide your tax file number (TFN) or claim an exemption, but if you don’t there could be a withholding tax deducted from any interest credited to the account.
  • Identification. If you are also applying for membership to P&N Bank you will need to have your Australian passport or driver’s licence. If not available they will also accept one primary ID that does not contain a photo, such as your citizenship papers, along with one form of secondary ID like a utility bill.

If you need additional help while completing the application, a representative is available via live web chat for assistance. Once you have submitted the application, P&N Bank will be in contact with you to give you the account details and help you get started on earning your monthly bonus interest.

Back to top Back to top Back to top

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site