P&N SwiftSaver Account

Last updated: Sep 30, 2020

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

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.

1.1% p.a.

Maximum variable rate

0.1% p.a.

Base interest rate

1% p.a.

Bonus interest rate

$10

Minimum deposit

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Product Name	P&N SwiftSaver Account
Maximum Variable Rate	1.1% p.a.
Standard Variable Rate	0.10%
Bonus Variable Rate	1.00%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Pros

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

Cons

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

Shirley Liu

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.

Key features

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.

How to apply

Eligibility

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.

Documentation needed

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.

What happens after I submit my application?

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.

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P&N SwiftSaver Account