The interest rates are very good , that is if you were aware that as soon as you have $100,000 in the account your savings will drop to 1.2 % for the entire amount instead of 1.9%. We were not informed this would happen when taking out 4 of these accounts. The wording is ambiguous, verified by a RACQ bank manager who was also not aware that you lost interest over $99,999 on the whole amount. He read it as we did, up to $99,999 you receive 1.90 % and the amount over drops to 1.2 % . And do not withdraw any or all during the month because your rate drops to 0.01% .
A full service bank with the added service of motor vehicle membership.
I like the RACQ bank for my banking needs as a Savings account. I don’t need a keycard access which makes it easier to spend money and I don’t even need to use internet banking if I don’t need to. The other pro’s I love is they love to give back to the broader community especially in hard times. The only con I’ve seen from the bank is when I went to open my first term deposit with them and the branch I opened it at didn’t take cash payments. There was only one branch on the whole Northside of the city I’m living on that took cash.
Bonus rate for the first 4 months from account opening
Bonus variable rate is available for the first four months.
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
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