P&N SwiftSaver Account
- Maximum variable rate
- 4.25% p.a.
- Base interest rate
- 0.05% p.a.
- Minimum deposit
- $10
Summary
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.
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
Details
Key details
| Product Name | P&N Bank SwiftSaver Account |
| Maximum Variable Rate | 4.25% p.a. |
| Standard Variable Rate | 0.05% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
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How the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
Your reviews
Alison Finder
Editorial Manager, Money
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Alison Banney Finder
June 29, 2023
Hi Tamryn, no this is a savings account not a transaction account. It’s designed for savings, not spending the money. You can send money from this account, however then you won’t be eligible to earn interest.
Ashley
March 14, 2023
Hi, if I open a swift saver account can I place restrictions on the account in order to make it difficult to withdraw funds?
Alison Banney Finder
March 14, 2023
Hi Ashley,
You can’t set up restrictions on the account, however, this account requires you to make no withdrawals in order to earn bonus interest. The loss of bonus interest acts as an incentive to keep your money in the account. The account also doesn’t have a debit card so you can’t easily spend the money, unless you first transfer it out of your account and into a linked bank account.
If you’re looking for an account that doesn’t allow you to access your money, a term deposit may be better suited.
Thanks,
Alison
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Curious
June 29, 2023
Hi There, Is the SwiftSaver a transactional account? Can it send and receive funds?