Money Minder Interest Rate

The Money Minder Account gives children 12 and under a great introduction to savings.
In addition to being able to watch your savings grow, you will receive a birthday card and free passes to two exciting local attractions each year up until you turn 12.

Account Balance Range	Annual Interest Rate (as at 03 Feb 2012)	Method of Calculating Interest	How Interest is Calculated	When Interest is Calculated
Up to $1,999.99	1.00% pa	Tiered Interest	We apply the monthly percentage rate** to the minimum balance of your account during each month.	Interest is credited to your account half yearly after the close of business at the end of June and December.
$2,000.00 - $4,999.99	1.00% pa
$5,000.00 - $19,999.99	2.00% pa
$20,000.00 - $49,999.99	2.00% pa
$50,000.00 plus	3.00% pa
Penalty Interest on Overdrawn Account		20% pa on amount overdrawn

Method of calculating interest:
Tiered Interest - Means a single interest rate applies to the entire balance of your account. When your balance reaches a higher tier you will receive the interest rate for that tier on the entire balance of your account.

** The monthly percentage rate is the annual interest rate divided by 12.