Special Monthly Interest Statement Account and
Special Monthly Interest Passbook Account Interest Rates

This account pays interest equal to or greater than the Government Deeming Rate and is available to anyone aged 60 years and over, working or retired, as well as those receiving an eligible Government Pension. Members of the Association of Independent Retirees are also eligible to open an account. Available as either a statement or passbook account, this account features no account keeping fees, unlimited free over the counter deposits with free phone and internet banking. The Statement Account also gives you the option of cashcard access throughout Australia and Visa Debit Card access throughout the world, making it an everyday accessible transaction or savings account.

Account Balance Range Annual Interest Rate
(as at 21 Nov 2008)
Method of Calculating Interest How Interest is Calculated When Interest is Calculated
Up to $40,999.993.00% paStrata InterestWe apply the daily percentage rate* to the different portions of your account balance at the start of each day. Interest is credited to your account monthly after the close of business at the end of the month.
$41,000.00 - $99,999.995.00% pa
$100,000.00 - $249,999.995.00% pa
$250,000.00 plus5.00% pa
Penalty Interest on Overdrawn Account 20% pa on amount overdrawn
Important Information - Both Special Monthly Interest Statement Account and Special Monthly Interest Passbook Account will have interest calculated and credited in accordance with deeming rules applying to single pensioners.
Method of calculating interest
Strata Interest - Means different interest rates apply to different portions of your account balance.
* The daily percentage rate is the relevant annual interest rate(s) divided by 365.

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