Method of Calculating Interest:
We calculate interest on the entire credit of your account. There are 3 methods of calculating interest:
Strata Interest - Means different interest rates apply to different portions of your account balance.
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.
Single Tiered Interest - Means a single interest rate applies to the entire balance of your account. * The daily percentage rate is the relevant annual interest rate(s) divided by 365.
* The daily percentage rate is the relevant annual interest rate(s) divided by 365.
** The monthly percentage rate is the annual interest rate divided by 12.
*** Special interest rate applies until 1 October 2010. After 1 October 2010, Rapid Saver Statement Accounts will receive the Rapid Saver Passbook Account interest rate.
# Interest will only be calculated and paid where at least one deposit and no withdrawals have been made on the account during a calendar month. Interest credits from this account do not constitute a deposit. If these conditions are not met, no interest will be paid for that month. Rapid Saver Passbook Accounts and Rapid Saver Statement Accounts linked to a Premium Plus Package will earn an additional 0.50%p.a. interest on the Rapid Saver Passbook Account interest rate (Note: the 0.50%p.a. additional interest cannot be used in conjunction with any other special offer).
^ This product is no longer available for sale