Boost your end of year savings with our promotional offer on your Internet Saver account.
On Monday 16 September, we increased the interest rate on our Internet Saver account to 6.00% p.a. for the portion of balances over $50,000 and up to $100,000 until January 2025.
This rate increase benefits existing Members with funds in an Internet Saver account and is available to new Members across Australia.
Tiered interest rates apply to the Internet Saver:
| Balance | Interest Rate (p.a.) |
| Up to $25,000 | 2.00% p.a. |
| Over $25,000 to $50,000 | 3.00% p.a. |
| Over $50,000 to $100,000 | 6.00% p.a. |
| Over $100,000 | 0.00% p.a. |
For example: if you have a balance of $100,000 the maximum interest rate you can earn when taking into account all interest rate tiers is 4.25%.
This special offer has caught the attention of the financial comparison website Mozo.
Mozo’s personal finance expert Rachel Wastell said “this is the first time since August 2013 that a savings rate starting with a 6 has been shown on the Mozo database”.
“In a sea of falling deposit rates, this special offer for Aussies savers shows banks are still willing to fight for your savings, and this type of return could be very beneficial for those who have a big chunk of change they’re saving for a house deposit,” she said.
The rate also made the news on the Yahoo Finance website where the headline described it as “unbeatable.”
Our Internet Saver account gives you access to your money through Internet banking or the Mutual App and there is no penalty for withdrawals throughout the month.
Learn more about our Internet Saver account here.
Enquire online now to open an Internet Saver account.
Special Interest Rate of 6% effective 16 September 2024 and ends 31 January 2025 for the portion of balances over $50,000 and up to $100,000. From 1 February 2025 the Special Interest Rate will revert to the standard interest rate of 4.50%. Interest rates are subject to change.
Important Information
Tiered interest rates apply: different interest rates apply to different portions of account balances. Interest is calculated by applying the daily percentage rate applicable to the different portions of the daily balance and paid monthly on the last day of each month. The daily percentage rate is the applicable annual percentage rate divided by 365.
