Incentive Saver

What’s new –  Flexibility to withdraw and how you earn bonus interest

• You will still be eligible to earn the standard variable and the bonus interest rate even if you withdraw from your account
• Earning your monthly bonus interest will require balance growth, usually $50 (see below)
• New interest rates
   

 New interest rates effective from 1^st September onwards

Earning your monthly bonus

If all other account holders are aged under 21:

Tiered Incentive Saver bonus interest will be payable if, during a month (being the day after the last business day of the previous month to the last business day of the current month):

1. your account balance has not fallen below zero; and
2. you have grown your account balance by any amount¹

If you or any account holder is aged 21 years or over:

Tiered Incentive Saver bonus interest will be payable if, during a month (being the day after the last business day of the previous month to the last business day of the current month):

1. your account balance has not fallen below zero; and
2. you have grown your account balance by at least $50¹

When the oldest account holder is turning 21, the monthly balance growth amount of $50 to qualify for bonus interest will be effective from the next calendar month following the month of the eldest account holder’s 21^st birthday.

Things you should know:

1. To earn bonus interest: For customers 21 and over, the account’s monthly closing balance (excluding interest) must have grown by at least $50 compared to its opening balance. For customers under 21, the account’s monthly closing balance (excluding interest) must have grown by at least $0.01 compared to its opening balance. Balance growth is dependent on a customer demonstrating savings behaviour – e.g. making a deposit into their account. Any increase in balances from interest earned doesn’t count towards balance growth.
   
   If you’re turning 21 during September 2018, the $50 minimum growth to earn bonus interest will come into effect the following month (from 1st October 2018). Customers should monitor their account balance if they make any withdrawals to make sure they maintain the minimum monthly balance growth required to qualify for bonus interest.
   
   Bonus interest criteria changes from 1^st September 2018.
   
   Prior to 1^st September 2018, to be paid bonus interest in a month, by the last business day of the month (which includes a Saturday) you need to make a deposit, have made no withdrawals and maintained a credit balance.
   
   Fees and charges apply. Any recommendation made in this communication does not take your objectives, financial situation or needs into account. Before making a decision you should consider what’s right for you.