P&N Bank Savings Accounts
What savings accounts does P&N Bank offer?
At the time of writing, P&N Bank offers the following savings accounts:
- & Retirement Account – savings account for those aged over 55 years old. Includes Visa Debit Card access.
- Hi Saver Account – savings account for balances of $5,000 or more. Includes a bonus promotional interest rate for the first four months if you maintain a minimum account balance of $5,000.
- SwiftSaver Account – account that earns bonus interest when you deposit a minimum $10 and make no withdrawals during the month. P&N says no interest is paid on balances over $100,000.
- Way Cool Saver Account – children’s savings account for those aged 0 to 15 years. Account earns interest on balances up to $5,000 and allows ATM card access for children aged 12 to 15 years old.
You can view the current interest rates on some of P&N Bank’s savings accounts in Canstar’s comparison tables.
Do P&N Bank savings accounts require a linked transaction account?
P&N Bank does not state that it requires a linked transaction account to use its savings accounts. However, with its & Retirement Account you have the option of opening an & Transaction Account. Additionally, in order to use P&N’s Pay&Save feature – where your everyday purchases are rounded up to the nearest dollar and put into your savings account – you must have a linked P&N Bank & Transaction Account.
If you are looking to compare transaction accounts, you can do so here to potentially find one that suits your requirements.
Does P&N Bank charge fees on its savings accounts?
Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. At the time of writing, some of the fees charged by P&N Bank in relation to its savings accounts include:
- Overdrawn account management fee – $10 any month that your savings account is overdraw by more than $50
- Auto transfers to another organisation – $5 per payment
- Bank cheques – $10 per cheque
- Manual staff assisted transfer to another organisation – $2.50 per payment
- SMS banking fee – $0.20 per message received
P&N Bank says it charges no monthly fees on its savings accounts.
What does P&N Bank offer in terms of mobile banking for savings accounts?
P&N Bank says you can access your funds 24/7 via its Mobile App, Internet Banking, Phone Banking and SMS Banking. P&N Bank’s Mobile App is available through the Apple and Google Store. Notable features of the app include the ability to:
- Log in with a PIN, fingerprint or Face ID on supported devices
- View account balances without logging in
- See your transactions, including uncleared funds
How do I apply for a P&N Bank savings account?
Before applying for a P&N Bank savings account, consider comparing it against other savings accounts on the market to ensure it’s the right one for you.
If you choose to apply for a P&N Bank savings account, you can do this online, over the phone or at a P&N branch, provided you have the correct documentation. P&N Bank says you cannot open a Way Cool Saver Account online – instead, you must do this in person or over the phone.
To open a P&N Bank savings account you must be a P&N Bank member. To open an account online, P&N Bank says you must:
- Be at least 18 years old (or 55 years old for the & Retirement Account)
- Be an individual and not a company or other type of organisation
- Be an Australian resident with a current Australian residential address
- Have two forms of identification, either an Australian Driver’s Licence, Australian Passport or Medicare card
P&N Bank says its savings accounts do not require a minimum balance,but the interest rate you earn may in some cases depend on the account balance being above a certain amount.
About P&N Bank
P&N Bank says it is WA’s largest locally-owned and managed bank. Previously known as Police & Nurses Credit Union, P&N Bank was established through a number of mergers over the years of police, nurses, salaried officers and energy worker societies.
