RACQ Bank Savings Accounts

RACQ Bank logo

RACQ Bank provides savings accounts as well as a range of banking and insurance products.

What savings accounts does RACQ Bank offer? 

At the time of writing, RACQ offers two savings accounts:

  • eSave Account – an online savings account that pays interest on balances over $5,000. Features no monthly account keeping fees and allows unlimited deposits and withdrawals without affecting your interest rate.
  • Bonus Saver Account – receive bonus interest when you deposit at least $1 per month and do not withdraw more than once. Features no account keeping fees.   

You can view the current interest rates of some RACQ’s savings accounts in Canstar’s comparison tables.

Compare Savings Accounts

Do RACQ Bank savings accounts require a linked transaction account?

RACQ does not state that it requires a linked transaction account to use its eSaver and Bonus Saver accounts.

If you are looking to compare transaction accounts, you can do so here to potentially find one that suits your requirements.

Does RACQ 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, RACQ charges no account-keeping fees on its eSaver and Bonus Saver Accounts. However, you may incur an interest rate adjustment if you make more than one withdrawal from your Bonus Saver account per month.

What does RACQ Bank offer in terms of mobile banking for savings accounts?

RACQ says you can access your money through its banking app. RACQ’s bank app is available through the Apple and Google store. Notable features of RACQ’s mobile banking include:

  • Card management
  • Password reset
  • Personalised view and widgets
  • Biometric ID meaning you can log in to the app via fingerprint or face recognition

How do I apply for a RACQ Bank savings account?

Before applying for a RACQ savings account, consider comparing it against other savings accounts on the market to ensure it’s the right one for you. 

Compare Savings Accounts

If you choose to apply for a RACQ savings account, you can do this online, over the phone or at a RACQ branch, provided you have the correct documentation.

To apply for a RACQ savings account you must:

  • Be at least 18 years or older
  • Have a Queensland residential address
  • Have a valid Australian mobile phone number
  • Have either an Australian driver’s licence or Australian passport for identification
  • Have your Tax File Number of foreign Taxpayer Identification Number

RACQ says there is no minimum opening balance for its Bonus Saver Account.

About RACQ Bank

RACQ was established over a hundred years ago to “champion the rights of motorists”. RACQ Bank was launched in 2017 and offers a range of banking products such as savings accounts, credit cards and home loans. RACQ Bank merged with Queensland Teachers Mutual Bank in November 2016 and says it is pleased to support the education community and offer special deals for teachers.

Compare Savings Accounts

Written by: Tamika Seeto | Last updated: June 28, 2019