RACQ Saver refers here to RACQ Bank’s Bonus Saver Account. It can suit Queensland residents who can add at least $100 each calendar month and leave the balance untouched: otherwise, the account pays only its 0.01% p.a. base rate for that month. RACQ’s published schedule effective 17 September 2026 lists a 5.75% p.a. bonus rate up to $99,999 and 3.50% p.a. above that amount. RACQ has announced selected savings-rate changes from 13 October 2026 but has not said whether Bonus Saver is affected, so check its current rate before applying.
RACQ Bonus Saver rates and conditions
RACQ’s Deposit Rate Schedule effective 17 September 2026 lists the following rates. They are variable product rates, not a guarantee of what the account will pay in the future.
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| Daily closing balance | Base rate | Bonus rate when conditions are met |
|---|---|---|
| Up to $99,999 | 0.01% p.a. | 5.75% p.a. |
| Above $99,999 | 0.01% p.a. | 3.50% p.a. |
RACQ says the bonus rate includes the base rate. The applicable tier’s single rate is applied to the whole daily closing balance; the balance is not split into marginal portions that earn different rates.
To earn the bonus rate in a calendar month, deposit at least $100 in total and make no debit transactions. If either condition is missed, the base rate applies for that month. This makes the headline rate conditional on both adding money and not taking it out.
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How interest is calculated and paid
RACQ says interest is calculated daily and paid monthly. There is a timing detail at month-end: the interest rate applied to the final day of a month depends on whether you meet the conditions in the following month. Interest for that final day is paid with the following month’s interest. See the Bonus Saver Account terms for the full mechanics.
Is it a fit if you may need to withdraw?
The no-debit condition is the main practical trade-off. A debit transaction during a calendar month means the base rate applies for that month, even if you otherwise made the required deposit. If you expect to use the money regularly, the bonus-rate condition may be difficult to maintain.
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RACQ’s published alternative eSave pays 3.00% p.a. across the total balance, with online transfers that do not affect its rate, according to its Savings Accounts page, which lists rates dated 17 September 2026. That is a more flexible published option for online transfers, though rates and terms can change; it is not a market-wide comparison.
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RACQ lists no minimum opening or ongoing balance, a $0 monthly account-keeping fee, and $0 fees for internet transfers and direct credits. These are the specified fees, not a claim that every possible fee is zero; consult the account’s terms and fee schedule.
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The account page lists these application requirements:
- Be at least 13 years old and have a Queensland residential address.
- Have an Australian driver licence or passport and an Australian mobile number.
- Applicants aged 18 or older can apply online. Applicants aged 13–17 must apply by phone or at an RACQ store.
Check the rate change notice before opening
In a notice dated 30 September 2026, RACQ announced that selected at-call savings rates would rise by up to 0.25% p.a. effective 13 October 2026. The notice does not identify whether Bonus Saver is among the affected accounts or state its resulting rate. Check the current Bonus Saver Account page or rate schedule rather than assuming the September figures remain in effect after that date. RACQ identifies Members Banking Group Limited, trading as RACQ Bank, as the issuer and says its information is general advice that does not take account of an individual’s circumstances, objectives, or needs.
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