Dubbed 'U30 Super Charge', the savings account provides 2.00% p.a. interest on balances of up to $10,000.
To earn the interest rate of 2% p.a., Police Bank members simply need to have their salary paid directly to Police Bank each pay cycle.
At the time of writing it's unclear as to the definition of 'salary'.
The savings account can be linked to a total of two other sub-accounts, meaning Police Bank members may be able to earn interest up to a combined balance of $30,000.
The savings account has no minimum monthly transactions, no account keeping or ATM/Eftpos fees, and an everyday transaction account with a Visa debit card.
Transactions are also supported by the New Payments Platform, meaning transfers can be completed near-instantly.
Police Bank notes the 2% p.a. interest paid is calculated daily and paid monthly for balances up to $10,000 in transaction and sub-accounts.
It's important to also note if savers have more than $10,000 in any account or sub-account attached to the U30 Super Charge product, they will receive zero interest on amounts over the threshold.
Police Bank CEO Greg McKenna said this product gives younger members a great opportunity to get ahead and save faster for things like travel, a new car or home deposits, at a time in their life when they’re still studying or just starting out in their careers and need a leg up.
“When I talk to members, of all ages, they ask about their financial wellbeing and building for the future," Mr McKenna said.
"This product is a tangible offer in that regard and highlights Police Bank is here to support our young members with targeted financial products to help them with their savings ambitions."
To open a U30 Super Charge account you must be:
- A citizen or permanent resident of Australia
- Aged between 18 and 29 years
- Agree to become a member of Police Bank, or are already a member of Police Bank
- Agree to have your salary deposited with Police Bank each pay cycle.
Other popular youth savings accounts include:
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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
- Deposit at least $1,000 + each month from an external source
- Make 5 or more eligible transactions
- Grow your savings balance each month
Image by Mike Stevens via Unsplash
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