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.

Provider

0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings

Bonus Saver Account (Amounts < $250k)

  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
For customers aged 14-35 years
For customers aged 14-35 years

Future Saver Account ( < $50k)

    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Deposit at least $1,000 + each month from an external source
    • Make 5 or more eligible transactions
    • Grow your savings balance each month

    Savings Maximiser (<$100k)

    • Deposit at least $1,000 + each month from an external source
    • Make 5 or more eligible transactions
    • Grow your savings balance each month
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Boost Saver

      05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      • Maximum Age - 24

      Goal Saver

      • Maximum Age - 24
      Important Information and Comparison Rate Warning

      All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 29, 2023. View disclaimer.

      Image by Mike Stevens via Unsplash

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