1.1 Interest rates
If interest is payable on your Bank Account, the current interest rate applicable to your Bank Account is set out within:
- Digital Banking; or
- the proposal we sent you or any subsequent notice we have given you regarding your interest rate.
Interest rates are variable and may change at any time, including any tiered or stepped interest rates and balance brackets.
1.2 Interest calculation and crediting
If interest is payable on your Bank Account, it is calculated daily using the following formula:
[Daily Closing Balance x interest rate applicable to your Bank Account / 365]
Where:
the Daily Closing Balance is the balance of your Bank Account at the end of a day. It includes cleared and uncleared funds that have been deposited to your Bank Account within that day, but it excludes:
- funds sent over the NPP on days which are not Business Days. These funds may appear in your transaction list immediately but will not be included in your Daily Closing Balance or your statement until the next Business Day; and
- any interest amounts credited.
Where stepped interest rates apply, each stepped interest rate applies to the portion of the Daily Closing Balance that falls within that step.
Where tiered interest rates apply, the interest rate that applies to the balance of your Bank Account for each day is determined by that day’s Daily Closing Balance.
Interest is credited to your Bank Account or another account nominated by you on the last State Business Day of the month. If the last day of the month is not a State Business Day, then interest accrued on the remaining days of that month will be credited the following month.
If you close your Bank Account, we will pay you any interest accrued up to the day before it is closed.
Interest may be credited to another account or to the relevant state or industry authority as nominated by you or where required by law.
1.3 Fees and charges
We don’t charge fees on any Bank Account.
If we incur any government tax, duty or other charge imposed by law in respect of your Bank Account or its operation, you must pay us an amount equal to the charge. You authorise us to debit any such amount from your Bank Account.
If your Bank Account is a regulated trust account, you must nominate a separate Bank Account held with us for these amounts to be debited from.