When and how will my USave Interest rate get paid?
If you meet the USave bonus interest criteria in the current calendar month, you’ll earn bonus interest on eligible amounts in your USave accounts for that month, and the interest will be paid in two credits in the following month:
- The first credit is calculated using the base variable rate, and will be visible in the morning of the 1st of the month.
- The second credit is the Bonus Interest, which will be processed overnight on the 1st, so please check your account on the 2nd of the month.
In respect of the payment of bonus interest:
- If you have a combined USave balance across your USave accounts up to $250,000, eligible customers will receive bonus interest in respect of your total combined USave balance.
- If you have a combined USave balance across your USave accounts over $250,000, the bonus variable interest rate will be applied to a combined balance of up to $250,000 held in your USave savings accounts, including joint accounts. Any remaining balance greater than $250,000 will earn just the USave base variable rate. The payment of that bonus interest will then be applied proportionally between your USave accounts.
- As an example, for a total combined USave balance of $600,000 split evenly between two accounts with a balance of $300,000 in both, you will receive bonus interest in respect of $250,000 only with the bonus interest being split equally between the two accounts.
- If the total balance of $600,000 was shared between three accounts with balances of $300,000, $150,000; $150,000 respectively, you will receive bonus interest in respect of $250,000 only with the bonus interest being split with 50% being paid to the account with a balance of $300,000 and 25% going to both of the accounts with balances of $150,000.