Receiving bonus interest on Rapid Save each bank month
To receive bonus interest on your Rapid Save balance, you must meet the following conditions each bank month:
- Your balance (excluding any interest paid) on the last day of the bank month must be the same or greater than at the start of the bank month.
- You must not make more than one withdrawal during the bank month.
Remember, you can make one free withdrawal per bank month.
Understanding the bank month
A bank month is different from a calendar month.
A bank month runs from the last business day of the previous calendar month to the second to last business day of the current calendar month.
Bank months in 2020
|CALENDAR MONTH||BANK MONTH PERIOD|
|December 2019||Fri 29 Nov - Mon 30 Dec 2019|
|January 2020||Tues, 31 Dec 2019 - Thurs, 30 Jan 2020|
|February||Fri, 31 Jan - Thurs, 27 Feb|
|March||Fri, 28 Feb - Mon, 30 Mar|
|April||Tues, 31 Mar - Weds, 29 Apr|
|May||Thurs, 30 Apr - Thurs, 28 May|
|June||Fri, 29 May - Mon, 29 Jun|
|July||Tues, 30 Jun - Thurs, 30 Jul|
|August||Fri, 31 Jul - Fri, 28 Aug|
|September *||Mon, 31 Aug - Tues, 29 Sep|
|October||Weds, 30 Sep - Thurs, 29 Oct|
|November||Fri, 30 Oct - Fri, 27 Nov|
|December *||Mon, 30 Nov - Weds, 30 Dec|
- 29 and 30 August 2020 will be processed on 31 August 2020 and will count in September bank month.
- 28 and 29 November 2020 will be processed on 30 November 2020 and will count towards December bank month.