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Understanding a bank month

A bank month is different to a calendar month. Each one ends on the second to last business day of a calendar month, and the next bank month starts the following calendar day.

Many of our accounts work on bank months. For those accounts, interest and fees are calculated during each bank month. Those amounts are then processed the day after the bank month ends. Your account should show if it’s based on a bank month. To check, see your fees guide, terms and conditions, or contact us.

Rapid Save is one example of a bank account that calculates its interest and fees using a bank month. With Rapid Save, you get one free withdrawal per bank month. For example, the June 2024 bank month starts on 31 May 2024, and ends on 26 June 2024. If you make a withdrawal on 31 May 2024, your second, and any subsequent withdrawals during that period will each incur a $3 fee. If a withdrawal is completed on 27 June 2024, that would count towards the July bank month.

Bank months in 2024

CALENDAR MONTH BANK MONTH PERIOD NUMBER
OF DAYS
December 2023 Thurs, 30 Nov - Thurs, 28 Dec 29
January 2024 Fri, 29 Dec - Tues, 30 Jan 33
February 2024 Wed, 31 Jan - Wed, 28 Feb 29
March 2024 Thurs, 29 Feb - Wed, 27 Mar 28
April 2024 Thurs, 28 Mar - Mon, 29 Apr 33
May 2024 Tues, 30 Apr - Thurs, 30 May 31
June 2024 Fri, 31 May - Wed, 26 Jun 27
July 2024 Thurs, 27 Jun - Tues, 30 Jul 34
August 2024 Wed, 31 Jul - Thurs, 29 Aug 30
September 2024 Fri, 30 Aug - Fri, 27 Sep 29
October 2024 Sat, 28 Sep - Wed, 30 Oct 33
November 2024 Thurs, 31 Oct - Thurs, 28 Nov 29
December 2024 Fri, 29 Nov - Mon, 30 Dec 32