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 2023 bank month starts on 31 May 2023, and ends on 29 June 2023. If you make a withdrawal on 31 May 2023, your second, and any subsequent withdrawals during that period will each incur a $3 fee. If a withdrawal is completed on 30 June 2023, that would count towards the July bank month.
Bank months in 2023
| CALENDAR MONTH | BANK MONTH PERIOD |
|---|---|
| December 2022 | Wed, 30 Nov - Thurs, 29 Dec |
| January 2023 | Fri, 30 Dec - Mon, 30 Jan |
| February 2023 | Tues, 31 Jan - Mon, 27 Feb |
| March 2023 | Tues, 28 Feb - Thurs, 30 Mar |
| April 2023 | Fri, 31 Mar - Thurs, 27 Apr |
| May 2023 | Fri, 28 Apr - Tues, 30 May |
| June 2023 | Wed, 31 May - Thurs, 29 Jun |
| July 2023 | Fri, 30 Jun - Fri, 28 Jul |
| August 2023 | Sat, 29 Jul - Wed, 30 Aug |
| September 2023 | Thurs, 31 Aug - Thurs, 28 Sep |
| October 2023 | Fri, 29 Sep - Mon, 30 Oct |
| November 2023 | Tues, 31 Oct - Wed, 29 Nov |
| December 2023 | Thurs, 30 Nov - Thurs, 28 Dec |
| January 2024 | Fri, 29 Dec 2023 - Tues, 30 Jan 2024 |