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What's happening?
We’ve updated our deposit products, interest rates and rules across Bank Australia and Qudos Bank. This helps:
- Simplify our product range
- Ensure customers with similar balances are treated the same
- Support more consistent service over time
Many customers will be better off under these changes. Some interest rates, tiers and bonus criteria are changing, and a small number of older products will no longer be available for new accounts.
Rest assured, you'll still be receiving competitive rates on your savings.
What this means
The changes automatically came into effect on 1 May 2026.
If you have a Bonus Saver account, you may need to meet updated requirements including making a $100 deposit and not making withdrawals to earn bonus interest.
You can read more below to understand how these changes affect your accounts. If your savings needs have changed, you can also explore our range of savings and term deposit options.
Bonus Saver
Current rates
Effective 1 May 2026
# Make a deposit of at least $100 and no withdrawals each calendar month to get the maximum rate.
Interest rate is variable, calculated daily on whole of balance and credited monthly. One interest rate applies to the entire balance. The interest rate depends on account balance.
We’re bringing Bank Australia and Qudos Bank products together into one simplified, consistent product range. This means removing duplicate products and creating a single set of features, rates and tiers so banking is easier to understand across both banks.
Some older products will be closed and moved to modern equivalents. Deposit tier structures and interest rates will be aligned across both banks, which might mean different rates for some balances.
Some customers may move to a lower interest rate as we standardise tiers and product settings across both banks. If you’re affected, we have a range of modern products designed to help you get the best value going forward.
The information on this page has been prepared without taking into account any person’s financial situation, needs and objectives. Before you make any decisions you should consider whether it is right for you and seek independent legal, financial and taxation advice.
You should read our Terms and Conditions for Savings Accounts and Payment Services and Financial Services Guide before deciding whether to obtain any of our financial products or services. Target Market Determinations available here.
Terms, conditions, and all fees and charges across our products are outlined below. We will update documents on 1 May 2026 where relevant.
Terms and Conditions for Savings Accounts and Payment Services
Fees and charges
Bonus Saver Target Market Determination
General Savings Account & 100% Offset Account Target Market Determination
QSaver Target Market Determination
Term Deposit (Interest Paid at Maturity) Target Market Determination
Term Deposit (Interest Paid Monthly) Target Market Determination
Supplementary Terms and Conditions for Term Deposits
We respectfully acknowledge the Traditional Custodians of all the lands on which we live and work, and we pay our respects to Elders past and present. We recognise their continued connection to the land, waters and culture and we acknowledge that sovereignty has never been ceded. Our head offices are located on the land of the Wurundjeri Woi Wurrung people of the Kulin Nation in Victoria, and the land of the Gadigal people of the Eora Nation in New South Wales.
We are an equal opportunity employer that celebrates the diversity, equity and inclusion of all people.
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