You can make as many deposits and withdrawals as you like—there are no deposit, withdrawal, transaction, or account fees.
We advertise the rate of interest that’s current on the day on our website and in the Sharesies app, however, be aware this rate may go up or down at any time and without notice.
How interest is calculated and paid
Interest is calculated on your daily balance and paid monthly, at the beginning of the following month. Where money is withdrawn before the end of the month, interest on the money that was withdrawn will be included in the following month’s interest payment.
If the interest rate changes during the month, your interest paid at the end of the month will reflect this.
For example:
If you transferred $1,000 into your Save account, it clears on on 5 June and the interest rate was 4.35% p.a., then on 22 June, the interest rate increased to 4.60% p.a., your interest would be calculated as follows:
17 days (5 to 21 June) interest at 4.35% = $2.03
9 days (22 to 30 June) interest at 4.60% = $1.13
Total interest (before tax) = $3.16
When interest will be paid
Interest will usually be paid into your Save account(s) at the beginning of each month.
The interest payment will cover the last month, up to and including the last business day, plus any interest accrued from the previous month for days that were after the last business day. For example:
In September 2023, the last business day was Friday 29 September, so interest was paid on Monday 2 October, covering the period 1 - 29 September. In October, the last business day was Tuesday 31 October, so interest was paid on 1 November for the period 1 - 31 October, plus for Saturday 30 September.