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 Where money is withdrawn before the end of the month, returns on the money that was withdrawn will be included in the following month’s payment.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