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Insufficient interest paid for Hero Saver account

Posted by SavedByJesus SavedByJesus
Message 1 of 2 284 Views

Hi there, I was just wondering how come my Hero Saver account was paid a lower amount of interest instead of the normal 2.6% rate when I met all the requirements for the bonus interest rate. I was paid bonus interest of only $1 when I had $330 in the account before the month and deposited 200 halfway during the month. Thanks in advance for any help!

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Re: Insufficient interest paid for Hero Saver account

Posted by DanaeC DanaeC
Message 2 of 2 280 Views

Hi @SavedByJesus, thanks for your enquiry.

 

Interest is calculated on the daily balance of the account, and paid on the first business day of the following month. Provided that you have deposited the $200 and made no withdrawals, the Bonus Interest will also be paid PA at the rate you have mentioned (please note that this is variable and is subject to change at any time).

 

I have completed a calculation for you, and based on a $330 balance for a full month (31 days), this equates to approximately 0.73c. An additional $200 for a full month takes the total interest to around $1.17.

Via the Forum I am unable to view your account, however if you would like more information or any specific calculations done to clarify this, please call our Contact Centre on 13 17 19 between 8am - 8pm your local time, 7 days a week. Alternatively, you can login to Online Banking from a PC and select the "Chat Now" button at the bottom of your screen between 7am – 6pm AWST Monday – Friday for assistance.

 

Thank you.

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