Account Details

• Minimum opening balance $1,000
• Minimum subsequent deposit $50 (no minimum via EFT)
• Flat interest rate 5.00%pa (on whole account balance)
• Funds must be transferred to a Catholic School account (to pay school fees) to earn full interest
• Interest calculated daily and posted June and December

   

Partial or Full withdrawals and funds not transferred to a Catholic School account;  

• Withdrawals processed as an exception - not a product feature - is not an at call account
• Manual interest calculation /adjustment for interest earned/paid in current calendar year - down to the corresponding "personal account" interest rate
• Manual processing activity to effect interest adjustment & redemption means 2-3 days for withdrawal to be paid