How does bonus interest work on shared accounts?
For Shared accounts, we apportion 50% of the account balance to each customer to work out if bonus interest is payable on that account. If it is, bonus interest will be payable on the full balance of the account, not just your half.
What if you have both a Shared and Individual Save account?
In this scenario, if you have a Shared Save account with $200K and an individual Save account with $100K, half of the Shared Save account balance ($100K) and your individual Save balance ($100K) will go towards your bonus interest limit. This means that you would have used $200K of your bonus interest limit.
Bonus interest is applied on account balances in this order:
- Shared Save balances (if you have more than one Shared Save account, the highest balance first), then
- Individual Save balances (if you have more than one Individual Save account, the highest balance first).
- If required, we’ll also look at the account opening date, prioritising the oldest account.
For more information on how bonus interest is calculated for your Save accounts, see ‘How is interest calculated’.