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Accounts FAQs

For a full, easy-to-follow tables of CD Bank's fees and charges, visit our fees and charges schedules on Downloads.

If you’d like to discuss these further, drop into an CD Bank branch or phone us on .

Advantage Plus is available to people over 55 who want an account that provides interest for their savings, while still providing everyday access to their money. This account is especially useful for seniors and pensioners who wish to make their savings work harder for them.

For more information, visit our Advantage Plus page, visit your local CD Bank branch, or phone us on .

For members over 55, our Advantage Plus Account is a great way to make your money work for you. Advantage Plus Account holders enjoy a great rate of interest on their balances, no monthly account keeping fee, no minimum monthly deposit and dining rewards through CD membership, to name a few.


For a full run-down on the benefits of having an Advantage Plus Account and whether it’s right for you, visit our Advantage Plus page, drop in to a CD Bank branch or call us on .

One of the key factors in calculating interest rates for term deposits is the Reserve Bank of Australia’s (RBA) official cash rate. As these move up or down, we generally pass on the difference.

It is important to note, however, that we regularly review our term deposit rates to stay competitive for our members – sometimes irrespective of the RBA’s cash rate.  

For a full list of our Term Deposit Account rates, view our Downloads page or Deposit Rates Schedule.

The CD BSB number is 514-179.

BSB numbers are used in Australia to identify your institution’s bank branch. Used in conjunction with your account number, a BSB number tells us where your account is located. You will need your BSB and bank account number whenever you wish to receive money from, or send money to, other accounts (including direct debits).

 Any existing customers using BSB 804-002 please be advised this is still valid and active, however we recommend you use BSB 514-179 going forward. 

CD Bank runs a 6-monthly bank statement delivery schedule, occurring in January and July of each year.  Paper statements are free; monthly statements are available on request at a cost of $1.

At present, RACQ bank does not provide a paperless eStatement service; however, this facility will be coming shortly and available by default to all new members once launched.  

Remember, you can always check your balances and transactions any time using Internet Banking or the CD Bank mobile app.

Put simply, savings interest is the money your savings earn while in your account. The amount of interest your savings attract will vary according to your chosen account; and your depositing and spending habits.

Generally, CD bank calculates – or compounds – interest daily and pays monthly, however this can vary depending on your account.

For an illustrative guide to what you might expect from a savings account with CD bank, check out our Deposit Rate Schedule.

Yes, cheque books are available on certain CD bank accounts. For information on whether your account qualifies, drop into a Bank branch or call us on .

To start the process of receiving money from overseas, complete this online form. 

In it, you will need to:

  • Choose the country from which you are receiving funds
  • Complete the relevant information in the form and submit.

You will then be presented with the PDF deposit instructions. Please save this for your reference.

Term deposits are designed to earn you interest on your savings by securely locking your money away for a fixed term with a fixed interest rate. To take out a term deposit with us, you will need to invest any amount over $1,000 for a term of 1 month to 5 years.  The interest rate you earn, and therefore the profit made on your savings, will differ according to these factors.

To open a Term Deposit account, visit your nearest CD Bank branch.

For more information on CD Bank Term Deposits and rates, see our Term Deposit Account page.

CD Private Bank is a bespoke banking service offered to members with a net worth and account funds in excess of $1 million. Private bank members receive a dedicated specialist to carry out a full range of services and deliver advice tailored to their needs.

For more information on CD Private Bank, visit the Private Bank home page, or call us on .

We’re always open to discussing interest rate options for larger term deposits. Phone us on or drop into an CD Bank branch to discuss how we can help.

At the maturation of a term deposit, you can access and use the funds in any way you like. Your balance will have increased according to the interest rates and length of your term.

Please see Learner Driver app Resources and FAQs here

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Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as CD Bank. Terms, conditions, fees, charges and lending policies apply. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, before deciding.

Except for CD Bank, any CD entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of CD Bank. CD Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

Mortgage Saver is only available for new lending to CD Bank. Customers with an existing home loan can switch to Mortgage Saver with a minimum $20,000 in additional new lending.

CD Bank provides customers with credit assistance in relation to the CD Bank Credit Card and also gives assistance to customers in relation to credit limit increases for the Card. CD Bank assists customers as part of our arrangements with the card issuer, Citigroup Pty Limited.

Fees and charges apply. Terms and conditions apply and are available at Citigroup’s credit criteria apply. Current Card Services Credit Card holders are not eligible to apply for introductory offers. Offers are available to customers who submit their application by 28 February 2020 and may be extended.

The 0% p.a. promotional interest rate applies to balances transferred with this offer at the point of application, for a period of 14 months for the CD Platinum Rewards Credit Card and 12 months for the CD Low Rate Credit Card once the balance transfer is processed. At the end of the promotional period, any outstanding transferred balances will revert to the variable Annual Percentage Rate for cash advances, currently 21.74% p.a. Your total balance transfers with this offer may not exceed 80% of your credit limit.

Card Services is a division of Citigroup Pty Limited ABN 88 004 325 080, AFSL No. 238098, Australian credit licence 238098 (Citi). Citi is the credit provider and issuer of CD Bank Credit Cards (Credit Cards). Members Banking Group Limited ABN 83 087 651 054 trading as CD Bank (CD Bank) promotes the Credit Cards, and assists cardholders, as Citi’s agent, under an agreement with Citigroup. CD Bank does not and will not guarantee or otherwise support Citi’s obligations under the contracts or agreements connected with the Credit Cards.

Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as CD Bank. Fees, charges, terms and conditions apply. Contact us for a copy. This is general advice only and may not be right for you.

You can only create a PayID within mobile or internet banking by linking it to an eligible account. Not available on some accounts.

Biometric identification features are compatible with selected devices only, noting that some devices may not be able to use particular Biometric identification methods. For Android, selected biometric features should be available on devices with android v 4.4 or greater, provided that feature is available in device. For iOS device, any device that is running with IOS version 9,10 or 11(or greater), provided that feature is available in device.

The Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries. Google Pay, and the Google Pay Logo are trademarks of Google Inc. Samsung Pay is a trademark or registered trademark of Samsung Electronics Co., Ltd.