Key features and benefits

The Spring Load is a maximum period (term)* account, which is available to Tasmanian residents who are depositing new money with Bank of us. 

The Spring Load account pays a great rate of interest especially if you have more than $50,000 to deposit into the account and provides the opportunity for you to continue to save or access the funds as you require. It's important to note that you can make up to five (5) withdrawals or transfers from the Spring Load account in one month without impacting the credit interest paid on the account. However, if you make more than five (5) withdrawals or transfers during a month, you won't receive any interest. And as you'd expect there are a heap of ways to access the account... 

  • Retail stores and Contact Centre access
  • Internet Banking
  • SmartBanking App
  • BPAY payments
  • OSKO payments
  • New Payments Platform (NPP) payments and external transfers
  • Direct debits and credits, and
  • Periodical payments

with:

  • No minimum deposit
  • Funds available at call
  • No fees for withdrawals or transfers in Store, via the Contact Centre or via Internet Banking or our SmartBanking app, and
  • Statements provided electronically via Internet Banking

*Where maximum period commences on the day the account was opened and finished at the end of the calendar month three (3) months after the month in which the account was opened. At the end of that period the account will revert to our Stash 'n' Splash product, with no change in the account number.

Transaction fees that may apply

While no ongoing transaction fees apply, other fees may apply to the use of the Spring Load account in certain circumstances. For full details of the fees that may apply, please refer to the Fees and Charges Schedule.

Credit interest 

The rate of interest that applies depends on the account balance and the interest rate relevant to that account balance. The current rates are set out below: 

Spring Load | Rates effective 1 December 2023 
(not available to open online)
BalanceInterest rate
<$25k2.25% p.a.
≥$25K-$49,9993.00% p.a.
≥$50K-$1M5.00%* p.a.

Interest is calculated daily based on the account balance and credited to the account at the end of each month. 

I'm interested in a Spring Load account!

Other options or things to consider

If you have existing funds with Bank if us and require an at call Savings account that pays a competitive rate of interest, then you may wish to consider the Stash 'n' Splash account or Save up account option. 

Please note this information does not take into account your personal circumstances and is general advice only and is not intended to address all the terms and conditions that may be relevant to the use of an account. Before opening any Bank of us account, please read the Account & Access Facility Conditions of UseSummary of Accounts, Availability of Access Facilities and Transaction Limits and our Schedule of Fees and Charges and decide if the account is right for you.

Interest rates are subject to change without notice and should can be verified at www.bankofus.com.au/everyday-and-savings-interest-rates.