Understanding a bank month

A bank month is different to a calendar month. Each one ends on the second to last business day of a calendar month, and the next bank month starts the following calendar day.

Many of our accounts work on bank months. For those accounts, interest and fees are calculated during each bank month. Those amounts are then processed the day after the bank month ends. Your account should show if it’s based on a bank month. To check, see your fees guide, terms and conditions, or contact us.

Rapid Save example

With a Rapid Save account you get one free withdrawal per bank month. After that, there’s a $3 fee for each withdrawal.

The June 2025 bank month starts on 30 May 2025 and ends on 27 June 2025. If you make a withdrawal on 30 May, any extra withdrawals during that period will each incur a $3 fee. However, if you make a withdrawal on 28 June, that would count towards the July bank month.

Rapid Save interest is also calculated and paid using the bank month. For example, the October 2025 bank month has 31 days. This means that on the first day of the next bank month you’d be paid interest for 31 days.

Bank months in 2025