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 is one example of a bank account that calculates its interest and fees using a bank month. With Rapid Save, you get one free withdrawal per bank month. For example, the June 2024 bank month starts on 31 May 2024, and ends on 26 June 2024. If you make a withdrawal on 31 May 2024, your second, and any subsequent withdrawals during that period will each incur a $3 fee. If a withdrawal is completed on 27 June 2024, that would count towards the July bank month.
Bank months in 2024
| CALENDAR MONTH | BANK MONTH PERIOD | NUMBER OF DAYS |
|---|---|---|
| December 2023 | Thurs, 30 Nov - Thurs, 28 Dec | 29 |
| January 2024 | Fri, 29 Dec - Tues, 30 Jan | 33 |
| February 2024 | Wed, 31 Jan - Wed, 28 Feb | 29 |
| March 2024 | Thurs, 29 Feb - Wed, 27 Mar | 28 |
| April 2024 | Thurs, 28 Mar - Mon, 29 Apr | 33 |
| May 2024 | Tues, 30 Apr - Thurs, 30 May | 31 |
| June 2024 | Fri, 31 May - Wed, 26 Jun | 27 |
| July 2024 | Thurs, 27 Jun - Tues, 30 Jul | 34 |
| August 2024 | Wed, 31 Jul - Thurs, 29 Aug | 30 |
| September 2024 | Fri, 30 Aug - Fri, 27 Sep | 29 |
| October 2024 | Sat, 28 Sep - Wed, 30 Oct | 33 |
| November 2024 | Thurs, 31 Oct - Thurs, 28 Nov | 29 |
| December 2024 | Fri, 29 Nov - Mon, 30 Dec | 32 |