Your rent money usually has just one job: paying the rent (obviously). But with Microsavings, it can do a little more while it's in your RentPay account.
Eligible cleared funds in your available balance can earn 2.50% p.a. interest before they are paid to your agent’s trust account. Here is how it works.
Microsavings is included with your RentPay account, with no extra setup required. It lets you earn interest on cleared funds held in your account.
Once a deposit has cleared and appears in your available balance, it becomes eligible to earn interest. Interest is paid monthly in arrears and the rate is variable, which means it may change over time depending on our partner.
Important Note: There's no minimum balance required to access Microsavings, though interest is calculated on balances of up to $9,500.
Clearing times depend on the payment method you use.
BPAY deposits can take up to three business days, while other linked payment methods are generally processed within two business days.
If you add your rent money ahead of time, your cleared balance may earn interest while it waits for your next scheduled payment.
Whether tax is withheld from your interest depends on whether you have provided your Tax File Number or a TFN exemption.
If you have provided one, no tax will be withheld.
If you have not or you have an overseas home address, RentPay is required to withhold tax and pass it on to the Australian Taxation Office.
Providing your TFN is optional. Depending on your circumstances, you may be able to claim any withheld tax when lodging your annual tax return.
Consider speaking with a tax professional for advice about your situation.
Funds deposited into your RentPay account are held and protected in an ANZ Bank trust account before being transferred to your agent’s trust account.
The account follows relevant regulatory and compliance requirements, while security measures are in place to help protect your RentPay account.
You can opt out of Microsavings at any time through the RentPay app:
Or if you close your RentPay account, any interest you have earned will be calculated on a pro-rata basis and paid with your remaining balance, less any applicable fees or amounts owed.
Microsavings helps your available balance earn interest, but you can also use RentPay to build that balance over time.
By setting up an automated recurring contribution alongside your rent payment, you can put aside an amount that suits your budget.
Because it happens as part of a payment you already make, there is no extra transfer to remember. Over time, those contributions can create a useful buffer for a future rent payment or another expense.
Rent is already part of your routine. Microsavings helps you get a little more from the money moving through your RentPay account.
You can earn interest on eligible cleared funds and build a buffer through regular contributions, all without adding another task to your to-do list.
*Terms and conditions apply. You can opt out at any time.
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