eBank


What is the eBank and how does it work?
The eBank allows you to earn interest on points that you may have saved up. You can put some or all of your points into a 'virtual term deposit' where it will accumulate interest in points for you.

An eBank deposit is where you lock away some of your points for a month or a few months, and in return you get interest paid back to you in points when the time is up. Your points are locked away for the period of time that you nominate (the 'term').

Here are some important points to keep in mind about the eBank interest rate:

  • The eBank interest rates are variable. The rates can change at any time, and all deposits are subject to the current rates.
  • Interest is calculated on a simple interest basis, not compound interest. Interest is calculated on the initial deposit amount, not the current balance.
  • Interest rates shown are per annum, which means per year. To work out the monthly interest rate, divide the per annum rate by 12.
  • To earn the most interest on your deposits you must remain an active and participating member of RewardsCentral. This is because the interest you can receive is limited to be no greater than the points you earn from eligible RewardsCentral activity during the term of the deposit, less any eBank interest credited from other maturing deposits during that term. Learn more about how this rule affects you...
As an example, let's say you want to deposit 1,000 points for 2 months. Let's assume the interest rate you will receive is 12% per annum. So the interest you will earn per month is 12 ÷ 12 = 1% per month. 1% of 1,000 points is 10 points. So in 2 months, you would be eligible for up to 20 points in interest. If, during that 2 months, you completed a survey from RewardsCentral and earned 50 points from it, you would receive the full 20 points of interest. If on the other hand during that 2 month period you did not earn any points from Email Offers, Surveys or any other qualifying activity, then the interest you would receive would be 0.

The eBank interest rates vary from time to time as determined solely by RewardsCentral. RewardsCentral does not guarantee the interest rates or earning potential of the eBank.

Please note that the eBank is not a financial services facility. It is not an authorised bank covered by the regulations of the Australian Prudential Regulation Authority (APRA).



What is the eBank eligible earning activity rule, and how does it affect the interest that I can earn?
The eligible earning activity rule requires that you be an active member of RewardsCentral and participate in the other features of RewardsCentral in order to maximise the eBank interest you can earn.

The rule states: "Maximum eBank interest earned from a maturing deposit is calculated to be no greater than the total reward points earned from eligible earning activity during the term of that eBank deposit less any eBank interest credited from other deposits that matured during that term."

Eligible earning activity for this rule is defined as points earned from Online Shopping, Web Clicks, Quick Survey, Register for Offers, Email Offers, and Surveys. Eligible earning activity excludes the Guessing Game, Gold Membership, and the Rock Paper Scissors Game.

Here is an example of how the rule works. A member has a single eBank deposit of 5,000 points for 2 months, with an interest rate of 6%. At the end of 2 months, the calculated interest is 50 points.

Scenario 1
If during that 2 month period the member has earned more than 50 points from eligible activities (eg. Email Offers, Surveys, Online Shopping, Web Clicks, and Quick Survey), the member will receive the full 50 points eBank interest.

Scenario 2
If during that 2 month period the member has earned only 20 points from eligible activities, the member will only receive 20 points eBank interest.

Scenario 3
If during that 2 month period the member has earned 0 points from eligible activities, the member will not receive any eBank interest from that deposit.

Now let's look at another example of how overlapping deposits can affect the interest you earn. This time, a member has two eBank deposits, each with 5,000 points for 2 months, each with an interest rate of 6%. Deposit A matures halfway through the term for Deposit B. When Deposit A matures, assume the member has enough qualifying activity such that they receive the full 50 points of eBank interest. This 50 points interest from Deposit A is credited to the member during the term of Deposit B. During the term of Deposit B, the member earns 70 points from qualifying activity. While the interest calculated for Deposit B is 50 points, the maximum interest that can be earned is 70 points (eligible earning) minus 50 points (interest credited for Deposit A). Therefore the maximum interest is only 20 points, and the member is credited with 20 points interest for Deposit B.



How can I maximise the eBank interest I can earn?
To maximise the interest you can earn from your eBank deposits, you should:
  • Participate as much as you can in the other RewardsCentral features that let you earn points, such as Email Offers, Surveys, and Online Shopping.
  • Make fewer, larger eBank deposits.
  • Wait until a current eBank deposit matures before placing your next deposit.



How do I make a deposit?
  1. Sign in, then click on eBank in the Earn Rewards section;
  2. Select an eBank to deposit your points into. The eBanks are just RewardsCentral 'virtual' banks;
  3. Select a deposit amount;
  4. Select a term, or length of time, for your deposit. Your points will be unavailable to you during that time;
  5. Press Deposit.
Your deposit will be automatically cancelled (no interest paid) if, during the term of the deposit, your registered email address becomes invalid or inactive. This will occur if email RewardsCentral sends to you has been returned "undeliverable" 3 times.

If you are a normal member, a maximum total of deposits limit of 10,000 points applies. The total of all your eBank deposits cannot exceed 10,000 points. For example, if you have an existing deposit of 9,000 points, you will not be able to make a new deposit of 2,000 points.

If you are a RewardsCentral Gold member, a maximum total of deposits limit of 25,000 points applies. The total of all your eBank deposits cannot exceed 25,000 points. For example, if you have an existing deposit of 24,000 points, you will not be able to make a new deposit of 2,000 points.



How do I get my points back when my deposit matures?
When the term of your deposit is complete, your deposit will mature. The original deposit amount, plus interest, will automatically be credited back to your points account within a day or two. There is nothing you need to do.




How do I withdraw my deposit early?
You may withdraw a deposit before the term is up, but you will be penalised.

If you withdraw your deposit early, you will lose all the interest that you have already earned, plus you will lose 5% of the initial deposit points amount, paid to RewardsCentral as an administration fee.

To withdraw a deposit, find it under the heading 'My Deposits', then just click Withdraw. You will be shown a withdrawal confirmation. If you are certain you wish to withdraw early, click Proceed.



What is the difference between FirstBank and VirtualBank?
The only difference between the two banks is the interest rate that you will earn, as shown in the interest rate table on the right side of the eBank page.



Why can't I access the GoldBank?
The GoldBank is only available to RewardsCentral Gold members.



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