The transition from a salary to a fixed income is not always easy, but ANZ’s Pensioner Advantage account will simplify your finances. This is a transaction account that is free of any fees, yet gives you unlimited access to your money in the ways you are most comfortable with. Plus, if you are worried about the hassle of making a switch, ANZ makes that easy too with notification templates for all of your accounts.
If you receive a Centrelink allowance or a Veterans’ Affairs pension or allowance you may be eligible for ANZ's Pensioner Advantage.
What are the features of the ANZ Access Advantage with ANZ Seniors Privilege?
Look for features such as these offered by ANZ to see how they compare with the transaction accounts for pensioners offered by other banks:
- Account keeping fees. The $5 fee normally charged for the ANZ Access Advantage is waived for Australians who qualify for this account.
- Interest. Your balance is augmented with a variable interest rate which is tiered to provide more benefit to larger balances.
- Interest calculation and payments. Interest rates are banded, meaning that different rates will apply towards different portions. For example, on your first $1,999 you will be paid one rate, and a higher rate on the subsequent balance between $2,000 and $44,600. Payments are then made into the account quarterly.
- Accessibility. You are allowed unlimited access to your money through ANZ ATMs, phone and internet banking as well as branch, cheque and EFTPOS transactions.
- Debit card. Your account is linked to a Visa debit card, which uses your own funds to make purchases online, over the phone and at store check-outs. With the Visa debit card you can also make withdrawals in Australia and overseas.
- Overseas transactions. You will be charged 3% of the Australian dollar amount on purchases or withdrawals where a conversion of currency to the Australian is necessary. For overseas ATM withdrawals, you will be charged $5 for each transaction.
- Minimum balance. There is no minimum balance requirement to maintain.
- Availability. This account is available for Australian’s with an eligible Centrelink allowance or a Veteran’s Affairs pension or allowance. Your pension or allowance must be paid directly into the account.
- Eligible pensions and allowances. The pensions which are eligible include; aged pension, disability support, widow’s, wife’s, carer’s, sole parent’s, and service pension. Allowances include; incentive, new start, sickness, special benefit, partner and parenting allowance.
- Joint account. This account is available for up to two holders, yet both must be receiving a qualifying pension or allowance.
- Unlimited access to ANZ ATMs, phone and net banking
- Use your own money online with your linked Visa debit card
- $0 monthly account fee
- Eligibility criteria apply
How do I apply for the ANZ Access Advantage with ANZ Seniors Privilege?
With the ANZ Pensioner Advantage you will need to call in order to open your account or visit your local branch. Before beginning, check that you are eligible for this account:
- Minimum age. The age requirement for this account is 60, however you can still qualify in some circumstances if you are receiving one of the above mentioned pensions or allowances.
- Residency requirements. You must be an Australian resident with an Australian residential address.
- Depository requirements. Applicants will not be required to make any minimum opening deposit.
If you determine that you do qualify, gather the following documentation before you make the call or go to a branch to begin the application:
- Tax file number. If you want to ensure that any withholding tax applied to your interest earnings is accurate for your circumstance, make sure that you provide your tax file number (TFN) or exemption code when applying.
- Identification. A driver’s licence, passport or Medicare card will be needed to help verify the identity of new ANZ customers.
After having verified your identity and other information, ANZ will issue you details of your new transaction account. You will also receive a Visa debit card in order to be able to access your money. This card will need to be activated by you before you can begin making withdrawals.