The Australian and New Zealand Banking Group (ANZ) Pensioner Advantage Account is designed specifically for Australians who receive certain government benefits. Your money is easily accessible with the use of a Visa debit card, while those funds left inside of the account get a boost with interest payments. This account provides a convenient way to help you manage your money when working with a limited fixed income.
This product is no longer available to new costumers
Please refer to ANZ Comparison page for a list of other options. Existing account holders will not be affected by this change.
What are the features of the ANZ Pensioner Advantage Account?
The structure and features of an account designed for government allowance benefits are very important for stretching those funds as far as you can. Ensure that when you are comparing these types of accounts between different banks that you are considering the features that come as a part of the ANZ account:
- Eligibility. If you receive any of the following pensions or allowances you can qualify to open this account; aged, disability support, widow’s, wife’s, carer’s, sole parent’s, service, incentive, new start, mature age, mature age partner, sickness, special benefit, partner, and parenting. For those who are not receiving a Centrelink or Veterans’s Affairs pension or allowance ANZ has separate concession accounts for you to look into.
- Pension payment. Your pension or allowance will need to be set up so that it is paid directly into this account.
- Monthly account keeping fees. There are no charges to the account for its monthly service or maintenance.
- Interest rates. The variable interest rate for the Pensioner Advantage Account is banned, meaning that different portions of the balance receive interest at a different rate. In this case, your balance of under $2,000 is earning interest at a nominal rate of 0.25% p.a., while the rest that is above $2,000 but below $44,600 gets paid at higher rate of 1.00% p.a. For any portion of your balance that exceeds that amount you will be paid interest at a competitive rate of 2.00% p.a.
- Interest calculation. The interest rates are calculated on your daily balance and paid into the account quarterly.
- Accessibility. You have unlimited access to your account and money using ANZ ATMs, phone and internet banking, EFTPOS, cheque, and over the counter transactions.
- Visa debit card. The account is linked to an ANZ Access Visa debit card, allowing you to spend your own money online, over the phone, in person and overseas.
- Visa payWave. This feature on your debit card will let you make purchases of under $100 at merchants with a contactless terminal. With this, you don’t need to swipe, sign or enter a pin to make your point of sale payment.
- Foreign currency transaction fees. Withdrawals and purchases made in a foreign currency will result in a charge equal to 3% of the transaction amount.
- Overseas withdrawals. If you use an ATM outside of their network overseas you will be charged $5 for each transaction.
- No monthly service fee
- Linked ANZ Visa debit card
- 24/7 access to funds through Internet and phone banking
- Eligibility criteria apply
How do I apply for the ANZ Pensioner Advantage Account?
If this account has all that you need to help you manage your pension funds, than you can apply by calling ANZ or visiting your local branch. Before you make your appointment it is a good idea that you check to see if you meet the eligibility requirements of the Pensioner Advantage Account:
- Minimum age. Rather than a minimum age requirement for this account, you must be receiving one of the above mentioned pensions or allowances in order to qualify.
- Residency requirements. You must be an Australian resident with an Australian address. If you are not an existing ANZ customer you will also need to be present in Australia at the time the application is processed in order to complete the identification process.
- Depository requirements. ANZ makes no stipulation for a minimum opening balance.
You should also bring with you the following documentation in order for your application to be processed quickly:
- Tax file number. Your tax file number (TFN) or exemption codes ensure that withholding tax on your interest earnings is being calculated at the appropriate rate.
- Identification. In order to complete the ANZ Customer Identification Process successfully you will need to have your driver’s licence, passport, or Medicare card with you when applying.
- Concession card. To prove your eligibility for this account be sure to have your Centrelink card or other concession card with you when applying.
So long as your identity can be confirmed and you meet the other eligibility requirements, your Pensioner Advantage Account will be activated upon completing the application. At the same time you should receive your linked Visa debit card to begin transacting with your new account.