ANZ Pensioner Advantage account
Pay no account keeping fees and earn interest on your balance with this account designed specifically for pensioners.
The transition from a salary to a fixed income is not always easy, but the ANZ Pensioner Advantage account can help simplify your finances. This is a transaction account with no account fees, that gives you unlimited, easy access to your money. Plus unlike a typical transaction account, you can earn a competitive rate of interest on your funds.
Maximum variable rate
Base interest rate
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It’s not common to find a transaction account that offers at-call access to your money, while also paying interest on your balance with no ongoing deposit conditions to meet. This makes the account really flexible, and a bit of a two-in-one account.
The interest rates are tiered, so you'll earn more interest on the highest portions of your balance. The maximum variable interest rate of 0.30% is for the portion of your balance that’s over $50,000.
However this account is limited to customers receiving a pension, for example the aged pension, disability support pension, a Centrelink pension or a Veterens’ Affairs pension.
No account keeping fees
The $0 fee normally charged for the ANZ Access Advantage is waived for Australians who qualify for this account.
Interest rates up to 0.3%
This account allows you to earn interest on your balance, while at the same time enjoying unlimited access to your funds. The interest rates are tiered, so you'll earn more interest on highest portions of your balance. The maximum variable interest rate of 0.3% is for the portion of your balance that is over $50,000.
You are given unlimited access to your money through ANZ ATMs, phone and internet banking as well as free in branch, cheque and EFTPOS transactions.
Visa debit card
With the Visa debit card you can also make withdrawals in Australia and overseas. This account comes with a linked Visa Debit card, allowing you to make purchases with your own money wherever Visa is accepted including in-store and online. You can also use the Visa Debit card internationally when travelling, however fees will apply.
You will be charged a foreign transaction fee of 3% on purchases or withdrawals where a conversion of currency to the Australian dollar is necessary, such as when using your debit card overseas. For overseas ATM withdrawals, you will be charged $5 for each transaction.
No minimum balance
There is no minimum balance requirement to maintain, however you'll earn more interest on larger balances.
Available to pensioners only
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. 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 available
This account is available for up to two holders, yet both must be receiving a qualifying pension or allowance.
How to applyWith 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 and have the appropriate documents handy.
- 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 below mentioned pensions or allowances.
- Pension status. You must be receiving an eligible Centrelink pension or allowance, or a Veterans' Affairs pension or allowance.
- 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.
- 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.
What happens after I submit my application?
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.