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.
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 Pensioner Advantage account?
Compare the features of this account to see how it compares with the transaction accounts for pensioners offered by other banks.
No account keeping fees
The $5 fee normally charged for the ANZ Access Advantage is waived for Australians who qualify for this account.
Interest rates up to 0.50%
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 banded, so you'll earn more interest on highest portions of your balance. The maximum variable interest rate of 0.50% is for the portion of your balance that is over $49,200.
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 usually apply.
You will be charged a foreign transaction fee of 3.00% 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.
- 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?
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 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 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.
- 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 next?
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.