Product details
The Australian Military Bank Pension Access Account is meant especially for individuals aged 55 and over who receive government or superannuation pension. The account offers interest in a tiered manner, in line with the government’s deeming rates. Account holders can access funds in their accounts in different ways. This account does not charge any monthly fees.
- Product Name
- Australian Military Bank Pension Access Account
- Monthly Account Fee
- $0
- Debit Card Access
- Visa
- ATM Withdrawal Fee
- $0
- Interest Rate p.a.
- 1.75%
- Details
- No monthly account keeping fees with free access to the RediATM network.
- Fee Free Deposit p.m.
- $0
- Overseas ATM Withdrawal Fee
- $4.50
- Phone Banking
- Yes
- Fees
- $0
- Internet Banking
- Yes
What are the features of the Australian Military Bank Pension Access Account?
- Minimum balance. This account does not have any opening or ongoing minimum balance requirement.
- Visa debit card. This account provides a linked Visa card with a design of your choice. You can use this card at ATMs and EFTPOS terminals the world over, anywhere you see the Visa symbol. You can use your card details to make purchases and pay bills online and over the phone.
- Visa payWave. You can use your Visa payWave enabled debit card to make contactless payments for purchases less than $100 at merchants that support this technology.
- Online and phone banking. The bank offers online, phone and mobile banking platforms that give you round-the-clock access to your account. These systems let you access account related information and perform various banking functions.
- Australia Post banking. The bank lets you withdraw cash by visiting any Australia Post Bank@Post outlet. However, you have to pay a $3 fee for every withdrawal. You can deposit cheques and cash into your account at Bank@Post outlets as well.
- Direct debits and credits. Moving money in and out of your account is easy because the bank lets you set up direct debits and credits.
- Transfer limits. The maximum the bank lets you transfer at one time is $10,000.
- Account keeping fees. You don’t have to pay any ongoing account keeping fees to maintain this account.
- Other fees. The Visa debit card attracts an annual fee of $30. You may have to pay other fees from time to time, which can include personal cheque book fees, periodical payment fees, card replacement fees and foreign currency conversion fees.
- Interest. Money in your account earns interest in a tiered manner. If the balance is up to $49,200, it earns 1.75% p.a. If the balance is $49,201 or more, you’ll earn up to 2.40% p.a. Balances of $250,000 or more attract an interest rate of 2.00% p.a. The bank calculates interest everyday and pays it monthly.
- Account statements. You get an account statement every quarter, for which you don’t have to pay any fees. The bank can charge fees if you request for more frequent statements or for copies.
- SMS alerts. You can choose to get SMS alerts notifying you of activity in your account, for which you’ll have to pay a per message fee. You can use the online banking platform to opt in or out at any time.
- Financial claims scheme. Your combined deposits of up to $250,000 at the Australian Military Bank get protection through the government’s Financial Claims Scheme.
Pros
- No everyday banking fees
- No monthly service fees
- Linked Visa debit card access
Cons
- Only available if you're over 55
How do I apply for the Australian Military Bank Pension Access Account?
By opening the Pension Access Account you agree to become an Australian Military Bank member. You can apply for this account at any branch, over the phone or online. Check if you meet the required eligibility criteria first:
- Age requirement. You are over 55 years of age.
- Residency requirements. You are an Australian citizen or a permanent Australian resident.
- Depository requirements. There is no minimum account opening balance requirement with this account.
- Other requirements. You should receive some kind of government pension.
Completing the application successfully requires that you provide this information:
- Identification. You can use your Australian driver’s license or Medicare card to verify your identity online.
- Tax file number. Provide your tax file number if you don’t want the bank to deduct withholding tax from the interest it pays.
- Other details. Provide your name, date of birth, email address, residential address and phone number.
If you can’t complete your application in a single sitting you can save it can return to it later. If you wish to track the status of your application you can use the reference number you get when you submit it. The debit card can take seven to 10 business days to get to you, from the date of account opening.
Related savings accounts
Australian Military Bank Military Rewards Account
Fee Free Deposit
2,000Account Keeping Fee
4.00
It says somewhere that your money is covered up to $250,000 by the Australian government protection Scheme. So does that mean any monies over that amount is at risk if anything went wrong with the bank’s investments.
Hi Heather,
Thanks for your question.
The Australian Government guarantees deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as banks, building societies or credit unions. So if you have money in an institution that goes bankrupt, you are protected only for up to $250,000 and anything more than that is at risk.
Cheers,
Anndy
The information says the account earns “up to 3.25%” Is there anything more definite that you can say as this means there is no accurate amount of interest.
Hi Heather,
Thank you for your inquiry.
The interest rates are actually tiered. The 3.25% p.a. is the maximum interest rate you can get when your balance is $49,201 or more and the interest is calculated daily and paid to you monthly. For the first $49,200, your account will earn a 1.75% p.a. interest rate regardless of account balance.
Regards,
May
Can I have the deeming account without the Visa debit card?
Hi Heather,
Thanks for your question.
With Australian Military Bank Deeming Access Account, you would need the Visa debit card linked to it so that you will have an easy access to your funds when you need it especially when making purchases, ATM withdrawals and even paying bills.
Cheers,
May