This everyday banking account gives you access to your money in different ways and lets you earn interest.
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.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
Key features
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 0.25% p.a. If the balance is $49,201 or more, you'll earn up to 0.8% p.a. Balances of $250,000.01 or more attract an interest rate of 0.25% 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.
How to apply
Eligibility
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.
Documentation needed
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.
What happens after I submit my application?
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.
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.
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.
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.
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.
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.
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