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Our verdict

Earn up to 2.5% p.a. interest and enjoy easy access to your savings with a Pensioner Account from AWA Alliance Bank.

However, rather than lock your funds away, you can access the account whenever you like, so you can use it to do shopping, pay bills, transfer money to friends and family, or whatever else you need to do.

Pros

Periodical payments
Direct Debit
Electronic Transfer

Finding an easy and affordable way to manage your money is crucial to ensure a stress-free and financially secure retirement. To help you make your retirement savings go further, AWA Alliance Bank offers the Pensioner Account. Designed for customers who receive a government pension or who hold a health care card, the AWA Alliance Bank Pensioner Account offers competitive tiered interest rates of up to2.5% p.a. on your savings balance.

Details

Key details

Product Name	AWA Alliance Bank Pensioner Account
Maximum Variable Rate	2.50% p.a.
Standard Variable Rate	0.85% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	55

Key features

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At-call savings account

The AWA Alliance Bank Pensioner Account is an at-call savings account, which means it combines the ability to earn interest on your savings balance with the freedom to withdraw money at any time.

Tiered interest rates

The Pensioner Account features variable interest rates designed to help you maintain a healthy retirement savings balance. Interest rates are tiered based on your account balance as follows:

$1–$9,999: 0.85%

$10,000–$49,999: 1.7%

$50,000 -$249,999 : 2.2%
$250,000+: 2.5%

Interest calculated daily

Interest is calculated on your daily balance and credited to your account on 30 June and 31 December each year.

Easy access

You have easy access to your funds at any time through a range of options. These include a RediCard, cheque book, electronic transfers, periodical payments and direct debits, paying bills via BPAY, and Bank@Post services.

Free transactions

Each AWA Alliance Bank membership receives four free rediATM transactions per month. Excess transactions incur a fee of $2.

Availability

This account is offered to Australians who either receive a pension or hold a Commonwealth Government Health Care Card.

Launch savings calculator

How to apply

If you think the AWA Alliance Bank Pensioner Account could be the perfect product to help you manage your money during retirement, click on one of the "Find out more" links on this page. You will be securely redirected to the AWA Alliance Bank website where you can access the full terms and conditions for this account.

However, it isn't possible to apply for an AWA Alliance Bank Pensioner Account online.

Application options

Visit a branch. AWA Alliance Bank has branches in Geelong and Portland in Victoria, or Mandurah in Western Australia. Pop into your nearest branch to receive personalised service and advice on how to open an account.
Complete an online form. The second option is to fill out an online enquiry form with your name, phone number and email address, preferred contact time and details of the type of account you want to open.

Documentation needed

If you don't already have an account with AWA Alliance Bank, you'll need to supply a valid form of photo ID before you sign up; a current Australian driver's licence or passport should do the trick.

Eligibility criteria

Residency requirements. This account is available to Australian residents only.
Pensioners only. You must either receive a pension or hold a Commonwealth Government Health Care Card in order to open a Pensioner Account.

If you're looking for a retirement savings account that combines competitive interest-earning power with the flexibility to access your money whenever you need to, the AWA Alliance Bank Pensioner Account is certainly an option worth considering. Of course, the only way to make sure you find the best retirement savings account is to compare a wide range of accounts before making your final decision.

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Alison Finder

Editor

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AWA Alliance Bank Pensioner Account