Maximum variable rate: 2.75% p.a.
Base interest rate: 2.75% p.a.

Our verdict

Pay no account keeping fees and earn interest on your balance with this account designed specifically for pensioners.

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 2.75% is for the portion of your balance that’s over $50,000.00.

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.

Pros

No monthly service fee
Linked ANZ Visa debit card
24/7 access to funds through Internet and phone banking

Cons

Eligibility criteria apply

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.

Details

Key details

Product Name	ANZ Pensioner Advantage Account
Maximum Variable Rate	2.75% p.a.
Standard Variable Rate	2.75% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	67

Key features

No account keeping fees

Unlike the ANZ Access Advantage, which normally charges a monthly account service fee, this account has no monthly account service fee for Australians who qualify for it.

Interest rates up to 2.75%

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 2.75% is for the portion of your balance that is over $50,000.

Unlimited accessibility

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.

Overseas transactions

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 Australians who receive an ongoing Centrelink pension or allowance, or a Veterans' Affairs pension or allowance, paid directly into the account. If you're not sure whether your payment counts, check with ANZ before you apply.

Joint account available

This account is available for up to two holders, yet both must be receiving a qualifying pension or allowance.

Compare other ANZ products

How to apply

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.

Eligibility

No minimum age. ANZ's eligibility criteria for this account don't include an age requirement. What matters is that you receive an eligible ongoing pension or allowance.
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.

Documentation needed

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.

ANZ Pensioner Advantage account information page, https://www.anz.com.au/personal/bank-accounts/everyday-accounts/pensioner-advantage/
ANZ Pensioner Advantage account TMD, https://www.anz.com.au/content/dam/anzcomau/pdf/bank-accounts/target-market-determination/anz-pensioner-advantage-target-market-determination.pdf[/article_source]

Compare other products from ANZ

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Alison Finder

Editorial Manager, Money

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Dee

October 25, 2026

I am currently with suncorp and understand my account will be transfered to anz in the new year. I am an aged pensioner’s I will provide necessary documents and information when opening a new account

However I have a few questions.

With suncorp:

I am not being charged any transaction fees.

I am not being charged any monthly/yearly account keeping fees.

I am not being charged any fees for any international purchases whether direct or online purchases.

Actually, from my statement there’s no charges/fees at all on transaction or statement.

I have my main pension account (which is a debit card)

I also have another debit card, separate to my pension account.

I also have another account. No card and separate to either of the other 2 accounts.

I mainly use this for depositing savings, etc.

Use my accounts via online or efpos transactions.

So my question is, which ANZ account would you recommend I need to open.

Thank you.

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Angus Kidman Finder

October 28, 2026

Hi Dee, As a comparison site, we can’t provide individual advice. One key note: all ANZ accounts charge a fee for international transactions, so if that’s something you do regularly, you might want to set up an account with a different bank to handle those payments.

Robert

August 09, 2023

If I transfer from another bank, will my direct debits be included?

Sarah Megginson Finder

September 04, 2023

Hi Robert,

No, if you change banks you’ll need to set up all the direct debits again with your billers and provide them with your new bank details.

Graeme

October 13, 2021

My Father used to get a statement for his ANZ Pensioner Advantage account every 2 months. He hasn’t had one for over 4 months now. Why would this change have occurred?

Alison Banney Finder

October 21, 2021

Hi Graeme,

Perhaps the bank has switched to only electronic statements, which you can download from your Internet banking portal. However, as we are not ANZ I can’t tell you the exact reason for this. I would highly recommend you get in touch with ANZ by calling 1800008177. They should be able to tell you exactly the reason.

Regards,

Alison

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Rai

July 28, 2019

Hi! My name is Rai and I’m 12 years old. Am I allowed to get a Visa debit card?

Joshua Finder

July 29, 2019

Hi Rai,

Thanks for getting in touch with Finder. I hope all is well with you. 😃

Typically, you need to be at least 14 years old to get your own Visa Debit card. However, some banks offer debit card access for children as young as 9 years old.

You may check our list of kids’ debit cards. On the page is a comparison table that lists banks who offer debit cards for minors and their minimum age requirement. Aside from that, you can also compare your options based on the details of the card.

When you are ready, press the ‘Go to site’ button to apply. Please make sure though to read the eligibility criteria, features, and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.

I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

Have a wonderful day!

Cheers,

Joshua

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Darryn

November 01, 2018

I have been on a disability support pension since 2002 to the present. In that time my anz account has charged me a monthly servicing fee. Is this correct. And if not. Can I claim that money back. As I feel they have been charging me fees that I shouldn’t have to. Thank you

John Basanes Finder

November 01, 2018

Hi Darryn,

Thank you for leaving a question.

You may need to call the customer service support team of ANZ to state your claim. Please see the number here 1800 008 177 Monday – Friday, 8am-8pm (AEST). They may be able to waive this fee if you would be able to give a viable reason to not pay the fee. Hope this helps!

Cheers,

Reggie

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

ANZ Pensioner Advantage account

Pros

Cons

Key features

No account keeping fees

Interest rates up to 2.75%

Unlimited accessibility

Visa debit card

Overseas transactions

No minimum balance

Available to pensioners only

Joint account available

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other products from ANZ

Your reviews

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