In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Australian Military Bank Pension Access Account

Australian Military Bank Pension Access Account
Maximum variable rate
0.80% p.a.
Base interest rate
0.8%p.a.

Summary

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.

Pros

  • No everyday banking fees
  • No monthly service fees
  • Linked Visa debit card access

Cons

  • Only available if you're over 55

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name Australian Military Bank Pension Access Account
Maximum Variable Rate 0.80% p.a.
Standard Variable Rate 0.80% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 55

Key features

Picture not described

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.


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.

Your reviews

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Heather

January 31, 2017

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.


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Anndy Lou Finder

February 03, 2017

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


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Heather

January 02, 2017

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.


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May Finder

January 02, 2017

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


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Heather

January 02, 2017

Can I have the deeming account without the Visa debit card?


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May Finder

January 02, 2017

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


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