In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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Bank Australia Pension Access Account

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Bank Australia Pension Access Account
Maximum variable rate
1.90% p.a.
Base interest rate
0.6%p.a.

Our verdict

An everyday transaction account for pensioners that pays interest on your balance with no account fees.

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The Pension Access account is a flexible transaction account that charges no account fees and also pays interest on the money in the account. The account is specifically for Australians who are receiving an aged, disability or veteran government pension.

You can access your money with the linked Visa Debit Card at all major bank ATMs for free, and make unlimited free EFTPOS and BPAY transactions in Australia. As well as having easy access to your money whenever you need it, your balance will earn interest too. Interest rates are tiered, so the more you have in the account the higher interest rate you’ll earn. This makes the account a handy two-in-one account, and is mixed between a transaction and savings account.

If you’re not receiving a pension, you can take a look at the Bank Australia Everyday Access transaction account instead. But keep in mind this one does charge a $5 monthly fee unless you deposit at least $2,000 a month.

Pros

  • Unlimited fee free transactions at over 3000 rediATMs
  • Linked Visa debit card
  • Eligible if receiving pension

Cons

  • Need a higher balance to earn interest

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

The Pension Access account from Bank Australia combines the features of a transaction account and a savings account. Access your money at an ATM, make purchases over the counter or BPAY payments from Internet banking for free. Earn interest on your balance too.

Details

Key details

Product Name Bank Australia Pension Access Account
Maximum Variable Rate 1.90% p.a.
Standard Variable Rate 0.60% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Key features

No account keeping fees

If you're receiving a government pension you won't pay anything to open the account or any monthly service fees. There is no charge when you withdraw from an rediATM, or any ATM owned by the Big Four banks. Charges may apply when you use the Visa Debit Card to make a purchase or cash withdrawal overseas or when you need to order a replacement Visa Debit Card. Be sure to check the Bank Australia Pension Access fees and charges product disclosure statement for a full list of charges that may apply to your account.

24/7 account access

Visa Debit and rediCARD access. Choose the card you want. Both cards let you make ATM withdrawals and over the counter purchases, the Visa Debit Card lets you make purchases online and gives you the worldwide access of a Visa Card, Visa fraud protection and emergency assistance.


How to apply

You can start an online application for the Bank Australia Pension Access savings account by visiting their website. Before you apply online, you can confirm your eligibility for this product below.

Eligibility

To apply for the Pension Access you need to be in receipt of a government pension such as the aged, veterans or disability pension.

To apply for this account you need to lodge an enquiry with Bank Australia. You can fill out the account enquiry form in a matter of minutes by entering your basic contact information.

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Standard Variable Rate p.a.
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IMB Reward Saver Account
Maximum Variable Rate p.a.
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Standard Variable Rate p.a.
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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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Donna

January 25, 2022

Can you explain more about the interest component and how it is calculated, please?


Avatar

Alison Banney Finder

January 29, 2022

Hi Donna,


Bank Australia Pension Access Account offers a 0.45% p.a.maximum variable rate. So, let’s say you have $10,000 in your account. You have to divide 0.45% by 12 to know the per month interest rate. That’s 0.0375% per month. So, for $10,000, it will earn $3.75 in a month.

I hope this helps.


Regards,

Alison


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