In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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Bank of Melbourne Retirement Access Plus Account

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Bank of Melbourne Retirement Access Plus
Maximum variable rate
2.30% p.a.
Base interest rate
0.3%p.a.

Our verdict

Simplify your everyday banking with a retirement account from Bank of Melbourne that charges no fees.

This is an everyday transaction account designed for customers ages over 55 years old which charges no monthly account keeping fees. You’ll get a Visa Debit Card which you can use in Australia and overseas. While you can make unlimited free transactions in Australia, there is a 3% international transaction fee when using the card overseas. So this is something to keep in mind if you travel a lot.

This account offers interest which is rare for a transaction account that allows you 24/7 access to the money. The interest rates are tiered, so the bigger your balance the more interest you can earn. The highest variable interest rate of 0.3% is paid on balances over $0, but you’ll still earn a small amount of interest on balances below $10,000 too., as well as balances in between. There are no conditions to meet to earn the interest either, which again is quite rare.

Pros

  • $0 account service fee every month
  • Unlimited everyday banking transactions
  • Wide range of access for your funds

Cons

  • For over 55's only
  • There is a $5 charge of overseas ATM withdrawal
  • 3% international transaction fees apply

In this guide

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

Australians aged 55 or over are eligible for a specialised account from the Bank of Melbourne that charges no monthly fees or transaction fees. You can bank in the branch, online, or with a Visa debit card.

Details

Key details

Product Name Bank of Melbourne Retirement Access Plus
Maximum Variable Rate 2.30% p.a.
Standard Variable Rate 0.30% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 55

Eligibility

Minimum Age 55
Joint account availability Yes
Minimum Deposit $0
Available to children Not available for children

Key features

Picture not described

Tiered interest rate

Interest on this account is tiered. Balances over $0 accrue interest at 0.3%. Interest is calculated daily and paid into the account monthly.

No strings attached

Unlike other savings accounts, there is no condition you need to meet to earn interest. You don't need to make a certain number of deposits each month and you still earn interest if you make withdrawals.


How to apply

Eligibility

Seniors should take great care when choosing an account to help manage a fixed income. If after making comparisons you find that this account has all that you need, you can either call Bank of Melbourne or visit a branch to apply for the account. Before doing so however, you should ensure that you are eligible for this account type:

  • Minimum age. You must be 55 years of age or older or be receiving an; age pension, carer's pension, disability pension, widow pension, or veteran affairs pension.
  • Residency requirement. Only Australian residents or citizens can apply for this account.

Compare other savings accounts

1 - 13 of 189
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
Go to siteView details
Get 5.5% on your savings (up to $100K) when you deposit $500 per month. Get 5.00% on savings between $100K and $250K.
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
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Bank of Queensland Simple Saver Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.85%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $5,000,000
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Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.00%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
Eligible customers can receive $50 cashback when they open an Orange Everyday and a Savings Maximiser account together before 31st July 2024. Customers must make 5 settled transactions and keep the accounts active for 60 days from opening.
ME HomeME Savings Account
Maximum Variable Rate p.a.
5.55%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $2000
  • Grow balance
  • Balances up to $100,000
Go to siteView details
IMB Reward Saver Kick Start
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20+ each month
  • No withdrawals
Go to siteView details
First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
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IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
Go to siteView details
BCU Bonus Saver
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
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Alison Finder

Editor

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

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Robert

January 31, 2017

does this account work with Microsoft money


Avatar

Anndy Lou Finder

February 01, 2017

Hi Robert,


Thanks for your question.


Microsoft Money allows you to download statements from financial institutions that provide OFX or QIF downloads. Please contact Bank of Melbourne directly if they provide statements in that format.


Cheers,

Anndy


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