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.
Bank of Melbourne Retirement Access Plus Account
- Maximum variable rate
- 2.30% p.a.
- Base interest rate
- 0.30% 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
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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
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
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.
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Alison Finder
Editorial Manager, Money
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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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Robert
January 31, 2017
does this account work with Microsoft money