In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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BankSA Retirement Access Plus

  • Alison Banney's headshot
BankSA Retirement Access
Maximum variable rate
2.30% p.a.
Base interest rate
0.3%p.a.

Summary

Australian retirees can bank the way they want with a flexible transaction account that has their needs in mind.

The Retirement Access Plus account from BankSA has no monthly account fees and offers unlimited transactions. It's designed to meet your changing needs as you leave the workforce. You are given multiple means of accessing your money including a Visa debit card to make purchases and free ATM withdrawals. If you are over 55 and are no longer working, then this is an account that could help you enjoy your retirement years.

Pros

  • No monthly account service fee
  • Linked Visa debit card
  • Unlimited transactions
  • Earn interest with at-call access to savings

Cons

  • Must be over 55 years old

In this guide

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

Details

Key details

Product Name BankSA Retirement Access
Maximum Variable Rate 2.30% p.a.
Standard Variable Rate 0.30% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $1
Minimum Age 55

Key features

Picture not described

Tiered interest rate

Interest on this account is tiered. Balances over $250,000 accrue interest at 2.3%. 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. Plus, there is no minimum account balance required.


How to apply

Eligibility

In order to apply for this account you must either call or visit your local BankSA branch. Before heading there you should first check to make sure that you are eligible for the BankSA Retirement Access Plus:

  • Minimum age. Applicants must be at least 55 years of age and no longer working, or collecting one of the pensions mentioned above.
  • Residency requirements. This account is only made available to Australian residents who have an Australian residential address.

Compare other savings accounts

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Earn a high interest rate of 5.75% for the first 4 months and then 4.35% thereafter, with $0 account keeping fees and no monthly balance requirements.
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Rabobank High Interest Savings Account
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ING Savings Accelerator ($150,000 - $500,000)
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Ideal for higher balances, savers can earn up to 5.4% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.
ING Savings Accelerator ($150,000 - $500,000)
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Maximum Variable Rate p.a.
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Suncorp Bank Growth Saver Account
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Standard Variable Rate p.a.
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ING Savings Maximiser
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Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
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Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
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  • Grow your balance
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Get 6 months free delivery and $50 Menulog credit with a new Orange Everyday & Savings Maximiser account. New ING customers only. Use code INGMENU1 and activate accounts by 24 Nov 2024. T&Cs apply.
Macquarie Savings Account
Macquarie Bank logo
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
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First Option Bank Savings+Bonus Account
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
2.00%
Intro/Ongoing
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Monthly Max Rate Conditions
  • Deposit $100
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Bankwest Easy Saver
Bankwest logo
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
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Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
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BCU Bonus Saver
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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4 months
Government Guarantee
Monthly Max Rate Conditions
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Go to siteView details
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Alison Finder

Editor

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Chris

January 04, 2022

Can I use my retirement access plus account as a settlement account for share purchases made through St. George Directshares?


Avatar

Alison Banney Finder

January 25, 2022

Hi Chris,


It looks like you can settle your trades with an eligible St.George transaction account or margin loan only, not another external account. However,

I’d suggest speaking with St.George directly to confirm your situation.


Regards,

Alison


Avatar

Rachael

January 30, 2019

Hi i was wondering how long it takes for a bank wire to be in my account from the united states


Avatar

Bella

February 01, 2019

Hi Rachael,


Thanks for your inquiry.


Bank transfers can take anywhere from one to five business days to process, and the same goes for online transfers. If it takes more than five business days, you can check with your bank on what could be causing the delay.


I hope this helps.


Kind regards,

Bella


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Jimbo

December 02, 2016

Is BankSA Retirement Access Plus account classified as a ‘savings account’ or a ‘deeming account? for Centrelink purposes?


Avatar

Jason Finder

December 02, 2016

Hi Jimbo,


Thank you for your inquiry,


The BankSA Retirement Access Plus account seems to be a low fee daily transaction account that offers deeming rates. This account is meant for retirees and could help manage the funds of depositors who receive pension or Centrelink payments. This would not be an ideal account for someone who is still earning while working and for someone who’s looking for a high yield savings account.


Please check out the list of high-interest savings accounts offered by several banks. You may select the ‘Go to site’ button of your preferred savings account for further inquiry about the selected savings account and to apply online.


Kind regards,

Jason


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