Summary

The Retirement Plus account is designed for customers over 55 and retired.

This account is specifically designed for those over 55 in retirement, or receiving a state pension or allowance. The account calculates interest daily and pays interest twice a year, to help manage your cashflow while you're no longer working.

Pros

Designed for pensioners and retirees
Security and peace of mind
Competitive interest rate

Cons

Eligibility criteria applies

Details

Key details

Product Name	Border Bank Retirement Plus
Maximum Variable Rate	2.00% p.a.
Standard Variable Rate	2.00% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	55

Key features

Interest

The Border Bank Retirement Plus savings account pays flat rate of interest of 2% p.a. on your deposit. Interest is calculated daily and paid twice a year, in June and December.

No-strings

The Border Bank Retirement Plus savings account is a no-strings attached way to save. You don't need to make a minimum monthly deposit to earn the full rate of interest and you continue to earn interest even if you make withdrawals during the month.

No fees

The Border Bank Retirement Plus is a no fee account. Pay nothing to open the account and continue to pay nothing to keep the account open.

Making deposits

Grow your retirement savings balance by setting up a regular direct credit to the Retirement Plus account from various income streams. You can also make deposits in person by visiting a border bank service centre or by using the pay anyone option from another institution's online banking facility.

Making withdrawal

Access the funds in your Retirement Plus savings account by making withdrawals from Border Bank Internet banking or telephone banking.

Internet banking

View your Retirement Plus account balance, make payments to a linked transaction account and review interest earned for the year using the Border Bank Internet banking facility.

Mobile application

The Border Bank Retirement Plus can be managed through the Border Bank mobile banking application as well as the desktop Internet banking website. You can easily view your account balance on the go using your Internet connected smartphone, and the app even lets you make contactless payments if you have a Border Bank transaction account linked to the Retirement Plus savings account. The Border Bank mobile banking application is compatible with the latest Android and iOS devices. It's free to download, too.

Electronic statements

Cut down on paper consumption by switching to electronic statements. 'E-statements' are available to view online 24 hours a day seven days a week for up to seven years. Electronic statements are issued at the same frequency as paper statements. You can get e-statements even if you haven't registered for Internet banking, they can be sent to your email for you to view.

Government protected

Border Bank are an authorised deposit-taking institution (ADI) and are subject to the stringent guidelines regulated by the Australian Prudential Regulation Authority (APRA). Deposits held by border bank are guaranteed by the government.

How to apply

Visit Border Bank's website to start a secure online application. You need to be 55 or older to open this account and also be retired or receiving a state pension or allowance.

Becoming a member of Border Bank. As a mutual banking society, Border Bank require that you become a member of the institution if you want to open one of their accounts. Each customer of a mutual bank is a member, and members have a say in how the institution is run. An application for the Retirement Plus account includes an application to become a member of Customs Bank. All members are required to give a guarantee to pay $10 in the event Customs Bank ceases operation.

If you're an existing member of Border Bank, you can add this product to your membership. Simply enter your Border Bank membership number and your first and last name and select the Retirement Plus savings account from a list of Customs Bank products when prompted.

Compare other savings accounts

1 - 13 of 181

Product	Finder Score	Maximum Variable Rate p.a.	Base interest rate	Intro/Ongoing	Government Guarantee	Monthly Max Rate Conditions
Rabobank High Interest Savings Account	Finder score 8 Great	Maximum Variable Rate p.a. 5.45%	Standard Variable Rate p.a. 4.00%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Earn a high interest rate of 5.45% for the first 4 months and then 4% thereafter, with $0 account keeping fees and no monthly balance requirements.	Go to site View details Compare	loading Fetching your data...
Suncorp Bank Growth Saver Account	Finder score 8.7 Great	Maximum Variable Rate p.a. 4.80%	Standard Variable Rate p.a. 0.35%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance by $200 each month (excl. interest) Only 1 withdrawal No balance limit on earning interest	Get a solid interest rate on your entire balance, with minimal conditions in order to get the max rate. This account doesn’t offer card access but you can make 1 withdrawal per month & grow your net balance by $200 (excl. interest) to earn the max rate.	Go to site View details Compare	loading Fetching your data...
Bank of Queensland Simple Saver Account	Finder score 8.5 Great	Maximum Variable Rate p.a. 4.90%	Standard Variable Rate p.a. 4.55%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $5,000,000	Open up to 9 accounts to take control of your savings and don't worry about meeting fiddly conditions or paying frustrating fees.	Go to site View details Compare	loading Fetching your data...
St.George Incentive Saver	Finder score 9.1 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.40%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance $50 ($0.01 if under 21) Balance up to $249,999.99	Extra 0.10% p.a. for 3 months for new customers who apply online, balances under $250k.	Go to site View details Compare	loading Fetching your data...
BCU Boss Saver	Finder score 9 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.45%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $500 5 Access Account debit card purchases Balance under $100,000	Earn an ongoing 5% p.a. when you deposit $500 per month and make 5+ card payments from your BCU Access Account each month. You can make withdrawals and still earn bonus interest.	Go to site View details Compare	loading Fetching your data...
Newcastle Permanent Smart Saver Account	Finder score 7.7 Great	Maximum Variable Rate p.a. 4.25%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site View details Compare	loading Fetching your data...
Macquarie Savings Account	Finder score 8.8 Great	Maximum Variable Rate p.a. 5.10%	Standard Variable Rate p.a. 4.75%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Earn 5.1% p.a. for the first 4 months then 4.75% p.a. ongoing with no conditions to meet. Earn the ongoing rate on balances up to $1 million.	Go to site View details Compare	loading Fetching your data...
ING Savings Maximiser Most Loved	Finder score 9.7 Excellent	Maximum Variable Rate p.a. 5.40%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 transactions Grow your balance Balances up to $100,000	Go to site View details Compare	loading Fetching your data...
BCU Bonus Saver	Finder score 2.2 Basic	Maximum Variable Rate p.a. 4.75%	Standard Variable Rate p.a. 0.25%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions N/A	Go to site View details Compare	loading Fetching your data...
Bank of Queensland Future Saver Account - 14 to 35 years	Finder score 9.4 Excellent	Maximum Variable Rate p.a. 5.25%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 eligible transactions Balances up to $50,000	Go to site View details Compare	loading Fetching your data...
P&N Bank Savvy Saver	Finder score 9 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.45%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $500 5 Access Account debit card purchases Balance under $100,000	Get 5% p.a. ongoing when you deposit $500 and make 5 debit card purchases per month. Make withdrawals and still earn bonus interest.	Go to site View details Compare	loading Fetching your data...
Westpac Life (18-29 year olds only)	Finder score 8.9 Great	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 1.60%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Make a deposit Grow your balance 5 debit card purchases Balances up to $30,000	Go to site View details Compare	loading Fetching your data...
IMB Reward Saver Kick Start	Finder score 9.3 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $20+ each month No withdrawals	You can open this account if you are aged 13 to 17, or if you're a student, trainee or apprentice aged 18 to 30.	Go to site View details Compare	loading Fetching your data...

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Sources

Your reviews

No reviews yet. Write a review

Ask a question

To ask a question simply log in via your email or create an account.

Ask a question

Alison Finder

Editorial Manager, Money

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

You are about to post a question on finder.com.au:

Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
finder.com.au is a financial comparison and information service, not a bank or product provider
We cannot provide you with personal advice or recommendations
Your answer might already be waiting – check previous questions below to see if yours has already been asked

Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Border Bank Retirement Plus