Maximum variable rate: 2.50% p.a.
Base interest rate: 2.50% p.a.
Minimum deposit: $0

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

Cons

Eligibility criteria applies

Details

Key details

Product Name	Border Bank Retirement Plus
Maximum Variable Rate	2.50% p.a.
Standard Variable Rate	2.50% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	55

Key features

Interest

The Border Bank Retirement Plus savings account pays a flat rate of interest of 2.5% 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.

Fees

There's no fee to open the Border Bank Retirement Plus and no monthly account-keeping fee.

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 by using the pay anyone option from another institution's online banking facility.

Making withdrawals

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

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 smartphone.

Electronic statements

Cut down on paper consumption by switching to electronic statements, which you can view online.

Government protected

Border Bank is a division of Police Bank Ltd, an authorised deposit-taking institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). Deposits with Border Bank are protected by the Australian Government's Financial Claims Scheme, up to $250,000 per account holder per ADI. Because Border Bank is a trading name of Police Bank Ltd, that limit covers your combined deposits across Police Bank, Border Bank and Bank of Heritage Isle.

How to apply

Visit Border Bank's website to start a secure online application. You need to meet the minimum age in the Key details above and be retired or receiving a pension or allowance, which must be paid into your Border Bank account.

Becoming a member of Border Bank. Border Bank is a division of Police Bank Ltd, a customer-owned bank, and you need to become a member before you can open one of its accounts. Your application for the Retirement Plus account includes an application to become a member of Border Bank.

If you're an existing member of Border Bank, you can add this product to your membership.

Compare other products from Border Bank

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Border Bank Retirement Plus information page
2. Border Bank Retirement Plus TMD

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Alison Finder

Editorial Manager, Money

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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

Pros

Cons

Key features

Interest

No-strings

Fees

Making deposits

Making withdrawals

Internet banking

Mobile application

Electronic statements

Government protected

How to apply

Compare other products from Border Bank

Sources

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