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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	18

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.

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Newcastle Permanent Smart Saver Account	Maximum Variable Rate p.a. 4.50%	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...

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Border Bank Retirement Plus