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Summary

An interest bearing bank account designed for those over 55.

Greater Bank's Retirement Plus lets over 55s save and spend money flexibly whhile earning some interest. The account has no monthly fees. You'll need to maintain a fairly large account balance to qualify for the highest rate tier.

Pros

24/7 access to your money
Online statements available
Linked Visa debit card

Cons

Transaction fees may apply
You need a large balance to get the highest rate

Details

Key details

Product Name	Greater Bank Retirement Plus
Maximum Variable Rate	2.20% p.a.
Standard Variable Rate	0.01% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	55

Key features

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Minimum balance

This account comes with a minimum account opening and ongoing balance requirement of $0.

Choice of cards

Greater Bank let you choose from a Visa debit card. The Visa debit card lets you transact globally, anywhere you see the Visa symbol. You can also use your Visa card details to pay bills and make purchases over the Internet and over the phone.

Online, phone and mobile banking

All account holders get free access to online, phone and mobile banking. These platforms let you view your transaction history and your latest account balance. You can also log online to transact in different ways.

You can set up a digital wallet via Apple Pay or Google Wallet.

Earning interest

The Retirement Plus Account follows a tiered interest rate system. Balance exceeds $0 it earns 2.2% p.a. In case of joint accounts, this amount is different.

Account keeping fees

This account does not attract any ongoing account keeping fees.

Other fees

You may have to pay other fees from time to time. These include fees for drawing cheques, ATM withdrawal fees, overseas ATM withdrawal fees and BPAY transaction fees.

Fee allowance and rebate

Account holders get a fee allowance of $3 every month. Every $1,000 that credits into your account earns you a fee rebate of $3. The minimum monthly balance in your account also has a bearing on the fee rebate.

SMS and email alerts

If you want to remain informed about activity in your account you can get SMS or email alerts. You get to choose from different options that notify you of changes in account balance, withdrawals and deposits. An SMS alert fee applies for every text you receive.

How to apply

Eligibility

If you're already a Greater Bank customer you can log into Internet Banking and apply. If not, you can still submit an online application or you can apply by walking in to your nearest Greater Bank branch. To apply, you have to meet the eligibility criteria listed below:

Minimum age. You should be over 55 years old.
Residency requirements. You should be a permanent Australian resident.

Depository requirements. You can open and maintain this account with as little as $0.

Documentation needed

To complete the online application successfully you'll have to submit this information:

Identification. If you're not an existing Greater Bank customer you have to go through a legally required ID check. You can complete this process online using an acceptable form of ID such as your Australian driver's license or Medicare card.
Tax file number. Providing your tax file number (TFN) is not mandatory. If you do, you can be sure that Greater Bank does deduct withholding tax from the interest you earn. Providing your TFN any time after the account opens is alright.
Other information. This includes your name, residential address, phone number and email address. In case joint applications, this information is required from both applicants.

What happens after I submit my application?

After you complete all the formalities, you'll receive an SMS and an email with your Internet banking access details. The Visa debit card or access card can take seven to 10 business days to get you from, from the date of account opening.

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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?

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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

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Greater Bank Retirement Plus