7.4

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Great

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Account keeping fee: $0
ATM withdrawal fee: $0
Overseas ATM withdrawal fee: $5
Overseas transaction fee of transaction value: 2.5%

Summary

Make a smart move with your pension money by keeping it available in an interest earning transaction account.

The IMB Everyday 50PLUS is a bank account for customers 50 years or older, or customers on an eligible pension. You can earn interest on the money you save, with a higher rate for larger balances. The account has minimal fees and flexible ways to access the cash, including via Apple or Google Pay, or with a Visa debit card.

Pros

No monthly account keeping fee
Linked Visa debit card
Competitive interest rate on transaction account

Cons

Eligibility criteria apply

Details

Key details

Product Name	IMB Everyday 50PLUS
Maximum Variable Rate	1.90% p.a.
Standard Variable Rate	0.05% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	50

Eligibility

Minimum Age	50
Joint account availability	No
Minimum Deposit	$0
Available to children	Not available for children

Key features

Monthly account keeping fees

With the Everyday 50PLUS you are not charged any monthly account keeping fees.

Transaction fees

Unlike other IMB accounts where a transaction allowance helps to offset your fees, with few exceptions the Everyday 50PLUS has no transaction fees.

Transaction methods

With the Everyday 50PLUS you are able to make transactions using any of the following methods; ATM, BPAY, cheque, direct debits, EFTPOS, with online and mobile banking, Google Pay, Apple Pay, Samsung Pay and via a Visa debit card.

IMB Visa debit card

If you choose to link the Everyday 50PLUS to a Visa debit card, you are given the same buying privileges that a credit card offers, without accruing any interest. This includes the ability to make cash withdrawals from an ATM. There is a monthly charge to your account if you opt for the Visa debit card.

ATM access

You are permitted unlimited access to ATMs in the IMB, Westpac, St.George Bank, Bank of Melbourne and BankSA networks.

Availability

This account is only available for individuals aged 50 or older, or those receiving an eligible permanent pension, who intend to use it only for domestic or personal purposes.

Interest rates

The variable interest rates for this account are applied using a step up method. This means that the first part of your balance is calculated at a one interest rate, while the next portion receives a higher rate. The highest interest rate is applied only to the portion of your balance that is in excess of $250,000

Interest payments

Your interest is calculated on your daily balance and paid into the account quarterly. Expect interest payments in March, June, September and December.

How to apply

Eligibility

IMB makes it easy to open the Everyday 50PLUS account by providing you with an online application. You can access it by visiting the IMB website and it should only take about ten minutes to complete. Certain eligibility requirements will have to be met before you will be permitted to submit your application:

Minimum age. You must be at least 50 years of age in order to be eligible for this account. That age requirement is waived for certain individuals who are receiving a qualifying pension.
Residency requirements. You must be an Australian resident and have an Australian residential address if you wish to be considered for this account.

Documentation needed

As you fill in the online application you will that it is helpful to have with you the following documentation:

Tax file number. Your tax file number (TFN) or exemption code will be used by IMB to apply the correct tax rate to your interest earnings. While not obligatory to provide, if choose not to, a higher rate way prevail.
Identification. IMB asks for information from any two of the following identification documents; your passport, driver's licence or Medicare card. If you are receiving a pension, you may also need to provide your pension number to show your eligibility.

What happens after I submit my application?

After submitting your application, it will be reviewed by IMB and once approved you will be sent the details of your new account. The linked debit card that you chose will be sent to you via post, and will need to be activated before you are able to make any transactions.

Sources

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. IMB Everyday 50PLUS information page
2. IMB Everyday 50PLUS TMD

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Alison Finder

Editorial Manager, Money

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Vera

October 22, 2017

Is the interest calculated for the IMB Wisdom Saver done on a compounding basis?

Anndy Lou Finder

October 23, 2017

Hi Vera,

Thanks for your question.

This account pays interest monthly so it uses the compound interest method.

Kindly note though that its variable interest rate is applied using a step-up method. This means that the first part of your balance up to $1,999.99 is calculated at a one-interest rate, while the next portion up to $49,200 receives a higher rate. The highest interest rate is applied only to the portion of your balance that is in excess of $49,200.01.

Cheers,

Anndy

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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

IMB Everyday 50PLUS

Pros

Cons

Key features

Monthly account keeping fees

Transaction fees

Transaction methods

IMB Visa debit card

ATM access

Availability

Interest rates

Interest payments

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Sources

Your reviews

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