IMB Wisdom Saver
- Maximum variable rate
- 2.45% p.a.
- Base interest rate
- 0.05%p.a.
Summary
Make a smart move with your pension money by keeping it available in an interest earning transaction account.
The IMB Wisdom Saver is a bank account for customers 55 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 | 2.45% p.a. |
Standard Variable Rate | 0.05% p.a. |
Monthly Account Fee | $0 |
Minimum Opening Deposit | $0 |
Minimum Age | 55 |
Eligibility
Minimum Age | 55 |
Joint account availability | No |
Minimum Deposit | $0 |
Available to children | Not available for children |
Your reviews
Alison Finder
Editor
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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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Vera
October 22, 2017
Is the interest calculated for the IMB Wisdom Saver done on a compounding basis?