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Bank Australia Pension Access Account

An everyday transaction account for pensioners that pays interest on your balance with no account fees.

The Pension Access account from Bank Australia combines the features of a transaction account and a savings account. Access your money at an ATM, make purchases over the counter or BPAY payments from Internet banking for free. Earn interest on your balance too.

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0.45% p.a.

Maximum variable rate

0.2%p.a.

Base interest rate

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Details

Product NameBank Australia Pension Access Account
Maximum Variable Rate0.45% p.a.
Standard Variable Rate0.20%
Monthly Account Fee$0
Minimum Opening Deposit$0

Review by


Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

The Pension Access account is a flexible transaction account that charges no account fees and also pays interest on the money in the account. The account is specifically for Australians who are receiving an aged, disability or veteran government pension.

You can access your money with the linked Visa Debit Card at all major bank ATMs for free, and make unlimited free EFTPOS and BPAY transactions in Australia. As well as having easy access to your money whenever you need it, your balance will earn interest too. Interest rates are tiered, so the more you have in the account the higher interest rate you’ll earn. This makes the account a handy two-in-one account, and is mixed between a transaction and savings account.

If you’re not receiving a pension, you can take a look at the Bank Australia Everyday Access transaction account instead. But keep in mind this one does charge a $5 monthly fee unless you deposit at least $2,000 a month.

Key features

No account keeping fees

If you're receiving a government pension you won't pay anything to open the account or any monthly service fees. There is no charge when you withdraw from an rediATM, or any ATM owned by the Big Four banks. Charges may apply when you use the Visa Debit Card to make a purchase or cash withdrawal overseas or when you need to order a replacement Visa Debit Card. Be sure to check the Bank Australia Pension Access fees and charges product disclosure statement for a full list of charges that may apply to your account.

24/7 account access

Visa Debit and rediCARD access. Choose the card you want. Both cards let you make ATM withdrawals and over the counter purchases, the Visa Debit Card lets you make purchases online and gives you the worldwide access of a Visa Card, Visa fraud protection and emergency assistance.


How to apply

You can start an online application for the Bank Australia Pension Access savings account by visiting their website. Before you apply online, you can confirm your eligibility for this product below.

Eligibility

To apply for the Pension Access you need to be in receipt of a government pension such as the aged, veterans or disability pension.

To apply for this account you need to lodge an enquiry with Bank Australia. You can fill out the account enquiry form in a matter of minutes by entering your basic contact information.

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