Bank First Pension Account

A convenient, everyday account designed for those receiving a government pension.

Looking for a hassle-free way to manage their money? If you’re receiving a government pension from Centrelink or the Department of Veterans’ Affairs and looking for an easy way to manage your day-to-day finances, this account could be an ideal fit for you. It offers a competitive, tiered interest rate from 0.25% - 0.25% meaning the more you save, the more you’re rewarded, with Interest calculated daily.

0.35% p.a.

Maximum variable rate


Base interest rate

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Product NameBank First Pension Account
Maximum Variable Rate0.35% p.a.
Standard Variable Rate0.25% p.a.
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18

Key features

Tiered interest rate from 0.25% - 0.35%

Earn the variable interest rate of 0.25% on balances between $0 - $48,599, and earn the variable interest rate of 0.35% on your balance between $48,600 - $149,999. Please note this rate is variable and can change at any time in line with the official cash rate.

Daily interest

Interest is calculated daily on the balance in your account, and paid each quarter.

How to apply

There are various application options available including online, over the phone or in branch. Please note that you need to be an Australian resident and over the age of 18 to apply.


If you would like to apply for a Bank First Pension Account, you need to meet the following criteria:

    • Minimum age. You need to be over the age of 18 to apply for this account.
    • Residency requirements. You need to be an Australian resident to apply for this account.

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