Bank of Melbourne Retirement Access Plus Review & Information

Product details

Australians aged 55 or over are eligible for a specialised account from the Bank of Melbourne that charges no monthly fees. It lest you to bank in the branch, online, or with a Visa debit card.

Get access to a chequebook, ATM card (FreedomCard) and Visa Debit Card.

Product Name: Bank of Melbourne Retirement Access Plus

Monthly Account Fee: $0

Debit Card Access: Visa

ATM Withdrawal Fee: $0.50

Interest Rate p.a.: 2.00%

Details: Free everyday banking using Internet and Phone Banking with BoM - BoM can even show you how to do it.

Joint Application: Yes

Fee Free Deposit p.m.: $0

Overseas ATM Withdrawal Fee: $5

Overseas Eftpos Fee: $0

Phone Banking: Yes

Fees: $0

Internet Banking: Yes

What are the features of the Bank of Melbourne Retirement Access Plus Transaction Bank Account?

Before deciding on the right account to help handle your retirement finances, you should be comparing the features it provides with those of similar accounts with other financial institutions.

Monthly service fee. There are no fees charged to your account for maintenance.
Accessibility. You can choose to access your account with cheques, at a branch, with a Freedom ATM card, Visa debit card, over the phone or online.
Transactions. If your monthly balance is below $ you are allowed eight free everyday banking transactions for free. For balances over $ your transaction allowance per month is free.
Interest rate. Your balance is earning interest while inside of this transaction account.
Interest payments. Interest is calculated daily and paid into the account on a monthly basis.
Visa debit card. You can choose to have a Visa debit card linked to your account. With this you can make point of sale purchases and purchases online. You will be charged a $0.50 fee for these transactions once the monthly limit has been surpassed.
ATM accessibility. You are not charged fees for using an ATM in the Bank of Melbourne, St.George, Westpac or BankSA networks.
Branch access. You are allowed to conduct staff assisted transactions at a branch, but if you reach your limit you will be charged $1 for each one.
Overseas withdrawals. Cash withdrawals made overseas will incur a $5 charge for each one.
Currency conversion. Any transaction made that requires currency to be converted is charged 3% of the Australian dollar amount.
App. The Bank of Melbourne has developed a free app that can be downloaded onto an iPhone or Android mobile device. This gives you the same accessibility as online banking as well as the ability to withdraw cash without having to use a debit card.

Pros

There is $0 account service fee every month
Unlimited everyday banking transactions
Wide range of access for your funds

Cons

Limited free withdrawal every month
Foreign currency conversion fee applies
There is a $5 charge of overseas ATM withdrawal

How do you apply for the Bank of Melbourne Retirement Access Plus Transaction Bank Account?

Seniors should take great care when choosing an account to help manage a fixed income. If after making comparisons you find that this account has all that you need, you can either call Bank of Melbourne or visit a branch to apply for the account. Before doing so however, you should ensure that you are eligible for this account type:

Minimum age. You must be 55 years of age or older or be receiving an; age pension, carer’s pension, disability pension, widow pension, or veteran affairs pension.
Residency requirement. Only Australian residents or citizens can apply for this account.
Depository requirement. This account can be opened with as little as $1 for an initial deposit.

To help facilitate filling out the application bring along the following documentation:

Tax file number. Supplying the bank with your tax file number (TFN) or exemption code will ensure that any interest earned is being taxed in the correct bracket.
Identification. Photo identification will be required in order to complete the application. This could include your Australian passport or driver’s licence.
Pensioner card. If you are receiving any pension you will need to show your card when filling out the application.

If you are a new Bank of Melbourne customer the bank will first need to verify your identity before they can open the account. Once all of the details have been confirmed you will be given the details of your new account and shown how to take advantage of features such as online banking.