Bank of Melbourne Retirement Access Plus Account
Simplify your everyday banking with a retirement account from Bank of Melbourne that charges no fees.
Australians aged 55 or over are eligible for a specialised account from the Bank of Melbourne that charges no monthly fees or transaction fees. You can bank in the branch, online, or with a Visa debit card.
Maximum variable rate
Base interest rate
Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This is an everyday transaction account designed for customers ages over 55 years old which charges no monthly account keeping fees. You’ll get a Visa Debit Card which you can use in Australia and overseas. While you can make unlimited free transactions in Australia, there is a 3% international transaction fee when using the card overseas. So this is something to keep in mind if you travel a lot.
This account offers interest which is rare for a transaction account that allows you 24/7 access to the money. The interest rates are tiered, so the bigger your balance the more interest you can earn. The highest variable interest rate of 0.05% is paid on balances over $0, but you’ll still earn a small amount of interest on balances below $10,000 too., as well as balances in between. There are no conditions to meet to earn the interest either, which again is quite rare.
Tiered interest rate
Interest on this account is tiered. Balances over $0 accrue interest at 0.05%. Interest is calculated daily and paid into the account monthly.
No strings attached
Unlike other savings accounts, there is no condition you need to meet to earn interest. You don't need to make a certain number of deposits each month and you still earn interest if you make withdrawals.
The Retirement Access Plus Account is a savings account with debit card access. You can make an unlimited number of everyday banking transactions including ATM withdrawals, staff-assisted transactions and EFTPOS transactions. No fees apply when using Westpac Group ATMs. There is no minimum balance requirement for this.
No monthly fees
This account does not charge an application fee or any ongoing monthly account fees.
Unlimited Internet banking
Internet banking lets you view your account balance, make payments to other accounts, pay bills via BPAY and review electronic statements. The online application for this account includes a step to register for Internet banking.
Access free ATM withdrawals
Pay no withdrawal fees when using any Bank of Melbourne, St.George, Bank SA or Westpac branded ATM in Australia. However, you may be charged a fee if you use another third party ATM.
You can apply for this account if you're over 55 and you're retired. You can also apply for this account if you're claiming an aged pension, carers pension, disability pension, widow pension or veterans affairs pension. You will need to show a pension card at a Bank of Melbourne branch if you want to apply for this account and you're under 55.
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.
How to apply
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 $0 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.
What happens after I submit my 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.