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Bank of Melbourne Retirement Access Plus Account

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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.

0.05% p.a.

Maximum variable rate

0.05% p.a.

Base interest rate

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Details

Product NameBank of Melbourne Retirement Access Plus
Maximum Variable Rate0.05% p.a.
Standard Variable Rate0.05%
Bonus Variable Rate0.00%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age55

Expert review

Alison Banney

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

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.

Key features

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.


How to apply

Eligibility

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.

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2 Comments

  1. Default Gravatar
    Robert
    February 1, 2017

    does this account work with Microsoft money

    • Avatarfinder Customer Care
      Dee
      February 1, 2017

      Hi Robert,

      Thanks for your question.

      Microsoft Money allows you to download statements from financial institutions that provide OFX or QIF downloads. Please contact Bank of Melbourne directly if they provide statements in that format.

      Cheers,
      Anndy

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