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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.
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Product Name | Bank of Melbourne Retirement Access Plus |
---|---|
Maximum Variable Rate | 0.55% p.a. |
Standard Variable Rate | 0.05% |
Monthly Account Fee | $0 |
Minimum Opening Deposit | $0 |
Minimum Age | 55 |
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.
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.