BankSA Retirement Access Plus
Australian retirees can bank the way they want with a flexible transaction account that has their needs in mind.
The Retirement Access Plus account from BankSA has no monthly account fees and offers unlimited transactions. It's designed to meet your changing needs as you leave the workforce. You are given multiple means of accessing your money including a Visa debit card to make purchases and free ATM withdrawals. If you are over 55 and are no longer working, then this is an account that could help you enjoy your retirement years.
Tiered interest rate
Interest on this account is tiered. Balances over $250,000 accrue interest at 0.55%. 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. Plus, there is no minimum account balance required.
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 SA, Bank of Melbourne, St.George or Westpac branded ATM in Australia. However, you may be charged a fee if you use another third party ATM or an ATM overseas.
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.
BankSA 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
In order to apply for this account you must either call or visit your local BankSA branch. Before heading there you should first check to make sure that you are eligible for the BankSA Retirement Access Plus:
- Minimum age. Applicants must be at least 55 years of age and no longer working, or collecting one of the pensions mentioned above.
- Residency requirements. This account is only made available to Australian residents who have an Australian residential address.
- Depository requirements. You will need to make an opening deposit of at least $1 in order for your account to be activated.
In addition to ensuring that you are able to meet the eligibility requirements, it will be helpful if you bring the following documentation with you when filling out your application:
- Tax file number. It is not obligatory that you provide your tax file number (TFN) but it does help to make sure that any interest earned with your account has the correct withholding tax applied to it.
- Identification. You will need to verify your identity with BankSA using a photo identification document such as your passport, driver's licence or Medicare card.
- Pension card. If you are receiving a pension you will need to have your pension card with you to show that you are eligible for this account.
What happens after I submit my application?
After having submitted all of your information BankSA will verify the details and get you started with your new transaction account including issuing you the debit card that you chose.