The Retirement Access Plus account from BankSA is a low fee transaction account structured to meet your changing needs as you leave the workforce. You are given multiple means of staying on top of your money including a Visa debit card to make purchases and withdrawals easy. If you are over 55 and are no longer working, then this is an account that could help you enjoy those years of retirement.
What are the features of the BankSA Retirement Access Plus account?
The way in which your everyday banking account is structured after you reach retirement age can make a big difference in how much you are able to enjoy it. When looking at these types of accounts and making comparisons between various banks, be sure that you are considering these types of features:
- Availability. In order to qualify for the BankSA Retirement Access Plus you must at least 55 years old and retired or receiving one of the following pensions; age pension, carer’s pension, disability pension, widow pension, or veteran affairs pension.
- Transaction fees. If your monthly account balance is $20000 or more your everyday banking transactions are free. If the balance is below that amount you are allowed eight free transactions per month before charges are accrued.
- Monthly account service fee. Regardless of what your account balance is you will not be charged a monthly service fee.
- Access methods. Access your account at any BankSA branch, by optional cheque, ATM and EFTPOS using a linked debit card, BPAY, Bank@Post, internet and phone banking.
- Debit card. Your account will be linked to either a Freedom or Maestro Cirrus debit card or a Visa debit card, allowing you to make withdrawals and purchases with the money coming straight out of your account.
- Visa debit card. If you choose the Visa debit card you get the advantage of being able to make purchases wherever Visa is accepted without incurring interest fees.
- ATM access. Your debit card can be used with the following ATM networks without being charged third party fees; BankSA, Bank of Melbourne, St.George, and Westpac. If you have a monthly account balance of at least $20, you are not charged for your withdrawals, otherwise they are $0.50 per transaction.
- Foreign currency conversion. For transactions made in a currency other than the Australian dollar you will be charged 3% of the transaction value.
- Overseas cash withdrawals. Regardless of your account balance you are charged $5 for withdrawing cash when overseas.
- Interest rates. This account also earns interest on your balance, with higher rates being applied to the higher portions of your balance.
- Interest calculation. Interest is calculated on the daily balance and will be paid into the account once a month.
- No monthly account service fee
- Linked Visa debit card
- Earn interest with at-call access to savings
- Need to maintain a high balance for fee-free banking
How do I apply for the BankSA Retirement Access Plus account?
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.
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.