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BankSA Retirement Access Plus

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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.

0.55% p.a.

Maximum variable rate

0.55% p.a.

Base interest rate

$1

Minimum opening balance

Details

Product NameBankSA Retirement Access Plus
Maximum Variable Rate0.55% p.a.
Standard Variable Rate0.55%
Bonus Variable Rate0.00%
Monthly Account Fee$0
Minimum Opening Deposit$1
Minimum Age55

Key features

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.


How to apply

Eligibility

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.

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4 Comments

  1. Default Gravatar
    Rachael
    January 31, 2019

    Hi i was wondering how long it takes for a bank wire to be in my account from the united states

    • Default Gravatar
      Bella
      February 2, 2019

      Hi Rachael,

      Thanks for your inquiry.

      Bank transfers can take anywhere from one to five business days to process, and the same goes for online transfers. If it takes more than five business days, you can check with your bank on what could be causing the delay.

      I hope this helps.

      Kind regards,
      Bella

  2. Default Gravatar
    jimbo
    December 2, 2016

    Is BankSA Retirement Access Plus account classified as a ‘savings account’ or a ‘deeming account? for Centrelink purposes?

    • Avatarfinder Customer Care
      Jason
      December 3, 2016

      Hi Jimbo,

      Thank you for your enquiry,

      The BankSA Retirement Access Plus account seems to be a low fee daily transaction account that offers deeming rates. This account is meant for retirees and could help manage the funds of depositors who receives pension or Centrelink payments. This would not be an ideal account for someone who is still earning while working and for someone who’s looking for a high yield savings account.

      Please check out this link for a comparison of high interest savings accounts offered by several banks. You may click the green ‘Go to site’ button of your preferred savings account for further enquiry about the selected savings account and to apply online.

      Kind regards,
      Jason

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