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Summary

Get 4.4% p.a. interest on balances $51,800 plus with the BankVic Pension Plus S10

If you are a recipient of a Centrelink pension or allowance, this account is tailored to your needs. The main benefit that BankVic offers you with the Pension Plus S10 is a guaranteed interest rate. This interest rate is set by the Commonwealth government.

If you are interested in a BankVic product or service, you must first apply for membership. Gaining membership is a easy process, and a few tips and tricks will be unveiled during the course of this article. BankVic was established in 1974 and transferred from Police Credit to a mutual bank on 1 June 2013.

Pros

No minimum balance
No account keeping, management or annual fees
Phone and internet banking is available
Direct credits and debits to and from the account

Cons

Need to be a member to qualify for this account

Details

Key details

Product Name	BankVic Pension Plus Account
Maximum Variable Rate	4.40% p.a.
Standard Variable Rate	4.10% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

No rates and fees

With the Pension Plus S10, there will are no account keeping, management or annual fees charged to your account.

Your withdrawals are limited to the amounts in your account

No overdraft facilities will be allocated to the account.

High interest rate on your savings

As mentioned above, the interest rate is the main attraction to the Pension Plus S10. This interest will be credited to your account on 30 June and 31 December. Currently, this percentage is 4.1% for an amount up to $51,800 and 4.4% p.a. on a balance that is greater than $51,800 (as per the BankVic fees and charges document). Interest is calculated by making use of the 'part' balance method, thus calculated on each balance that falls within the relevant range.

Flexible access to your money

BankVic makes it extremely easy for you to access your money by offering you various options to withdraw or deposit money. You are allowed to withdraw at any branch, subject to the provision of suitable identification. Online banking and Rapid Response is also available for use. For mobile app centered customers, there is the BankVic app and PayAnyone Mobile Email payments option.

Account holders can apply for personal cheque books

You can apply for up to ten cheque transactions free of cost. Once the ten transactions threshold is crossed, you will be charged $1,00 per transaction.

Direct debit and direct credit

These facilities are available to make life a little easier.

How to apply

Eligibility

Eligibility requirements. To qualify for this account, you need to be a member of BankVic and you also need to be a recipient of the Australian Government Pension. Proof of this is required. If you no longer meet the eligibility requirements, BankVic will convert the Pension Plus S10 to another account, of which you will be informed beforehand.
BankVic membership. As with all BankVic products, you need to be a member to qualify for this account. To become a member, you will have to form part of the police, health, emergency or public service sector, or be a family member of a person who belongs to one of these sectors. There are a few more, lesser known, methods to acquire membership such as, working within 5km of BankVic offices, being introduced by another BankVic member who has at least 12 months standing, or be approved by the Chief Executive Officer or an Executive Manager.

Limits on account holder. Each eligible member is only allowed one Pension Plus S10 account.
Depository requirements. There is no minimum balance requirement with the Pension Plus S10.

Documentation needed

Tax File Number. As with most bank accounts, your tax file number will be requested when opening an account. But, by law, you have no obligation to adhere to this request. Keep in mind though, if you choose to not supply your tax file number, BankVic has to deduct withholding tax on any interest earned on the account.
Identification. The anti-money laundering legislation of Australia requires you to deliver a proof of identity when opening an account. This account should be in your real name according to your birth certificate. When applying for membership make sure you have either your Australian driver's licence or passport details on hand.

What happens after I submit my application?

Non-members don't need to worry, membership applications can be done online, provided that you are an Australian resident and above the age of 18. Once you are a member, you can apply online for the Pension Plus S10 account, phone a branch between 8am and 5pm, from Mondays to Fridays, or visit a branch. Certain forms such as the 'new account/visa debit card and added authorised signatory' are all available online for existing members.

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Alison Finder

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BankVic Pension Plus S10