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BankVic Pension Plus S10

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Get 0.5% p.a. interest on balances up to $51,800 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.

0.5% p.a.

Maximum variable rate

0.5% p.a.

Base interest rate

Details

Product NameBankVic Pension Plus S10 Account
Maximum Variable Rate0.5% p.a.
Standard Variable Rate0.50%
Bonus Variable Rate0.00%
Monthly Account Fee$0
Minimum Opening Deposit$0

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.


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.

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