BDCU Alliance Bank Retirement Account

Product details

The BDCU Alliance Bank Retirement Account is designed to make it as easy and convenient as possible for you to manage your money during retirement. Providing easy access to your funds via Internet banking, ATMs, cheque withdrawals and more, the account ensures that you can always spend money whenever you need to. However, it also pays competitive tiered interest of up to 2.20% p.a. on your account balance, helping you save for a comfortable retirement.

No minimum opening balance requirements and the ability to avoid paying a monthly service fee (when specific terms and conditions are met) add increased flexibility to this multi-purpose everyday account.

Product Name: BDCU Alliance Bank Retirement Account

Monthly Account Fee: $6

Debit Card Access: N/A

ATM Withdrawal Fee: $0

Interest Rate p.a.: 2.20%

Details: $6 monthly transaction fee is waived when you maintain your balance above $2,000 each month.

Fee Free Deposit p.m.: $0

Phone Banking: Yes

Fees: $6

Internet Banking: Yes

What are the features of the BDCU Alliance Bank Retirement Account?

No minimum opening balance requirements

There are no minimum opening or ongoing balance requirements attached to the BDCU Alliance Bank Retirement Account. However, maintaining your balance above $2,000 each month will ensure that the $6 monthly transaction fee is waived.

Tiered interest rates of up to 2.20% p.a.

The account pays tiered interest on your savings balance to help your money go further in your retirement. Balances of up to $48,600 earn 1.00%, while the portion of your balance above $48,600 earns 2.20%

Interest calculated daily

The interest earned on your BDCU Alliance Bank Retirement Account is calculated daily and credited to your account on a monthly basis.

$6 monthly fee can be waived

A $6 monthly transaction fee applies to the BDCU Alliance Bank Retirement Account. However, this fee is waived if you have a minimum monthly balance of $2,000 in your account or if you don’t make any transactions during the month.

Wide range of account access options

You can enjoy access to your account via Internet banking, phone banking, a rediATM card, cheque book and through your nearest BDCU Alliance Bank branch.

Availability

The BDCU Alliance Bank Retirement Account is only available to retirees over 55 years of age who are either self-funded or who receive a Centrelink aged pension or Department of Veterans Affairs (DVA) administered pension.

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Pros

No minimum opening balance
Interest calculated daily
No monthly service fee

Cons

Available to retirees over 55 years of age

What you’ll need to know before applying

If you’re searching for an account that combines competitive interest-earning power with easy access to your retirement savings, the BDCU Alliance Bank Retirement Account has plenty of attractive features. If you’d like to find out more, click on one of the “Apply now” links on this page and you will be redirected to the BDCU Alliance Bank website. There you can find a downloadable application form as well as information on how to apply.

Application options

There is no option to apply for a BDCU Alliance Bank Retirement Account online. Instead, to apply you will need to choose one of the following options:

Download and complete a form. You can download a form from the bank’s website, print it out and fill in your details. Completed forms can be submitted by post or in person.

Visit an Advice Centre. Visit your nearest BDCU Alliance Bank to apply for an account in person.

Apply over the phone. Phone the bank’s customer help line to receive advice and assistance to help you apply for an account.

Documentation needed

If you’re an existing customer, BDCU Alliance Bank will have your details on file. However, new customers will need to provide a valid form of photo ID, such as a driver’s licence or passport, in order to open an account. Proof that you are a self-funded retiree or a recipient of a Centrelink aged pension or Veterans Affairs (DVA) administered pension will also be required.

Eligibility criteria

You will need to satisfy a few criteria in order to be eligible to open an account:

Age requirements. You must be at least 55 years of age to open a BDCU Alliance Bank Retirement Account.
Residency requirements. This account is only available to Australian residents.
Retirees only. The Retirement Account is only available to retirees, so you must be either a self-funded retiree or a recipient of a Centrelink aged pension or Veterans Affairs (DVA) administered pension.

In addition, remember that while there are no mandatory minimum balance requirements, maintaining a balance of $2,000 or above will ensure that the $6 monthly fee is waived. You also will not have to pay this fee if you don’t make any transactions in a month.
The BDCU Alliance Bank Retirement Account is worth considering if you’re looking for an easy and convenient way to manage your money in retirement. Just remember to compare your options before you decide whether or not you should open an account.