Keep your retirement fully funded with an easy to manage transaction account from Bendigo Bank. The Retirement Account gives you a wide range of access options, including a debit MasterCard, and pays you interest on your deposits. This is a specialised banking product that takes the needs of Australian pensioners and retirees into account.
What are the features of the Bendigo Bank Retirement Account?
The type of account you choose to manage your retirement funds can make a difference in how much how you have each month. When comparing these types of accounts between various Australian banks, keep in mind the features that Bendigo Bank offers:
- Availability. This account is only available to individuals over the age of 55 who are either a self-funded retiree or a pension recipient. The pension you receive must be a Centrelink aged pension or Department of Veterans Affairs administered pension.
- Monthly account keeping fees. Bendigo Bank will not charge you a monthly account service fee.
- Accessibility. You are able to access your account and your money using phone and internet banking as well as through ATMs and EFTPOS transactions. You can also opt for a cheque book to facilitate bill paying.
- Linked debit card. You get to choose between a Bendigo Blue Debit MasterCard or an Easy Money ATM card.
- Bendigo Blue Debit MasterCard. If you choose the debit MasterCard for access you will be charged a monthly fee of $3 for its use. With it, you will be able to make purchases wherever MasterCard is accepted including online and over the phone.
- Transaction rebates. Each month you are given $7 worth of rebates to use towards certain transaction fees. If you have multiple accounts with Bendigo Bank you can qualify for more rebates or you can bank transaction fee free if you also hold a Bendigo Bank home loan.
- Transaction fees. Once exceeding your rebate amount your account will be charged different fees depending on the transaction. Transactions made with e-banking are $0.40 each, including BPAY and Pay Anyone transfers. Withdrawals by cheque or through EFTPOS are $0.70 each as are Bendigo Bank ATM withdrawals and transfers. Branch transactions cost $1.75 each but a deposit made at NAB is $3.
- Overseas ATM withdrawals. Your linked debit MasterCard can be used overseas and you will be charged $5 for any ATM withdrawal and $1.50 or enquiries. These fees are not considered part of your allocated rebates.
- Interest rates. The interest applied for this account is stepped, where certain portions of your balance will receive a different variable rate. This rate rises at balances over $2,000 and then again for balances over $48,600.
- Interest calculation. The interest rates are applied onto your daily balance and credited to the account monthly.
- No monthly fee
- Tiered interest rate structure
- Fee rebate available
- Available if you're over 55 years of age
How do I apply for the Bendigo Bank Retirement Account?
If you are interested in applying for the Retirement Account you will need to either call your local branch or visit them in order to complete an application form. Before doing so, you should check to make sure that you are able to meet the eligibility requirements:
- Minimum age. In order to apply for this account you must be at least 55 years old and receiving a retirement income.
- Residency requirements. You will have to be an Australian resident with a residential address in order to be eligible for this account.
- Depository requirements. An opening deposit of at least one dollar is needed before the account will be activated.
You will also be asked to provide certain documentation when applying for the Retirement Account:
- Tax file number. Your tax file number (TFN) or exemption code is used to ensure that the withholding tax on any interest earnings is at the correct rate. It is not mandatory that you provide your TFN but if you don’t, Bendigo Bank will withhold tax at the highest marginal rate.
- Identification. In order to confirm your identity you will need copies of your Australian passport, driver’s licence or Medicare card.
- Pension card. You will be asked to show your pension card in order to verify that you are eligible for this account.
Once you have completed the application and the details have been confirmed, Bendigo Bank will activate your new Retirement Account so that you can begin making your everyday transactions.