Bendigo Easy Retirement Account

Make saving for retirement simpler and easier with low to no fee transaction account.

If you are over 55, and a self-funded retiree or on an aged or veterans pension, you can sign up for the interest-earning Bendigo Bank Easy Retirement account. With a minimum opening balance of $1, nationwide ATM access, linked debit card and no monthly account fees for eligible people, it’s a convenient and highly functional all-in-one choice for those who are 56 or older.

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Alison Banney

Last Updated Jan 4, 2021

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Product Name	Bendigo Bank Easy Retirement Account
Maximum Variable Rate	0.3% p.a.
Standard Variable Rate	0.30%
Monthly Account Fee	$3
Minimum Opening Deposit	$1
Minimum Age	56

Pros

Unlimited phone banking transfers
Unlimited Bendigo ATM & branch withdrawals
Unlimited EFTPOS withdrawals and retail purchases within Australia

Cons

Available if you're over 55 years of age

Key features

Stepped interest rates

The interest rate offered on this account is stepped, meaning that you'll earn a higher rate of interest on the portion of your balance above a certain threshold. For example, for the portion of your balance beneath $10,000, you'll earn 0% interest. At the other end of the spectrum, you'll earn 0.3% p.a. on the portion of your balance that's $250,000 or greater.

Interest calculated daily

Interest is calculated daily making it easier to take advantage of the stepped interest rates as you are able.

Low and no account fees

Account-holders who deposit 2,000 or more per month, or have eligible Bendigo Bank home, contents, vehicle, landlords, boat or caravan insurance, home loans or managed funds, have no monthly fees at all. A $3 per month account keeping fee applies for others.

Unlimited transfers

Unlimited transfers, many options and a linked debit card mean you can access your money as needed in the way you choose.

ATM access

Use hundreds of ATMs and bank branches around Australia to conduct transactions.

Linked debit card

The Bendigo Blue Debit Mastercard comes with the account, letting you get at your account wherever Mastercard is accepted.

Global access

Keen travellers can enjoy worldwide access to card transactions including tap-and-go, and overseas cash-out at ATMs or in stores.

Compare more banking products from Bendigo

How to apply

If you've compared the Easy Retirement account to the other options available, and find it to be right for your needs, you will need the following for to complete your application.

Eligibility

Minimum age. You must be over the age of 55 to open a Bendigo Bank Easy Retirement account.
Pension requirements. You must be either a self-funded retiree or the recipient of a Centrelink aged pension or Department of Veterans Affairs administered pension.

Depository requirements. A minimum $1 initial deposit is required to open the account.

Documentation needed

Identification. You will need to provide appropriate personal identification documents, including proof of age, to open an account.
Pensioner card. You will be required to provide evidence of and information on your pensioner status.

What happens after I submit my application?

After signing up Bendigo Bank will verify the information provided, after which your account information and debit card, if applicable, will be sent to you. Once you receive confirmation from Bendigo Bank, your account is ready to use.

Alison Banney

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Alison Banney is the banking and investments editor at Finder. She has written about finance for over 8 years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.

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Bendigo Easy Retirement Account