Product details
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.
- Product Name
- Bendigo Bank Easy Retirement Account
- Maximum Variable Rate
- 0.50% p.a.
- Standard Variable Rate
- 0.50% p.a.
- Monthly Fee
- $3
- Minimum Opening Deposit
- $1
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Joint application?
- Yes
- Minimum Age Requirement
- 56
What are the features of the Easy Retirement Account?
Bendigo Bank’s Easy Retirement account can bring more simplicity to your retirement savings, and eligible account holders can access a distinct blend of versatile transaction options and a reasonable amount of interest earned, all without any monthly account fees.
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 0.50% p.a. interest. At the other end of the spectrum, you'll earn 1.70% 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 2000 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.
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
How do I apply for the Bendigo Bank Easy Retirement account
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 requirements
- 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 for your application
- 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.
