Product details
Border Bank is a division of Police Bank and draws on a history of providing financial services to Australia’s border protection service. Border Bank are still serving Australians by helping safeguard their financial future.
Anyone can apply for a Border Bank banking product. The Retirement Plus is just one of their savings accounts that offer a simplified and rewarding approach to saving.
- Product Name
- Border Bank Retirement Plus
- Maximum Variable Rate
- 1.25% p.a.
- Standard Variable Rate
- 1.25% p.a.
- Bonus Variable Rate
- 0.00% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Minimum monthly deposit for bonus interest rate
- $0
- Internet Banking
- No
- Phone Banking
- No
What are the features of the Border Bank Retirement Plus?
- Interest. The Border Bank Retirement Plus savings account rewards you with a competitive flat rate of interest on your deposit. All deposits accrue interest at 1.25% p.a.
- No-strings. The Border Bank Retirement Plus savings account is a no-strings attached way to save. You don’t need to make a minimum monthly deposit to earn the full rate of interest and you continue to earn interest even if you make withdrawals during the month.
- No fees. The Border Bank Retirement Plus is a no fee account. Pay nothing to open the account and continue to pay nothing to keep the account open.
- Making deposits. Grow your retirement savings balance by setting up a regular direct credit to the Retirement Plus account from various income streams. You can also make deposits in person by visiting a border bank service centre or by using the pay anyone option from another institution’s online banking facility.
- Making withdrawals. Access the funds in your Retirement Plus savings account by making withdrawals from Border Bank Internet banking or telephone banking.
- Internet banking. View your Retirement Plus account balance, make payments to a linked transaction account and review interest earned for the year using the Border Bank Internet banking facility.
- Mobile application. The Border Bank Retirement Plus can be managed through the Border Bank mobile banking application as well as the desktop Internet banking website. You can easily view your account balance on the go using your Internet connected smartphone, and the app even lets you make contactless payments if you have a Border Bank transaction account linked to the Retirement Plus savings account. The Border Bank mobile banking application is compatible with the latest Android and iOS devices. It’s free to download, too.
- Electronic statements. Cut down on paper consumption by switching to electronic statements. ‘E-statements’ are available to view online 24 hours a day seven days a week for up to seven years. Electronic statements are issued at the same frequency as paper statements. You can get e-statements even if you haven’t registered for Internet banking, they can be sent to your email for you to view.
- Government protected. Border Bank are an authorised deposit-taking institution (ADI) and are subject to the stringent guidelines regulated by the Australian Prudential Regulation Authority (APRA). Deposits held by border bank are guaranteed by the government.
Pros
- Designed for pensioners and retirees
- Security and peace of mind
- Competitive interest rate
Cons
- Eligibility criteria applies
How do I apply for the Border Bank Retirement Plus?
Visit Border Bank website to start a secure online application for the Border Bank Retirement Plus savings account. Here you can find information on the first steps you need to take to open this account.
If you’re a retiree or receiving a government pension, you can apply for the Border Bank Retirement Plus. First, you’ll need to get in touch with the Border Bank service centre to apply for this account. Fill out the Retirement Plus enquiry form and a member of the Border Bank customer service team will be in touch to follow up your interest for this account.
- Information. You need to provide your contact information to Border Bank, the enquiry form asks for your first and last name, your email address and your phone number.
- Becoming a member of Border Bank. As a mutual banking society, Border Bank require that you become a member of the institution if you want to open one of their accounts. Each customer of a mutual bank is a member, and members have a say in how the institution is run. An application for the Retirement Plus account includes an application to become a member of Customs Bank. All members are required to give a guarantee to pay $10 in the event Customs Bank ceases operation.
If you’re an existing member of Border Bank, you can add this product to your membership. Simply enter your Border Bank membership number and your first and last name and select the Retirement Plus savings account from a list of Customs Bank products when prompted.
