If you receive a government pension or allowance and you’re looking for an easy and convenient way to manage your money, the Circle Alliance Bank Pensioner Plus Savings Account could be just what you need. With a competitive tiered interest rate of up to 2.10% p.a., the account allows you to grow a bigger balance and make your pension go as far as possible.
As of JULY 2018, this product is only available to existing customers. It is no longer available to new customers. For existing customers, variable interest rates still apply.
What are the features of the Circle Alliance Bank Pensioner Plus Savings Account?
Tiered interest of up to 2.10% p.a.
The Circle Alliance Bank Pensioner Plus Savings Account is a high-interest savings account that pays a variable tiered interest rate of up to 2.10% p.a. The table below outlines the interest rate tiers, with interest calculated on the portion of your balance that sits within each tier.
Interest calculated daily
Interest is calculated on your daily balance and then paid on the last day of each month.
Exclusive to pensioners
This account is only available to Circle members who receive a government pension or allowance. Your pension can be paid directly into your account where it will start earning interest and you can enjoy at-call access whenever you need funds.
Visa Debit card
The Pensioner Plus Account features a Visa Debit card which you can use to access your funds via ATMs, EFTPOS and for online purchases.
Unlimited fee-free rediATM transactions
You can make unlimited withdrawals from your account at rediATMs without incurring any fees.
Unlimited fee-free EFTPOS transactions
You can make unlimited fee-free EFTPOS. transactions when you press “Credit” and enter your PIN. Six free EFTPOS transactions are available per month when you press “Savings”.
No monthly fee for members 65 or older
If you are 65 years of age or older, there are no monthly fees attached to your account. However, for members under the age of 65, a $2 fee applies per card per month.
Minimum account balance of $48,000
You will only need to deposit $48,000 to open a Circle Alliance Bank Pensioner Plus Savings Account, plus you will also need to maintain a balance of at least $1 in your account at all times.
24/7 Internet and phone banking access
You can access your account via Internet and phone banking, 24 hours a day, 7 days a week.
Cheque book available
You can also order a cheque book if you would like to write cheques on your account.
- No monthly account fee for members 65 years of age or over.
- Minimum balance $48,000.
- 24/7 Internet and phone banking access
- Only available for pensioners
What you’ll need to know before applying
If the Circle Alliance Bank Pensioner Plus Savings Account sounds like it could be the perfect account to help manage your pension or allowance, click on one of the “Apply Now” links on this page. While there is no option to apply for an account online, clicking this link will take you to the Circle Alliance Bank website where you can find a downloadable application form.
The application form for a Circle Alliance Bank Pensioner Plus Savings Account is available for download from the bank’s website. You’ll need to provide your membership details and the access facilities you require for your account, such as a Visa Debit card and cheque book, and then return your form to Circle Alliance Bank.
Alternatively, visit your nearest Circle Alliance Bank branch to apply in person.
If you’re a new Circle Alliance Bank customer, you’ll need to become a member before you can apply. Membership application forms are available for download from the bank’s website and you will also need to subscribe for a member share.
You will be asked to provide proof of ID in order to open an account. Accepted ID documents include:
- A driver’s licence
- A proof-of-age card
- A passport
- A national ID card issued by a foreign government
You’ll need to satisfy a few simple criteria in order to be eligible to open a Circle Alliance Bank Pensioner Plus Savings Account.
- Pensioner status. The account is only available to members who receive a government pension or allowance, and you’ll need to provide proof of this when you apply.
- Age requirements. Please also note that if you are less than 65 years of age, a $2 monthly fee applies per card attached to the account. This fee is waived for account holders 65 years or older.
The CIRCLE Alliance Bank Pensioner Plus Savings Account is well worth a look for anyone looking to earn competitive interest and enjoy easy access to their retirement savings. However, compare a range of savings accounts for pensioners before deciding whether it meets your banking needs.