Community First Retirement Plus Account

Community First Retirement Plus Account

Maximum Variable Rate

2.40

Standard Variable Rate

2.40

Customise your retirement with a high interest earning transaction account that lets you choose how to access your money.

  • $0 account keeping fee
  • Free access to over 3000 rediATMs
  • Earn interest on daily balances

Product details

With the Community First Retirement Plus Account, Australians over the age of 55 get all of the benefits of an easy to manage everyday account along with a higher rate of interest applied to the balance. You choose which banking options to add in order to make this transaction account work for all of your various needs.

Product Name
Community First Retirement Plus Account
Maximum Variable Rate
2.40% p.a.
Standard Variable Rate
2.40% p.a.
Monthly Fee
$0
Minimum Opening Deposit
$0
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$1
Minimum Age Requirement
55

What are the features of the Community First Retirement Plus Account?

How to manage your finances is an important part of your retirement planning. Ensure that the account you choose for your everyday banking meets your needs by comparing the features of a number of similarly designed products between different banks:

  • Monthly account keeping fees. With Community First you will not have to pay any monthly account keeping fees.
  • Member allowance. The number of free transactions you are allowed each month is dependent on your member allowance. This is determined by the combined total balances of your loans and deposits you hold with Community First.
  • Debit card. Your account is linked to a Visa debit card which will allow you to make purchases online, over the phone and with merchants without accruing interest.
  • PayWave. PayWave is a feature of Visa that allows you to make point of sale purchases of under $100 without having to swipe your card.
  • ATM access. With your Visa debit card you are able to make transactions for free at any one of the 3,000 rediATMs in Australia.
  • Overdraft facility. If you qualify you can opt to add an overdraft facility to the account to help cover expenses that exceed your balance.
  • Cheque facility. You can choose to add a cheque facility to your account if this is your preferred method of paying your monthly expenses.
  • Deposit book. A personal deposit can also be added to the account for your convenience.
  • Access options. You are able to access your account using internet, mobile and phone banking as well as over the counter at a Community First Financial Service Store.
  • Interest rates. Your balance earns interest in tiers, where the first $4,999 has a nominal rate applied while the balance between $5,000 and $49,999 will receive a higher rate. That rate increases one more time for any portion of the balance that is above $50,000.
  • Interest payments. The interest rates are applied to your daily balances and paid into the account every four months.
  • Availability. In order to be eligible for this account you must be over 55, retired or receiving one of the following pensions; age pension, disability support pension, carer’s pension, wife pension, widow pension or veteran’s pension.

Pros

  • $0 monthly account keeping fee
  • Linked Visa debit card
  • Optional overdraft and cheque book facility

Cons

  • Designed for pensioners

How do I apply for the Community First Retirement Plus Account?

If you are already a member of the Community First Credit Union you can apply online for this account through your online banking platform. If not, you will first be prompted to fill out a membership application after clicking “Go to Site”. There are no employment requirements on who can apply for membership but you will be asked to pay a one-time $2 fee for your share. Other eligibility requirements to consider include:

  • Minimum age. In order for your application to be accepted you must be at least 55 years old, retired, or receiving one of the pensions mentioned above.
  • Residency requirements. Applications are accepted by Australian residents with a residential address in Sydney and the Central Coast Region.
  • Depository requirements. Other than the $2 shareholder fee, you are not required to make a minimum deposit when opening this account.

You are also going to find it helpful to have the following documentation close by when filling in your application:

  • Tax file number. Providing your tax file number (TFN) or exemption code is not obligatory but if not given then Community First must apply a withholding tax on your interest earnings.
  • Identification. Photo identification documents accepted by Community First to verify your identity include a passport, driver’s licence or Medicare card.
  • Pension card. If your eligibility is based on earning a pension from one of the above listed sources, you will also need to provide your card number and type.

After submitting your application it will be reviewed by a representative before approval. Once approved the account details will be sent to your along with your linked Visa debit card.

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