Product details
The Community First Retirement Plus Account is for Australians over the age of 55, or those who are retired or receiving a pension. It gives all of the benefits of an easy-to-manage everyday account along with a higher rate of interest applied to the balance. In addition to interest earned, it carries a range of features and accessibility options to make sure you can keep getting use out of the account.
- Product Name
- Community First CU Retirement Plus Account
- Maximum Variable Rate
- 0.10% p.a.
- Standard Variable Rate
- 0.10% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Maximum Deposit
- $4,999
- 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:
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. This rate increases to 0.10% p.a. for balances above $50,000.
Hand-in-hand functionality with the deeming rate
The tiered interest earned by this account works in line with the federal government deeming rates for pensioners. This account delivers interest rates of 0.10% p.a. for balances of $50,000, while the deeming rate for singles, or couples where neither earns a pension is 1.75% p.a. for the first $40,800. If you're earning the highest tiered interest rate with this account, your income for benefit purposes can still be assessed as though you were only earning 1.75% p.a, even though you're getting more money in the bank.
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.
No monthly account keeping fees
With Community First you will not have to pay any monthly account keeping fees.
Free transactions with your 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.
Linked 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.
Easy to use payWave feature
payWave is a Visa feature that allows you to make point-of-sale purchases of under $100 without having to swipe your card.
RediATM access around Australia
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 included
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.
Pros
- $0 monthly account keeping fee
- Linked Visa debit card
- Optional overdraft and cheque book facility
- Designed for pensioners
Cons
- Tiered interest rate
- Only 0.10% p.a interest earned on balances up to $4,999
How do I apply for the Community First Retirement Plus Account?
Eligibility to apply online
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.
Documentation for your online application
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.
What happens after I submit my application?
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.
