Customs Bank Retirement Plus

Customs Bank Retirement Plus

Maximum Variable Rate

1.75

Standard Variable Rate

1.75

The Retirement Plus can grow your nest egg so you can relax in retirement.

  • Designed for pensioners and retirees
  • Security and peace of mind
  • Competitive interest rate

Product details

Customs Bank is a division of Police Bank and draws on a history of providing financial services to Australia’s border protection service. Customs Bank are still serving Australians by helping safeguard their financial future. Anyone can apply for a Customs Bank banking product. The Retirement Plus is just one of their savings accounts that offer a simplified and rewarding approach to saving.

Product Name
Customs Bank Retirement Plus
Maximum Variable Rate
1.75% p.a.
Standard Variable Rate
1.75% 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 Customs Bank Retirement Plus?

  • Interest. The Customs Bank Retirement Plus savings account rewards you with a competitive flat rate of interest on your deposit. All deposits accrue interest at 1.75% p.a.
  • No-strings. The Customs 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 Customs 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 customs 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 Customs 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 Customs Bank Internet banking facility.
  • Mobile application. The Customs Bank Retirement Plus can be managed through the Customs 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 Customs Bank transaction account linked to the Retirement Plus savings account. The Customs 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. Customs 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 customs 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 Custom Bank Retirement Plus?

Click apply to start a secure online application for the Customs Bank Retirement Plus savings account. You’ll be directed to the Customs Bank website. 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 Customs Bank Retirement Plus. First, you’ll need to get in touch with the Customs Bank service centre to apply for this account. Fill out the Retirement Plus enquiry form and a member of the Customs 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 Customs Bank, the enquiry form asks for your first and last name, your email address and your phone number.
  • Becoming a member of Customs Bank. As a mutual banking society, Customs 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 Customs Bank, you can add this product to your membership. Simply enter your Customs 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.

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