Product details
When you retire, being able to easily manage your money from day to day is crucial. Not only do you need to enjoy easy access to the funds in your account, but you want to be able to do so without being slugged with high fees. The Delphi Bank Odyssey 55 Account is an everyday transaction account for Australian pensioners and retirees. It offers multiple options for depositing and withdrawing money to and from your account, including a high number of fee-free transactions and no ongoing account-keeping fees. It also pays a high rate of interest for a transaction account, allowing you to grow your retirement savings even further without having to lift a finger.
- Product Name
- Delphi Bank Odyssey 55 Account
- Maximum Variable Rate
- 1.20% p.a.
- Standard Variable Rate
- 1.20% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $100
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Minimum Age Requirement
- 55
- Age Conditions
- Available to individuals who are 55 years and over, are retired or are receiving an eligible pension
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the Delphi Bank Odyssey 55 Account?
If you’re considering opening a Delphi Bank Odyssey 55 Account, take a closer look at the features it has to offer:
At-call access
The funds in your Delphi Bank Odyssey 55 Account are available to access when you want. There are several options for making deposits and withdrawals, including:
- Over the counter at any Delphi Bank branch
- Via Internet banking
- Via RediATMs, NAB ATMs and EFTPOS
- Direct credit and direct debit facilities
- Inward telegraphic transfers
No account-keeping fees
There are no ongoing monthly or annual service fees with the Delphi Bank Odyssey 55 Account. This means that you’re free to spend the money in your account however you wish.
Earn interest on your transaction account
Unlike many transaction accounts that do not pay interest, the Delphi Bank Odyssey 55 Account allows you to earn a high rate of interest on your account balance. The interest rate that applies varies depending on your balance, with larger balances earning a higher rate of interest. Interest is paid monthly.
Debit card access
The account is available with your choice of a Eureka Visa Debit Card, cheque book or passbook, allowing you to access your funds in the way that is the most convenient for you.
Low minimum balance amount
With a minimum balance requirement of $100, the Delphi Bank Odyssey 55 Account allows you to withdraw most of your balance to spend whenever you need.
Your account statements
Account statements are issued twice a year.
Pros
- High number of fee free transactions
- No account keeping fees
- Low minimum account balance
Cons
- Available to individuals who are 55 years and over
What you’ll need to know before applying
If the Delphi Bank Odyssey 55 Account sounds like it could be ideal for you, here's what you need to know before starting the application process.
Eligibility to apply
To open a Delphi Bank Odyssey 55 Account you must meet some simple requirements:
- Age. You must be at least 55 years of age.
- Retiree. The account is only available to self-funded retirees or those earning an eligible pension.
- Residency. You’ll need to be a permanent Australian resident to open an account.
Documentation required
If you satisfy these criteria, you can follow the links on the Delphi Bank website to begin your application. This will lead you to the “New Customer/Account Opening Form”, which you will need to complete and return to the bank. To fill out the form you will need to provide:
- Your name and date of birth
- Your address
- Your contact details
- Details of the account you want to open (Delphi Bank Odyssey 55 Account)
- Details of the account features you want, such as a Visa debit card, cheque book or deposit book
Alternatively, you can visit your nearest Delphi Bank branch to open an account, or phone Delphi Bank’s customer service team (8:30am-5pm AEST Monday-Friday) for more information.
What happens after I submit the online application?
When you have opened your account with Delphi Bank, you can register for Internet Banking to start using your account. Complete the Internet Banking Registration Form on the website and submit it to your local Delphi Bank branch. A temporary log in will be set up for you.
If you’re searching for a transaction account that will make it easy for you to manage your money during your retirement, the Delphi Bank Odyssey 55 Account is certainly worth considering. Compare it to other transaction accounts for retirees to decide whether or not it’s right for you.
