An interest bearing bank account designed for those over 55.
The Retirement Plus Account provided by Greater Bank lets your money earn competitive interest in a tiered manner. Account holders get to choose between a Visa debit card and an access card. You also get access you funds in your account in other ways. This account does not charge any monthly account keeping fees.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
Key features
Minimum balance
This account comes with a minimum account opening and ongoing balance requirement of $100,000.
Choice of cards
Greater Bank let you choose from a Visa debit card and an access card. You can use both these cards at ATMs and EFTPOS terminals across Australia. The Visa debit card lets you transact globally, anywhere you see the Visa symbol. You can also use your Visa card details to pay bills and make purchases over the Internet and over the phone.
Online, phone and mobile banking
All account holders get free access to online, phone and mobile banking. These platforms let you view your transaction history and your latest account balance. You can also log online to transact in different ways.
Other methods of accessing funds
If you're in the habit of writing cheques you can request for a chequebook. You can visit your nearest Greater Bank branch to make deposits and withdrawals. If you want to pay your bills online in a secure manner you can use BPAY. You also get access to a third party payment service as well as EasyPay.
Earning interest
The Retirement Plus Account follows a tiered interest rate system. Balance exceeds $100,000 it earns 1% p.a. In case of joint accounts, this amount is different.
Account keeping fees
This account does not attract any ongoing account keeping fees.
Other fees
You may have to pay other fees from time to time. These include fees for drawing cheques, ATM withdrawal fees, overseas ATM withdrawal fees and BPAY transaction fees.
Fee allowance and rebate
Account holders get a fee allowance of $3 every month. Every $1,000 that credits into your account earns you a fee rebate of $3. The minimum monthly balance in your account also has a bearing on the fee rebate.
SMS and email alerts
If you want to remain informed about activity in your account you can get SMS or email alerts. You get to choose from different options that notify you of changes in account balance, withdrawals and deposits. An SMS alert fee applies for every text you receive.
How to apply
Eligibility
If you're already a Greater Bank customer you can log into Internet Banking and apply. If not, you can still submit an online application or you can apply by walking in to your nearest Greater Bank branch. To apply, you have to meet the eligibility criteria listed below:
Minimum age. You should be over 55 years old.
Residency requirements. You should be a permanent Australian resident.
Depository requirements. You can open and maintain this account with as little as $100,000.
Documentation needed
To complete the online application successfully you'll have to submit this information:
Identification. If you're not an existing Greater Bank customer you have to go through a legally required ID check. You can complete this process online using an acceptable form of ID such as your Australian driver's license or Medicare card.
Tax file number. Providing your tax file number (TFN) is not mandatory. If you do, you can be sure that Greater Bank does deduct withholding tax from the interest you earn. Providing your TFN any time after the account opens is alright.
Other information. This includes your name, residential address, phone number and email address. In case joint applications, this information is required from both applicants.
What happens after I submit my application?
After you complete all the formalities, you'll receive an SMS and an email with your Internet banking access details. The Visa debit card or access card can take seven to 10 business days to get you from, from the date of account opening.
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