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.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
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 0.8% 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.
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.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
