IMB Wisdom Saver

Make a smart move with your pension money by keeping it available in an interest earning transaction account.

Available for Australians who are at retirement age or receiving a pension, the Wisdom Saver is a smart way to keep track of your finances. Interest is applied to your entire balance plus you get the flexibility of an at call transaction account with multiple ways to access your money. This makes it easy to keep on top of all of your retirement cash as you are busy enjoying the retired life.

No reviews yet. Write a review

Shirley Liu

Last Updated Jan 5, 2021

0.4% p.a.

Maximum variable rate

0.05%p.a.

Base interest rate

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!

Details

Product Name	IMB Wisdom Saver
Maximum Variable Rate	0.4% p.a.
Standard Variable Rate	0.05%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	55

Minimum Age	55
Joint account availability	No
Minimum Deposit	$0
Available to children	Not available for children

Pros

No monthly account keeping fee
Linked Visa debit card
Competitive interest rate on transaction account

Cons

Eligibility criteria apply

Shirley Liu

twitter linkedin

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

Monthly account keeping fees

With the Wisdom Saver you are not charged any monthly account keeping fees.

Transaction fees

Unlike other IMB accounts where a transaction allowance helps to offset your fees, with few exception the Wisdom Saver is void of any transaction fees.

Transaction methods

With the Wisdom Saver you are able to make transactions using any of the following methods; ATM, BPAY, cheque, direct debits, EFTPOS, with online and mobile banking, passbook, periodical payments, phone banking and a Visa debit card or CashCard.

IMB Visa debit card

If you choose to link the Wisdom Saver to a Visa debit card, you are given the same buying privileges that a credit card offers, without accruing any interest. This includes the ability to make cash withdrawals from an ATM. There is a monthly charge to your account if you opt for the Visa debit card.

ATM access

You are permitted unlimited access to ATMs in the IMB, Westpac, St.George Bank, Bank of Melbourne and BankSA networks.

Overseas transactions

A charge of $5 will be applied to all withdrawals made at an overseas ATM. For purchases using your Visa debit card overseas you will be charged the greater of $5 or 2.5% of the transaction value.

Availability

This account is only available for individuals aged 55 or older, or those receiving an eligible permanent pension, who intend to use it only for domestic or personal purposes.

Interest rates

The variable interest rates for this account are applied using a step up method. This means that the first part of your balance is calculated at a one interest rate, while the next portion receives a higher rate. The highest interest rate is applied only to the portion of your balance that is in excess of $250,000

Interest payments

Your interest is calculated on your daily balance and paid into the account quarterly. Expect interest payments in March, June, September and December.

How to apply

Eligibility

IMB makes it easy to open the Wisdom Saver account by providing you with an online application. You can access it by visiting the IMB website and it should only take about ten minutes to complete. Certain eligibility requirements will have to be met before you will be permitted to submit your application:

Minimum age. You must be at least 55 years of age in order to be eligible for this account. That age requirement is waived for certain individuals who are receiving a qualifying pension.
Residency requirements. You must be an Australian resident and have an Australian residential address if you wish to be considered for this account.

Depository. A minimum opening deposit of $0 must be received before your Wisdom Saver will be activated.

Documentation needed

As you fill in the online application you will that it is helpful to have with you the following documentation:

Tax file number. Your tax file number (TFN) or exemption code will be used by IMB to apply the correct tax rate to your interest earnings. While not obligatory to provide, if choose not to, a higher rate way prevail.
Identification. IMB asks for information from any two of the following identification documents; your passport, driver's licence or Medicare card. If you are receiving a pension, you may also need to provide your pension number to show your eligibility.

What happens after I submit my application?

After submitting your application, it will be reviewed by IMB and once approved you will be sent the details of your new account. The linked debit card that you chose will be sent to you via post, and will need to be activated before you are able to make any transactions.

Ask an expert

To ask a question simply log in via your email or create an account.

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

Subscribe me to Finder’s free weekly newsletter for budgeting tools, timely news and savings essentials to take control of your finances

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

Ask a question

2 Comments

Vera
October 23, 2017

Is the interest calculated for the IMB Wisdom Saver done on a compounding basis?

finder Customer Care

Dee
October 23, 2017

Hi Vera,

Thanks for your question.

This account pays interest monthly so it uses the compound interest method.

Kindly note though that its variable interest rate is applied using a step-up method. This means that the first part of your balance up to $1,999.99 is calculated at a one-interest rate, while the next portion up to $49,200 receives a higher rate. The highest interest rate is applied only to the portion of your balance that is in excess of $49,200.01.

Cheers,
Anndy

Banking

Investments

Banks

IMB Wisdom Saver