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.
Monthly account keeping fees
With the Wisdom Saver you are not charged any monthly account keeping 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.
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.
You are permitted unlimited access to ATMs in the IMB, Westpac, St.George Bank, Bank of Melbourne and BankSA networks.
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.
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.
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
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
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.
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.