Compare seniors accounts: Get a head start on your retirement

Now may be a good time to compare your options for a seniors account.

Seniors accounts are specially structured to meet the needs of Australians over the age of 55 or receiving a government pension, like the Age Pension. Deeming refers to a system that the government uses to calculate the rate of return on savings accounts used by pensioners. By dropping that rate, the estimated income also drops. With that in mind, this is a good time for senior Australians to weigh their options concerning their savings accounts.

Rates last updated May 23rd, 2019
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
Bank of Sydney Retirement Account
Everyday bank account that offers retirees over 55 years an easy way of banking.
Community First CU Retirement Plus Account
Everyday account that rewards those over age 55, pensioners or retirees with a competitive interest rate.
Greater Bank Retirement Plus
Great if you're over 55 years of age and want to earn a higher rate on your savings.

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Rates last updated May 23rd, 2019
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Border Bank Online Supersaver
$5,001 / $0
Ongoing, variable 1.75% p.a. Available on balances $5,001 or more.
BCU Retirement Savings Account
$0 / $0
Ongoing, variable 0.66% p.a. Available on balances up to $1,999.99.

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Rates last updated May 23rd, 2019
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a. Interest Earned
ING SMSF Term Deposit

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How does a retiree high interest savings account work?

A pensioner high interest savings account works almost the same way as your typical savings account offered by an Australian bank. One of the key differences is that many will have combined accounts, offering interest payments on the balance while allowing for unlimited access with a debit card and bill pay. This makes it easier on a senior to manage their savings and everyday spending from one convenient account.

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What features do I compare?

As this is your money that will help see you through retirement, it is important that you are looking for features that can help ensure that your money grows. While comparing the different accounts available, look closely at the following features:

  • No fees. You don’t want to be losing retirement money to monthly fees. Look for high interest savings accounts that do not accrue extra charges.
  • Competitive rates. Check to make sure the rates being offered for your balance are competitive with other similar accounts.
  • Accessibility. Many pensioner high interest savings accounts are tied together with your transaction account, giving you easy access through the use of a debit card. You may also be able to set up for direct deposits into the account and debits to pay for your monthly expenses.
  • Available ATMs. If you will be making cash withdrawals, look at the bank’s ATM network to ensure that you will always be able to find one close by.
  • Cheque facility. If you are still conducting transactions using bank issued cheques, look for an account that allows for this free of charge.
  • Debit card. If you also want to be able to make purchases directly from your pensioner high interest savings account ensure that the debit card has a credit card logo.


  • Flexibility. Pensioner high interest savings accounts are structured to make it easier on seniors to take care of their financial needs from one place.
  • Fees. Banks typically do not charge fees for the use of a pensioner high interest savings account.
  • Deeming. With the new regulations now in effect, pensioners will be showing a lower income rate from their high interest savings accounts.


  • Bonus interest. Due to the nature of these accounts, earning bonus interest on balances is rarely an option.
  • Terms. If you were to choose a term deposit as a part of your pension savings plan, you would be restricted in when you could withdraw the funds.

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4 Responses

  1. Default Gravatar
    GordonAugust 2, 2017

    The best bank for pensioners

    • Avatarfinder Customer Care
      JhezAugust 2, 2017Staff

      Hi Gordon,

      Thanks for your comment.

      You may compare pensioner savings account listed above.


  2. Default Gravatar
    margaretMarch 23, 2017

    I am a semi retired music teacher who is nearing 60 years of age I am on a limited income and find that the bank that I deal with is punitive with its administration fees per month which far outweigh any interest gained. I am looking for a bank with no administration fees?

    • Avatarfinder Customer Care
      HaroldMarch 23, 2017Staff

      Hi Margaret,

      Thank you for your question.

      Please note each banks may have different fees and charges. There are banks offers “little to no fees“. Typically, not-for-profit funds such a public sector, corporate and industry funds tend to charge lower fees when compared to retail funds. While many retail funds have started charging lower fees than before, you may still have to pay a contribution fee and a periodical account management fees. Wholesale profit generating funds can also offer competitive fee structures, but you might be able to join such a fund only through your employer. You may want to consider checking your options on this page.

      I hope this has helped.


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