Compare pensioner savings accounts

Start here if you’re looking for the best pensioner savings and transaction accounts.

Pensioner savings accounts are specially designed to meet the needs of Australians over the age of 55 or receiving a government pension, like the Age Pension. However, not all accounts offer the same high interest rates or level of service.

If you’re over the age of 55 or in retirement, this guide can help you to compare savings accounts, transaction accounts and term deposits so that you maximise your savings balance.

Rates last updated December 16th, 2019
$
$
months
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
Suncorp 55 Plus Account
1.50%
1.50%
$0
$100,000 / $0
An interest-earning transaction account for people aged 55 and over.
$0 monthly account fee.
Enjoy $0 account-keeping fees, no transaction fees for Suncorp transactions within Australia, and tiered interest. (1.50% p.a. interest rate applies to balances $100,000 and over.)
Heritage Bank Pension Plus
1.55%
1.55%
$0
$50,200 / $1
Eligible if you're at least 55 years old and receiving an Australia gov pension.
CUA Everyday 50+ Account
1.60%
1.60%
$0
$50,000 / $0
An everyday transaction account for over 50s with no monthly fees, no ATM withdrawal fees in Australia and with Apple Pay, Google Pay and Samsung Pay available.
Australian Military Bank Pension Access Account
1.50%
1.50%
$0
$49,201 / $0
A deeming access account designed for those aged 55 and over.
Greater Bank Retirement Plus
1.50%
1.50%
0.00%
$0
$49,200 / $1
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 December 16th, 2019
$
$
months
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
UBank USaver
2019 Winner
UBank USaver
2.10%
1.04%
1.06%
$0
$0 / $0
Ongoing, variable 2.10% p.a. when you link your USaver account to a UBank Ultra transaction account and transfer at least $200 per month into either account. The linked transaction account has no monthly fees and no international fees. Bonus interest available on balances up to $200,000.
AMP Saver Account
2.36%
1.40%
0.96%
$0
$0 / $0
Introductory rate of 2.36% p.a. for 4 months, reverting to a rate of 1.40% p.a. The bonus rate offer is for new AMP Saver customers only, and applies to the first $250,000 deposited.
Rabobank Online Savings High Interest Savings Account
2.50%
1.05%
1.45%
$0
$0 / $0
Maximum variable rate of 2.50% p.a. for 4 months, reverting to a rate of 1.05% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
MyState Bank Bonus Saver Account
2.00%
0.30%
1.70%
$0
$0 / $0
Ongoing, variable 2.00% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.
Suncorp Growth Saver Account
1.95%
0.20%
1.75%
$0
$0 / $0
Ongoing, variable 1.95% p.a. when you grow your balance by at least $200 (excluding interest) and make no more than one withdrawal in the month. Available on the entire balance.
Bankwest Hero Saver
1.85%
0.01%
1.84%
$0
$0 / $0
Ongoing, variable 1.85% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
IMB Reward Saver Account
2.00%
0.90%
1.10%
$0
$0 / $1
Introductory rate of 2.00% p.a. for the first 4 months when you deposit $50+ each month and make no withdrawals per month. Available on balance of $5,000 or higher.

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Rates last updated December 16th, 2019
$
Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a. Product Description Interest Earned
Judo Bank Term Deposit
-
-
-
2.00%
-
2.00%
2.20%
Earn a 0.10% p.a. loyalty bonus when you roll over your term.
The Judo Bank Term Deposit term lengths range from six months to five years. Minimum opening deposit is $1,000. No account-keeping or set-up fees to pay.
Bank of Sydney Term Deposit Online Exclusive
1.70%
1.65%
1.70%
1.75%
1.60%
1.65%
-
$0 monthly account keeping fees.
The Online Exclusive Term Deposit by Bank of Sydney offers term lengths from 1 month to 13 months. Withdraw funds before maturity without notice (fees apply).
Citibank Term Deposit 250K
2.00%
-
-
1.80%
-
-
-
A short-term investment option with a guaranteed rate of return.
Suited to customers with deposits over $250,000.
MyState Bank Online Term Deposit
1.90%
-
-
1.70%
-
-
-
Single or joint account-holders can apply online with MyState's online application process.
The MyState Bank Online Term Deposit has a choice of term lengths. Interest is paid upon maturity of the term deposit.

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How does a pensioner savings account work?

A high interest pensioner 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 to manage savings and everyday spending from one convenient account.

Pensioner accounts also normally have a tiered interest rate structure. So the more money in your account, the higher your interest rate will be. For example, if you have less than $50,000 in your account, your interest may be 1% p.a., however this can go up to 2% depending on which account you have.

To qualify for a pensioner account you need to satisfy certain criteria which can vary depending on which account you’re applying for. In most cases, you need to be at least 55 years of age, in your retirement stage or be registered for a pension. Not every account has these requirements so it’s important to check.

How do I find the best pensioner savings account?

Every person's circumstances are different, which means there's no one size fits all account. Before you open a seniors account, it's important to check what features it offers that will best help your money to grow throughout your retirement years. 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.

What are the pros and cons of using a pensioner savings account?

Pros

  • Flexibility. High interest pensioner savings accounts are structured to make it easier on seniors to take care of their financial needs from the 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.

Cons

  • 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.

      Regards,
      Jhezelyn

  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.

      Cheers,
      Harold

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