P&N Easy Living Deeming Account

P&N Easy Living Deeming Account

Fee Free Deposit


Account Keeping Fee


Manage your retirement funds with ease using an account that is custom designed for Australians in their 65’s and beyond.

  • Everyday account available to those over 50
  • No monthly fees when balance is over $500
  • Linked Visa Debit Card

Product details

Members of P&N Bank who are settling into the golden years can benefit from the multi-function Easy Living Savings Account. Not only are you supplementing your income with interest earnings from your account balance, you get all of the functions of a transaction account. This includes versatility in how you shop with a Visa debit card linked to the account.

Important Information

P&N Easy Living Deeming Account is no longer available for sale. Review more banking products from P&N Bank.

What are the features of the P&N Easy Living Savings Account?

If you are starting to think about life after retirement, how you manage your money is just one consideration to think about. To ensure that you are making the most of your money, compare the features of accounts specialised for older Australians against what you find with the Easy Living Savings Account:

  • Membership. P&N is a mutual bank, so you will first need to apply for membership and a share. This can be done online before applying for the account and the price for your share is $10.
  • Monthly account keeping fee. The $5 monthly account keeping fee is waived when you maintain a minimum balance of $0.
  • Banking transactions. You can access your account and your money in any of the following ways; direct credit, direct debit, internet transfer, Bank@Post, over the phone, cheque deposit, EFTPOS, Visa purchase, and ATM withdrawals without any fees or restrictions on number of transactions.
  • ATM network. You have free access to over 3,000 ATMs in Australia including rediATM, NAB and Bank of Queensland ATMs.
  • Visa debit card. The account is linked to a Visa debit card, allowing you to make purchases and withdrawals like cash wherever Visa is accepted.
  • Overseas withdrawals. If you use your Visa debit card to make an overseas withdrawal you will be charged $5 for each transaction.
  • Foreign cash sales. Any purchase requiring that P&N convert a foreign currency to Australian dollars will incur a charge of 1.1% of the Australian dollar amount.
  • Interest rates. There is a modest interest rate applied to your balance that is increased on balances of over $100,000.


  • Monthly fee is waived if minimum balance of $50 is reached.
  • Cheque book available and fee free transactions are available.
  • Different range of access for your account including Netlink online banking, EFTPOS and BPAY.


  • Only applicants aged 65 years old and above are eligible

How do I apply for the P&N Easy Living Savings Account?

If you have found that the Easy Living Savings Account will make your finances after 50 easier to manage, you will first need to apply for membership to P&N Bank. The online application can be found on their website. Check to see if you are eligible for membership and an Easy Living Savings Account:

  • Minimum age. You must be at least 65 years of age to qualify for this account. If applying for a joint account, only one of you needs to meet this age requirement.
  • Residency requirements. All Australian residents may apply so long as they have a legal Australian residential address.
  • Depository requirements. You are not required to make a minimum deposit, although keep in mind that if you are unable to maintain a minimum balance of $0 you will be charged the monthly account keeping fee of $5.

P&N Bank also recommends that when filling out your online application you have the following documentation readily available:

  • Tax file number. While you are not obligated to provide your tax file number (TFN) or claim a TFN exemption, if you don’t, you could have withholding tax deducted from your credited interest earnings at the highest marginal rate.
  • Identification. When applying for membership you will need your Australian driver’s licence or passport to continue with the application. If you do not have either of those available you can your birth certificate or citizenship papers along with a second form of identification such as a current utility bill.
  • Membership number. As you complete your application for the Easy Living Savings Account you will be asked to give your P&N membership number.

Once you have successfully submitted your online application, a representative from P&N Bank will contact you with the details of your account. Your Visa debit card will then be mailed to the residential address that you provided so that you may begin making your everyday banking transactions.


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