Regional Australia Bank Freedom Retirement Account
Retirees over 55s can earn up to 0.5% p.a. interest on their balance.
This is an everyday account designed for pensioners or those aged over 55. The account offers competitive, tiered interest rates as well as easy access to your funds via unlimited Internet and Phone banking and an attached Visa Debit card.
You can avoid the monthly access fee by keeping your account balance above the required limit, or by making no withdrawals in the month.
There are no ATM withdrawal fees if you use a Regional Australia Bank ATM or an ATM within the Westpac network within Australia. Be aware that overseas ATM withdrawal fees apply, as well as international transactions fees for EFTPOS purchases.
How to apply
You need to become a member of Regional Australia Bank in order to open an account. Do this by phoning the bank or visiting one of its branches. Alternatively, you can fill in an enquiry form on Regional Australia Bank's website and a member of their team will get in touch to help you open an account.
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
The high interest rates are not limited by deposit or withdrawal conditions, so you can enjoy easy access to your funds and a competitive rate every month.