Regional Australia Bank Freedom Retirement Account

Regional Australia Bank Freedom Retirement Account

Maximum Variable Rate

2.20

Standard Variable Rate

2.20

Retirees over 55s can earn up to 2.20% p.a. interest on their balance.

  • Unlimited electronic transactions.
  • Competitive interest rates that are tiered

Product details

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.

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.

Product Name
Regional Australia Bank Freedom Retirement Account
Maximum Variable Rate
2.20% p.a.
Standard Variable Rate
2.20% p.a.
Bonus Variable Rate
0.00% p.a.
Monthly Fee
$5
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Minimum Age Requirement
55

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.

Pros

  • Unlimited electronic transactions
  • Competitive, tiered interest rates
  • High interest rate is not restricted by deposit or withdrawal conditions
  • Mobile App available

Cons

  • Available only for over 55
  • Monthly fee applies if conditions are not met

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.

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