This is an everyday account designed for pensioners or those aged over 67. 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.
Regional Australia Bank Freedom Retirement Account
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- Maximum variable rate
- 2.00% p.a.
- Base interest rate
- 0.75% p.a.
Our verdict
Retirees over 55s can earn up to 0.75% p.a. interest on their balance.
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.
Pros
-
Retirement-friendly features - Specifically designed for pensioners and retirees, with features to support lifestyle needs.
-
Community banking support - Backed by a regional member-owned bank with a focus on personalised service.
Cons
-
Branch access dependency - While branches are available, they may be less convenient if you live outside the bank’s regional footprint.
Details
Key details
| Product Name | Regional Australia Bank Freedom Retirement Account |
| Maximum Variable Rate | 2.00% p.a. |
| Standard Variable Rate | 0.75% p.a. |
| Monthly Account Fee | $5 |
| Minimum Age | 67 |
Key features
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.
Sources
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Alison Finder
Editorial Manager, Money
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