Pensioner bank accounts are for Australians over the age of 55 who are retired, or anyone receiving an eligible government pension. You can deposit your pension and other income into a pensioner account.
These accounts typically let you earn interest on your money, have minimal fees and offer easy access to your money.
It's worth comparing pensioner bank account options because some banks offer very low interest rates, while others are more competitive.
If you're not receiving a pension, take a look at an everyday bank account for your daily spending instead. To earn more interest, consider a high interest savings account.
These accounts are for:
You may be able to open a pensioner account from the age of 18, depending on what government payment you receive.
Eligible pensions include government pensions from Centrelink or the Department of Veteran's Affairs, such as:
Banks have different eligibility requirements too, so check the bank's website carefully before applying.
Pensioner bank accounts look like fairly typical bank accounts for your everyday spending. You can deposit money in them, including pension income, and spend it via a debit card, ATM withdrawal, online payment or other means.
These accounts typically have no monthly fee. Where pensioner accounts differ from most transaction accounts is that you can earn some interest on the money in your account.
Pensioner bank accounts 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 0.50% p.a., however this can go up to 1% or higher depending on how large your balance is.
But pensioner accounts don't offer the most competitive interest rates on the market. Right now, most pensioner accounts offer between 0.50% and 3.50%.
High interest savings accounts offer higher rates, but you need to meet more conditions like depositing a certain amount each month, or making no withdrawals. Customers who are only receiving pension income may struggle to meet these conditions.
The best bank account for any customer depends on their financial goals and life circumstances. A pensioner bank account suits someone who:
To make sure you're getting a good deal with your bank, compare the following features and options:
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
You save time. We spend 100s of hours researching bank accounts so you can sort the gold from the junk faster.
You compare more. Our comparison tools bring you more banking products from across the market.
The Australian Unity Freedom Saver account lets you earn a competitive rate on balances between $50,000 and $250,000. Learn more about this high interest savings account.
The Australian Unity Freedom Saver account lets you earn a competitive rate on balances between $250,001 and $500,000. Learn more about this high interest savings account.
The Bankwest Easy Saver account offers a bonus rate for the first 4 months, then an ongoing standard variable rate with no conditions to meet.
Check out out review of the Bank of Queensland Simple Saver Account.
The Great Southern Bank Goal Saver Account has an ongoing bonus rate on balances up to $50,000 for customers aged 18-24.
Earn 2.30% p.a. on your savings each month you make at least one deposit and make no more than one withdrawal.
The Virgin Money Boost savings account (for 18-24 year olds) offers bonus interest each month you deposit money and meet the purchase requirements. Here's how the account works and how to apply.
The Virgin Money Boost savings account (for 25+ year olds) offers bonus interest each month you deposit money and meet the purchase requirements. Here's how the account works and how to apply.
Available to SMSFs, the Rabobank Notice Saver offers a high interest rate on your savings, but you’ll need to give at least one-month’s notice before you can withdraw your funds.
The ING Savings Maximiser is a high interest savings account with a competitive interest rate when you meet the account conditions. Here's how to earn the top bonus rate with this account.