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Pensioner bank accounts

If you're receiving a pension (including age, disability support and veteran's pensions), there are dedicated pensioner bank accounts you can use to manage your day-to-day transactions. These accounts have minimal fees and let you earn some interest too.

Compare pensioner bank accounts

Pensioner bank accounts are for Australians over the age of 55 who are retired, or anyone receiving an eligible government pension.
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
ANZ Pensioner Advantage Account
Maximum Variable Rate p.a.
2.50%
Standard Variable Rate p.a.
2.50%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
NAB Retirement Account
Maximum Variable Rate p.a.
2.15%
Standard Variable Rate p.a.
2.15%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Westpac 55+ and Retired
Maximum Variable Rate p.a.
2.30%
Standard Variable Rate p.a.
2.30%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Commonwealth Bank Pensioner Security Account
Maximum Variable Rate p.a.
2.80%
Standard Variable Rate p.a.
2.80%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
IMB Wisdom Saver
Maximum Variable Rate p.a.
2.45%
Standard Variable Rate p.a.
2.45%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Bank Australia Pension Access Account
Green Company
Maximum Variable Rate p.a.
1.90%
Standard Variable Rate p.a.
1.90%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
AMP SuperEdge Pension Account
Maximum Variable Rate p.a.
0.60%
Standard Variable Rate p.a.
0.60%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
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What is a pensioner bank account?

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.

Who is eligible for a pensioner account?

These accounts are for:

  • People who retired and receiving an age pension.
  • People receiving other eligible government pensions.

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:

  • Age pension
  • Disability support pension
  • Carer's pension
  • Veteran's pension

Banks have different eligibility requirements too, so check the bank's website carefully before applying.

How does a pensioner bank account work?

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.

How much interest can I earn on a pensioner 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.

How do I find the best pensioner account for me?

The best bank account for any customer depends on their financial goals and life circumstances. A pensioner bank account suits someone who:

  • Receives an eligible pension.
  • Needs access to that money.

To make sure you're getting a good deal with your bank, compare the following features and options:

  • No fees. Look for an account with no monthly account keeping fee.
  • Competitive rates. If you're looking at pensioner accounts that pay interest, check to make sure the rates being offered for your balance are competitive with other similar accounts.
  • Debit card. If you also want to be able to make purchases directly from your pensioner savings account ensure that it comes with a debit card.
  • Accessibility. Most banks let you link your pensioner account to a savings or transaction account, and offer online and app-based banking services.
  • ATMs. If you will be making cash withdrawals, look at the bank’s ATM network to ensure that you will always be able to find one close by. You can also use any Big Four bank ATM for free in Australia.
  • Cheque facility. If you still conduct transactions using bank cheques, watch out for any fees that come with issuing or cashing cheques.

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