Half transaction account and half high interest savings account, the Retirement Access Plus is St.George’s all in one retirement banking product. Get rewarded with a competitive tiered approach to interest. Balances over $41,000 accrue interest at 2.25% per annum (p.a.) This account also lets you make a number of withdrawals for free every month.
What are the features of the St.George Bank Retirement Access Plus Account?
- No strings attached. Unlike other savings accounts, there is no condition you need to meet to earn interest. You don’t need to make a certain number of deposits each month and you still earn interest if you make withdrawals.
- Accessing your money. The Retirement Access Plus Account is a savings account with debit card access. For balances less than $20,000 you can make up to eight free everyday banking transactions a month. A small fee is charged for each subsequent withdrawal after that. Make an unlimited number of everyday banking transactions if your account balance in greater than $20,000. An everyday banking transaction can counts as an ATM withdrawal, over the counter purchase or staff assisted withdrawal at a branch.
- Low fees. The St.George Retirement Access Plus Account does not charge an application fee and St.George don’t charge any ongoing monthly account fees. You may incur transaction fees such as charges for periodical payments to other accounts and everyday banking transactions.
- Internet banking. Internet banking lets you view your account balance, make payments to other accounts, pay bills via BPAY and review electronic statements. The online application for the St.George Retirement Access Plus Account includes a step to register for Internet banking.
- Using an ATM. If you’re balance in under $20,000 you’ll pay $0.50 to make an ATM withdrawal from a St.George and Westpac Group ATM once your eight free monthly withdrawals are up. Accounts with a balance greater than $20,000 won’t pay this fee. To put this fee in context, St.George transaction account holders don’t pay to use a Westpac Group ATM. Transfers from your Retirement Access Plus Account to an everyday transaction account made from St.George’s online banking facility are free. St.George, BankSA, Bank of Melbourne and Westpac ATMs can also issue a mini transaction history at your request.
- Eligibility. You can apply for this account if you’re over 55 and you’re retired. You can also apply for this account if you’re claiming an aged pension, carers pension, disability pension, widow pension or veterans affairs pension. You will need to show a pension card at a St.George branch if you want to apply for this account and you’re under 55.
- $0 monthly service fee
- Easy access to the St.George ATM network
- Linked Visa debit card
- Designed for people at least 55 years of age
How do I apply for the St.George Bank Retirement Access Plus Account?
Click ‘apply’ to start the secure online application for the St.George Bank Retirement Access Plus Account. A new window will open directing you to the St.George website. Before you click ‘apply’ check your eligibility for the Retirement Access Plus Account below.
- Eligibility. You must be over the age of 55 and retired or receiving a pension such as the aged pension, carers, disability, widow and veterans affairs pensions.
The application can be completed in under 10 minutes. You’ll be asked to provide some information about yourself such as:
- Identification. Enter your basic contact information such as your name, age, address, mobile number and email. If this is your first St.George Bank account, you will need to verify your identity before the account is fully active. You can complete this step online. Provide one primary form of photographic identification such as your driver’s licence or passport, or one primary non-photographic document and a secondary form of identification such as your Centrelink card and medicare card.
- Tax FIle Number (TFN). You need to provide your TFN to St.George so they can tax your earnings at the correct rate. You don’t have to give your TFN when you apply for the account; however, you will be taxed at the marginal rate if you don’t submit your TFN to the bank.
After you’ve submitted the application, you’ll get an email from the bank about the next steps. You may need to visit a St.George branch to verify your identity in person. Once St.George have verified your identity, you should be able to start making deposits and log into internet banking right away. Your debit card will arrive in the mail within 10 to 14 days.