Rates and Fees

Here’s a summary of the rates and fees for the Pension Access Account.

Rates:

• Tier 1 - $0 to $49,200: 0.25% p.a. 
• Tier 2 - $49,201 to $250,000: 0.80% p.a.
• Tier 3 - more than $250,000: 0.25% p.a.

*The first $49,200 earns interest at the lower interest rate regardless of account balance. The proceeding amount from $49,201 to $250,000 earns interest at Tier 2. Anything greater than $250,000 earns interest at Tier 3. 

Fees:

• Additional fees may be payable.  For information about these fees please see our Fees and Charges Schedule. No monthly account keeping fee
• Interest calculated daily and paid monthly

Eligibility:

• To be eligible to open a Pension Access account, you must be aged 55 years and over and receive a Government pension. If we become aware that you no longer satisfy the eligibility criteria, we may convert your account into another savings account that we choose. Further, the pension must be electronically directed to the account and if this does not occur over a 12 month period, the account will cease to attract pension interest rates and you will be converted to an ordinary savings account and/or rate. We will inform you prior to converting your account. Fees and charges may apply on the new account. 

Download the Fees and Charges Schedule

Questions

Take a look at our most frequently asked questions about the everyday Pension Access Account. Or, call us on 1300 13 23 28 to speak to a consultant if you have a different question.

How do I qualify for a Pension Access Account?
To be eligible to open a Pension Access account, you must be aged 55 years and over and receive a Government pension. If we become aware that you no longer satisfy the eligibility criteria, we may convert your account into another savings account that we choose. Further, the pension must be electronically directed to the account and if this does not occur over a 12 month period, the account will cease to attract pension interest rates and you will be converted to an ordinary savings account and/or rate. We will inform you prior to converting your account. Fees and charges may apply on the new account. 

What’s the most amount of money I can transfer?
The maximum amount you can transfer at one time is $10,000. 

How does Visa payWave work?
Your new card is embedded with an antenna so that when it’s held against the payWave reader, a secure message is transmitted to the terminal to process your transaction. Visa payWave is only available for purchases under $200. 

How do I open a Pension Access Account?
You can open a Pension Access Account securely online, in branch or over the phone.

Can I earn interest on my balance?
Yes, you can earn interest on your balance, which is calculated daily and paid into your account monthly. Refer to the comparison table below for our current interest rates.