The Pension Access account from Bank Australia combines the features of a transaction account and a savings account. Access your money at an ATM, make purchases over the counter or BPAY payments from Internet banking for free. Earn interest on your balance too.
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Bank Australia Pension Access Account
- Maximum variable rate
- 1.90% p.a.
- Base interest rate
- 0.6%p.a.
Our verdict
An everyday transaction account for pensioners that pays interest on your balance with no account fees.
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The Pension Access account is a flexible transaction account that charges no account fees and also pays interest on the money in the account. The account is specifically for Australians who are receiving an aged, disability or veteran government pension.
You can access your money with the linked Visa Debit Card at all major bank ATMs for free, and make unlimited free EFTPOS and BPAY transactions in Australia. As well as having easy access to your money whenever you need it, your balance will earn interest too. Interest rates are tiered, so the more you have in the account the higher interest rate you’ll earn. This makes the account a handy two-in-one account, and is mixed between a transaction and savings account.
If you’re not receiving a pension, you can take a look at the Bank Australia Everyday Access transaction account instead. But keep in mind this one does charge a $5 monthly fee unless you deposit at least $2,000 a month.
Pros
-
Unlimited fee free transactions at over 3000 rediATMs
-
Linked Visa debit card
-
Eligible if receiving pension
Cons
-
Need a higher balance to earn interest
Details
Key details
| Product Name | Bank Australia Pension Access Account |
| Maximum Variable Rate | 1.90% p.a. |
| Standard Variable Rate | 0.60% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
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Alison Banney Finder
January 29, 2022
Hi Donna,
Bank Australia Pension Access Account offers a 0.45% p.a.maximum variable rate. So, let’s say you have $10,000 in your account. You have to divide 0.45% by 12 to know the per month interest rate. That’s 0.0375% per month. So, for $10,000, it will earn $3.75 in a month.
I hope this helps.
Regards,
Alison
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Donna
January 25, 2022
Can you explain more about the interest component and how it is calculated, please?