Our verdict

An everyday transaction account for pensioners that pays interest on your balance with no account fees.

Finder Awards winner

Green Award

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

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.

Details

Key details

Product Name	Bank Australia Pension Access Account
Maximum Variable Rate	1.65% p.a.
Standard Variable Rate	0.60% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Finder Green Bank 2023

Bank Australia

PFinder Green Bank of the Year 2023 award

Key features

No account keeping fees

If you're receiving a government pension you won't pay anything to open the account or any monthly service fees. There is no charge when you withdraw from an rediATM, or any ATM owned by the Big Four banks. Charges may apply when you use the Visa Debit Card to make a purchase or cash withdrawal overseas or when you need to order a replacement Visa Debit Card. Be sure to check the Bank Australia Pension Access fees and charges product disclosure statement for a full list of charges that may apply to your account.

24/7 account access

Visa Debit and rediCARD access. Choose the card you want. Both cards let you make ATM withdrawals and over the counter purchases, the Visa Debit Card lets you make purchases online and gives you the worldwide access of a Visa Card, Visa fraud protection and emergency assistance.

Internet and telephone banking

Register for internet and telephone banking so you can view your account balance, interest earned, make BPAY payments to other accounts and set up recurring credits and debits to the Bank Australia Pension Access.

Extras

An overdraft facility can be attached to this account so you have access to credit. The addition of an overdraft facility is subject to approval by Bank Australia.

Eligibility

You can apply for a Pension Access account if you're in receipt of an aged pension, a disability pension, veterans pension or disability pension.

Customer owned bank

Bank Australia is the first customer owned bank in Australia. This type of banking institution is accountable to members and not to shareholders. Profits are put towards giving members a better deal through lower fees and better rates.

How to apply

You can start an online application for the Bank Australia Pension Access savings account by visiting their website. Before you apply online, you can confirm your eligibility for this product below.

Eligibility

To apply for the Pension Access you need to be in receipt of a government pension such as the aged, veterans or disability pension.

To apply for this account you need to lodge an enquiry with Bank Australia. You can fill out the account enquiry form in a matter of minutes by entering your basic contact information.

Documentation needed

Enter your first and last name, your address, email and phone number. Provide a time to be contacted by Bank Australia and select the type of product you want to apply for.

Once you submit this form, you'll get a call from a customer service agent to discuss your application and membership with Bank Australia within one business day.

What happens after I submit my application?

Before you can become a member of Bank Australia, you'll need to verify your identity. You can do this by providing one form of primary identification such as your current Australian drivers licence, a valid Australian passport or a passport which expired less than two years ago or a state or territory proof of age card showing your photo. If you're unable to provide one of these forms of I.D, you can use a combination of secondary non-photographic forms of identification. Bank Australia will let you know which documents you can use to verify your identity.

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Alison Finder

Editorial Manager, Money

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Donna

January 25, 2022

Can you explain more about the interest component and how it is calculated, please?

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

Show more Show less

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Bank Australia Pension Access Account

Pros

Cons

Finder Green Bank 2023

Bank Australia

Key features

No account keeping fees

24/7 account access

Internet and telephone banking

Extras

Eligibility

Customer owned bank

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other savings accounts

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