BankSA Retirement Access Plus
- Maximum variable rate
- 2.15% p.a.
- Base interest rate
- 0.15% p.a.
Summary
Australian retirees can bank the way they want with a flexible transaction account that has their needs in mind.
The Retirement Access Plus account from BankSA has no monthly account fees and offers unlimited transactions. It's designed to meet your changing needs as you leave the workforce. You are given multiple means of accessing your money including a Visa debit card to make purchases and free ATM withdrawals. If you are over 55 and are no longer working, then this is an account that could help you enjoy your retirement years.
Pros
-
No monthly account service fee
-
Linked Visa debit card
-
Unlimited transactions
-
Earn interest with at-call access to savings
Cons
-
Must be over 55 years old
Details
Key details
| Product Name | BankSA Retirement Access |
| Maximum Variable Rate | 2.15% p.a. |
| Standard Variable Rate | 0.15% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $1 |
| Minimum Age | 55 |
Key features
Tiered interest rate
Interest on this account is tiered. Balances over $250,000 accrue interest at 2.15%. Interest is calculated daily and paid into the account monthly.
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. Plus, there is no minimum account balance required.
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How we picked theseHow the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
Your reviews
Alison Finder
Editorial Manager, Money
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Alison Banney Finder
January 25, 2022
Hi Chris,
It looks like you can settle your trades with an eligible St.George transaction account or margin loan only, not another external account. However,
I’d suggest speaking with St.George directly to confirm your situation.
Regards,
Alison
Rachael
January 30, 2019
Hi i was wondering how long it takes for a bank wire to be in my account from the united states
Bella
February 01, 2019
Hi Rachael,
Thanks for your inquiry.
Bank transfers can take anywhere from one to five business days to process, and the same goes for online transfers. If it takes more than five business days, you can check with your bank on what could be causing the delay.
I hope this helps.
Kind regards,
Bella
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Jimbo
December 02, 2016
Is BankSA Retirement Access Plus account classified as a ‘savings account’ or a ‘deeming account? for Centrelink purposes?
Jason Finder
December 02, 2016
Hi Jimbo,
Thank you for your inquiry,
The BankSA Retirement Access Plus account seems to be a low fee daily transaction account that offers deeming rates. This account is meant for retirees and could help manage the funds of depositors who receive pension or Centrelink payments. This would not be an ideal account for someone who is still earning while working and for someone who’s looking for a high yield savings account.
Please check out the list of high-interest savings accounts offered by several banks. You may select the ‘Go to site’ button of your preferred savings account for further inquiry about the selected savings account and to apply online.
Kind regards,
Jason
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Chris
January 04, 2022
Can I use my retirement access plus account as a settlement account for share purchases made through St. George Directshares?