In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
BankVic Pension Plus Account
Maximum variable rate
4.40% p.a.
Base interest rate
4.1%p.a.

Summary

Get 4.4% p.a. interest on balances $51,800 plus with the BankVic Pension Plus S10

If you are a recipient of a Centrelink pension or allowance, this account is tailored to your needs. The main benefit that BankVic offers you with the Pension Plus S10 is a guaranteed interest rate. This interest rate is set by the Commonwealth government.

If you are interested in a BankVic product or service, you must first apply for membership. Gaining membership is a easy process, and a few tips and tricks will be unveiled during the course of this article. BankVic was established in 1974 and transferred from Police Credit to a mutual bank on 1 June 2013.

Pros

  • No minimum balance
  • No account keeping, management or annual fees
  • Phone and internet banking is available
  • Direct credits and debits to and from the account

Cons

  • Need to be a member to qualify for this account

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name BankVic Pension Plus Account
Maximum Variable Rate 4.40% p.a.
Standard Variable Rate 4.10% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Key features

No rates and fees

With the Pension Plus S10, there will are no account keeping, management or annual fees charged to your account.

Your withdrawals are limited to the amounts in your account

No overdraft facilities will be allocated to the account.


How to apply

Eligibility

  • Eligibility requirements. To qualify for this account, you need to be a member of BankVic and you also need to be a recipient of the Australian Government Pension. Proof of this is required. If you no longer meet the eligibility requirements, BankVic will convert the Pension Plus S10 to another account, of which you will be informed beforehand.
  • BankVic membership. As with all BankVic products, you need to be a member to qualify for this account. To become a member, you will have to form part of the police, health, emergency or public service sector, or be a family member of a person who belongs to one of these sectors. There are a few more, lesser known, methods to acquire membership such as, working within 5km of BankVic offices, being introduced by another BankVic member who has at least 12 months standing, or be approved by the Chief Executive Officer or an Executive Manager.

Compare other savings accounts

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ING Savings Accelerator ($150,000 - $500,000)
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Ideal for higher balances, savers can earn up to 5.4% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.
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Maximum Variable Rate p.a.
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Ubank High Interest Save Account
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Maximum Variable Rate p.a.
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ING Savings Accelerator ($150,000 - $500,000)
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Maximum Variable Rate p.a.
5.40%
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Macquarie Savings Account
Macquarie Bank logo
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
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Suncorp Bank Growth Saver Account
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Maximum Variable Rate p.a.
5.05%
Standard Variable Rate p.a.
0.35%
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  • Grow balance by $200 each month (excl. interest)
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Bank of Queensland Simple Saver Account
BOQ logo
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
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Monthly Max Rate Conditions
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Newcastle Permanent Smart Saver Account
Newcastle Permanent logo
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
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Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
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ING Savings Maximiser
ING logo
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
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Monthly Max Rate Conditions
  • Deposit $1,000
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IMB Reward Saver Account
IMB logo
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
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  • Balances up to $1,000,000
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Earn up to 3.25% p.a. after the introductory period ends.
Rabobank PremiumSaver
Rabobank logo
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.45%
Intro/Ongoing
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Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance by $200+ each month
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Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
1.85%
Intro/Ongoing
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Monthly Max Rate Conditions
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Extra 0.10% p.a. for 3 months for new customers who apply online, with balances under $250,000.
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