BankVic Pension Plus Account
Maximum variable rate
4.40% p.a.
Base interest rate
4.10% 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 67

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.

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Sources
  1. BankVic Pension Plus Account information page
  2. BankVic Pension Plus Account TMD

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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

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