BankVic Pension Plus S10

  • Alison Banney's headshot

Updated
Fact checked

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.

Compare other savings accounts

1 - 11 of 180
Updated regularly
Product Finder Score Maximum Variable Rate p.a. Base interest rate Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Rabobank High Interest Savings Account
Rabobank logo
Finder score
8 Great
Maximum Variable Rate p.a.
5.45%
Standard Variable Rate p.a.
4.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Earn a high interest rate of 5.45% for the first 4 months and then 4% thereafter, with $0 account keeping fees and no monthly balance requirements.
Go to siteView details
Suncorp Bank Growth Saver Account
Suncorp Bank logo
Finder score
8.7 Great
Maximum Variable Rate p.a.
4.80%
Standard Variable Rate p.a.
0.35%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $200 each month (excl. interest)
  • Only 1 withdrawal
  • No balance limit on earning interest
Get a solid interest rate on your entire balance, with minimal conditions in order to get the max rate. This account doesn’t offer card access but you can make 1 withdrawal per month & grow your net balance by $200 (excl. interest) to earn the max rate.
Go to siteView details
Bank of Queensland Simple Saver Account
BOQ logo
Finder score
8.5 Great
Maximum Variable Rate p.a.
4.55%
Standard Variable Rate p.a.
4.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $5,000,000
Open up to 9 accounts to take control of your savings and don't worry about meeting fiddly conditions or paying frustrating fees.
Go to siteView details
St.George Incentive Saver
St.George Bank logo
Finder score
9.1 Excellent
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.40%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance $50 ($0.01 if under 21)
  • Balance up to $249,999.99
Extra 0.10% p.a. for 3 months for new customers who apply online, balances under $250k.
Go to siteView details
Macquarie Savings Account
Macquarie Bank logo
Finder score
8.8 Great
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
4.75%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Earn 5.1% p.a. for the first 4 months then 4.75% p.a. ongoing with no conditions to meet. Earn the ongoing rate on balances up to $1 million.
Go to siteView details
ING Savings Maximiser
Most Loved
ING logo
Finder score
9.7 Excellent
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
Newcastle Permanent Smart Saver Account
Newcastle Permanent logo
Finder score
7.7 Great
Maximum Variable Rate p.a.
4.25%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Most Loved
ING logo
Finder score
8.5 Great
Maximum Variable Rate p.a.
5.15%
Standard Variable Rate p.a.
4.45%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Ideal for higher balances, savers can earn up to 5.15% for the first 4 months and up to 4.45% thereafter. There are no conditions and $0 account-keeping fees.
Go to siteView details
Bank of Queensland Future Saver Account - 14 to 35 years
BOQ logo
Finder score
9.4 Excellent
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
  • Balances up to $50,000
Go to siteView details
BCU Bonus Saver
BCU logo
Finder score
2.2 Basic
Maximum Variable Rate p.a.
4.75%
Standard Variable Rate p.a.
0.25%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
IMB Reward Saver Kick Start
IMB logo
Finder score
9.3 Excellent
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20+ each month
  • No withdrawals
You can open this account if you are aged 13 to 17, or if you're a student, trainee or apprentice aged 18 to 30.
Go to siteView details
loading

How 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?

Read the full Finder Score breakdown

"

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

Your reviews

No reviews yet. Write a review

Ask a question

Ask a question
Avatar

Alison Finder

Editorial Manager, Money

Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Avatar

Alison Banney

Editorial Manager, Money

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

More resources on Finder
Banking
Investments
Banks
Go to site