Bendigo Easy Retirement Account

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Updated
Bendigo Bank Easy Retirement Account
Maximum variable rate
2.25% p.a.
Base interest rate
0.60% p.a.

Summary

Make saving for retirement simpler and easier with a low fee transaction account.

If you are over 55, and a self-funded retiree or on an aged or veterans pension, you can sign up for the interest-earning Bendigo Bank Easy Retirement account. With a minimum opening balance of $1, nationwide ATM access, linked debit card and no monthly account fees for eligible people, it’s a convenient and highly functional all-in-one choice for those who are 55 or older.

Pros

  • Unlimited phone banking transfers
  • Unlimited Bendigo ATM & branch withdrawals
  • Unlimited EFTPOS withdrawals and retail purchases within Australia

Cons

  • Available if you're over 55 years of age

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 Bendigo Bank Easy Retirement Account
Maximum Variable Rate 2.25% p.a.
Standard Variable Rate 0.60% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $1
Minimum Age 55

Key features

Picture not described

Stepped interest rates

The interest rate offered on this account is stepped, meaning that you'll earn a higher rate of interest on the portion of your balance above a certain threshold. For example, for the portion of your balance beneath $10,000, you'll earn 0.6% interest. At the other end of the spectrum, you'll earn 2.25% p.a. on the portion of your balance that's $250,000 or greater.

Interest calculated daily

Interest is calculated daily making it easier to take advantage of the stepped interest rates as you are able.

Compare more banking products from Bendigo

How to apply

If you've compared the Easy Retirement account to the other options available, and find it to be right for your needs, you will need the following for to complete your application.

Eligibility

  • Minimum age. You must be over the age of 55 to open a Bendigo Bank Easy Retirement account.
  • Pension requirements. You must be either a self-funded retiree or the recipient of a Centrelink aged pension or Department of Veterans Affairs administered pension.

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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. Bendigo Bank Easy Retirement Account information page
  2. Bendigo Bank Easy Retirement Account TMD

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Alison Finder

Editorial Manager, Money

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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

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