In this guide

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

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Updated
Border Bank Retirement Plus
Maximum variable rate
2.00% p.a.
Base interest rate
2%p.a.
Minimum deposit
$0

Summary

The Retirement Plus account is designed for customers over 55 and retired.

This account is specifically designed for those over 55 in retirement, or receiving a state pension or allowance. The account calculates interest daily and pays interest twice a year, to help manage your cashflow while you're no longer working.

Pros

  • Designed for pensioners and retirees
  • Security and peace of mind
  • Competitive interest rate

Cons

  • Eligibility criteria applies

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 Border Bank Retirement Plus
Maximum Variable Rate 2.00% p.a.
Standard Variable Rate 2.00% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Key features

Interest

The Border Bank Retirement Plus savings account pays flat rate of interest of 2% p.a. on your deposit. Interest is calculated daily and paid twice a year, in June and December.

No-strings

The Border Bank Retirement Plus savings account is a no-strings attached way to save. You don't need to make a minimum monthly deposit to earn the full rate of interest and you continue to earn interest even if you make withdrawals during the month.

How to apply

Visit Border Bank's website to start a secure online application. You need to be 55 or older to open this account and also be retired or receiving a state pension or allowance.

  • Becoming a member of Border Bank. As a mutual banking society, Border Bank require that you become a member of the institution if you want to open one of their accounts. Each customer of a mutual bank is a member, and members have a say in how the institution is run. An application for the Retirement Plus account includes an application to become a member of Customs Bank. All members are required to give a guarantee to pay $10 in the event Customs Bank ceases operation.

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Sources
  1. Border Bank Retirement Plus information page
  2. Border Bank Retirement Plus TMD

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Alison Finder

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Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

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