In this guide

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

Heritage Bank Pension Plus

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Updated
Heritage Bank Pension Plus
Maximum variable rate
2.55% p.a.
Base interest rate
2.5%p.a.

Summary

Heritage Bank provides Aussie seniors a way to keep track of their daily expenditures while earning a passive income on their excess money.

The Heritage Bank Pension Plus is a high interest savings account for Australians over the age of 55 that has the flexibility of a transaction account. This specialised account allows for internet and phone banking along with accessibility to your cash with a Visa debit card. Heritage Bank only provides this account for certain Australians who meet their eligibility criteria.

Pros

  • There is $0 account keeping fee
  • Internet, mobile and phone banking are free for this account
  • Start with a low minimum opening balance of $1

Cons

  • ATM withdrawals and balance enquiries have a $1.75 fee (once you've passed the threshold)
  • $5 for overseas ATM withdrawals

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 Heritage Bank Pension Plus
Maximum Variable Rate 2.55% p.a.
Standard Variable Rate 2.50% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $1
Minimum Age 55

Key features

Picture not described

Monthly account keeping fees

With the Pension Plus account you pay no monthly charges.

Interest

The interest rates for this account are tiered. You will earn 2.5% interest up to balance $50,199 and 2.55% if your balance is $50,200 and above.

How to apply

Eligibility

If after making your comparisons you have found that the Pension Plus account is able to simplify your banking needs, you can start an online application. If you are not already a member of Heritage Bank you will first need to apply for membership and pay the $1 shareholder fee. Other eligibility requirements include:

  • Minimum age. You must be at least 55 years of age, or receiving a government pension to qualify for this account.
  • Residency requirement. You will need to be an Australian resident with a verifiable residential address in order for your application to be considered.

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Sources
  1. Heritage Bank Pension Plus information page
  2. Heritage Bank Pension Plus TMD

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Alison Banney

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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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