Heritage Bank Pension Plus

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Updated

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 2.15% p.a.
Standard Variable Rate 2.00% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $1
Minimum Age 55

Key features

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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% interest up to balance $50,199 and 2.15% 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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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. Heritage Bank Pension Plus information page
  2. Heritage Bank Pension Plus 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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