In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
IMB Everyday 50PLUS

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Maximum variable rate
2.45% p.a.
Base interest rate
0.05%p.a.

Summary

Make a smart move with your pension money by keeping it available in an interest earning transaction account.

The IMB Wisdom Saver is a bank account for customers 55 years or older, or customers on an eligible pension. You can earn interest on the money you save, with a higher rate for larger balances. The account has minimal fees and flexible ways to access the cash, including via Apple or Google Pay, or with a Visa debit card.

Pros

  • No monthly account keeping fee
  • Linked Visa debit card
  • Competitive interest rate on transaction account

Cons

  • Eligibility criteria apply

In this guide

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

Details

Key details

Product Name IMB Everyday 50PLUS
Maximum Variable Rate 2.45% p.a.
Standard Variable Rate 0.05% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 55

Eligibility

Minimum Age 55
Joint account availability No
Minimum Deposit $0
Available to children Not available for children

Key features

Monthly account keeping fees

With the Wisdom Saver you are not charged any monthly account keeping fees.

Transaction fees

Unlike other IMB accounts where a transaction allowance helps to offset your fees, with few exceptions the Wisdom Saver has no transaction fees.

How to apply

Eligibility

IMB makes it easy to open the Wisdom Saver account by providing you with an online application. You can access it by visiting the IMB website and it should only take about ten minutes to complete. Certain eligibility requirements will have to be met before you will be permitted to submit your application:

  • Minimum age. You must be at least 55 years of age in order to be eligible for this account. That age requirement is waived for certain individuals who are receiving a qualifying pension.
  • Residency requirements. You must be an Australian resident and have an Australian residential address if you wish to be considered for this account.

Compare other savings accounts

1 - 14 of 186
Updated regularly
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Ubank High Interest Save Account
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Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
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Ongoing
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Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
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ING Savings Accelerator ($150,000 - $500,000)
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Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
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 Ideal for higher balances, savers can earn up to 5.4% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.
Rabobank High Interest Savings Account
Rabobank logo
Maximum Variable Rate p.a.
5.60%
Standard Variable Rate p.a.
4.35%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
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Ubank High Interest Save Account
Ubank logo
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
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ING Savings Accelerator ($150,000 - $500,000)
ING logo
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
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Macquarie Savings Account
Macquarie Bank logo
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
5.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
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Suncorp Bank Growth Saver Account
Suncorp Bank logo
Maximum Variable Rate p.a.
5.05%
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
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Bank of Queensland Simple Saver Account
BOQ logo
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $5,000,000
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Newcastle Permanent Smart Saver Account
Newcastle Permanent logo
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
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ING Savings Maximiser
ING logo
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
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IMB Reward Saver Account
IMB logo
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
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 Earn up to 3.25% p.a. after the introductory period ends.
Bankwest Easy Saver
Bankwest logo
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000.99
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BCU Bonus Saver
BCU logo
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.50%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
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Rabobank PremiumSaver
Rabobank logo
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.45%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance by $200+ each month
  • Balances up to $250,000
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Showing 14 of 14 results
Sources
  1. IMB Wisdom Saver information page
  2. IMB Wisdom Saver TMD

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Alison Finder

Editor

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

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Vera

October 22, 2017

Is the interest calculated for the IMB Wisdom Saver done on a compounding basis?


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Anndy Lou Finder

October 23, 2017

Hi Vera,


Thanks for your question.


This account pays interest monthly so it uses the compound interest method.


Kindly note though that its variable interest rate is applied using a step-up method. This means that the first part of your balance up to $1,999.99 is calculated at a one-interest rate, while the next portion up to $49,200 receives a higher rate. The highest interest rate is applied only to the portion of your balance that is in excess of $49,200.01.


Cheers,

Anndy


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Avatar

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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