In this guide

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

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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 Wisdom Saver
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.

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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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