Pensioner bank accounts

If you're receiving a pension (including age, disability support and veteran's pensions), there are dedicated pensioner bank accounts you can use to manage your day-to-day transactions. These accounts have minimal fees and let you earn some interest too.

Compare pensioner bank accounts

Pensioner bank accounts are for Australians over the age of 55 who are retired, or anyone receiving an eligible government pension.
Name Finder Score Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
ANZ Pensioner Advantage Account
ANZ logo
Finder score
Maximum Variable Rate p.a.
2.50%
Standard Variable Rate p.a.
2.50%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Portion of balances $50,000 and above
NAB Retirement Account
NAB logo
Finder score
Maximum Variable Rate p.a.
2.15%
Standard Variable Rate p.a.
2.15%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Max rate applies on the portion of the balance $250,000 plus
Westpac 55+ and Retired
Westpac logo
Finder score
Maximum Variable Rate p.a.
2.30%
Standard Variable Rate p.a.
2.30%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Available on balances $250,000 and over
Commonwealth Bank Pensioner Security Account
Commonwealth Bank logo
Finder score
Maximum Variable Rate p.a.
2.80%
Standard Variable Rate p.a.
2.80%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Balances $250,000 and over
IMB Everyday 50PLUS
IMB logo
Finder score
Maximum Variable Rate p.a.
2.45%
Standard Variable Rate p.a.
2.45%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Bank Australia Pension Access Account
Bank Australia logo
Green Company
Finder score
Maximum Variable Rate p.a.
1.90%
Standard Variable Rate p.a.
1.90%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Balance $50,001+
AMP SuperEdge Pension Account
AMP Bank logo
Finder score
Maximum Variable Rate p.a.
0.60%
Standard Variable Rate p.a.
0.60%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
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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

What is a pensioner bank account?

Pensioner bank accounts are for Australians over the age of 55 who are retired, or anyone receiving an eligible government pension. You can deposit your pension and other income into a pensioner account.

These accounts typically let you earn interest on your money, have minimal fees and offer easy access to your money.

It's worth comparing pensioner bank account options because some banks offer very low interest rates, while others are more competitive.

If you're not receiving a pension, take a look at an everyday bank account for your daily spending instead. To earn more interest, consider a high interest savings account.

Who is eligible for a pensioner account?

These accounts are for:

  • People who retired and receiving an age pension.
  • People receiving other eligible government pensions.

You may be able to open a pensioner account from the age of 18, depending on what government payment you receive.

Eligible pensions include government pensions from Centrelink or the Department of Veteran's Affairs, such as:

  • Age pension
  • Disability support pension
  • Carer's pension
  • Veteran's pension

Banks have different eligibility requirements too, so check the bank's website carefully before applying.

How does a pensioner bank account work?

Pensioner bank accounts look like fairly typical bank accounts for your everyday spending. You can deposit money in them, including pension income, and spend it via a debit card, ATM withdrawal, online payment or other means.

These accounts typically have no monthly fee. Where pensioner accounts differ from most transaction accounts is that you can earn some interest on the money in your account.

How much interest can I earn on a pensioner account?

Pensioner bank accounts normally have a tiered interest rate structure. So the more money in your account, the higher your interest rate will be. For example, if you have less than $50,000 in your account, your interest may be 0.50% p.a., however this can go up to 1% or higher depending on how large your balance is.

But pensioner accounts don't offer the most competitive interest rates on the market. Right now, most pensioner accounts offer between 0.50% and 3.50%.

High interest savings accounts offer higher rates, but you need to meet more conditions like depositing a certain amount each month, or making no withdrawals. Customers who are only receiving pension income may struggle to meet these conditions.

How do I find the best pensioner account for me?

The best bank account for any customer depends on their financial goals and life circumstances. A pensioner bank account suits someone who:

  • Receives an eligible pension.
  • Needs access to that money.

To make sure you're getting a good deal with your bank, compare the following features and options:

  • No fees. Look for an account with no monthly account keeping fee.
  • Competitive rates. If you're looking at pensioner accounts that pay interest, check to make sure the rates being offered for your balance are competitive with other similar accounts.
  • Debit card. If you also want to be able to make purchases directly from your pensioner savings account ensure that it comes with a debit card.
  • Accessibility. Most banks let you link your pensioner account to a savings or transaction account, and offer online and app-based banking services.
  • ATMs. If you will be making cash withdrawals, look at the bank’s ATM network to ensure that you will always be able to find one close by. You can also use any Big Four bank ATM for free in Australia.
  • Cheque facility. If you still conduct transactions using bank cheques, watch out for any fees that come with issuing or cashing cheques.

Frequently asked questions

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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 bio

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Alison has written 626 Finder guides across topics including:
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Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

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Richard has written 554 Finder guides across topics including:
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