Sending...

You should only send this link to someone you know would be interested in receiving the information on this webpage. View our Privacy Policy

Send
Logon
Register
Learn More
How to apply
I want to
Transaction Account FAQs

Retirement Access Plus Account

Your working life is behind you and a host of possibilities are in front of you. If you are over 55 and no longer working, our Retirement Access Plus Account is designed to simplify your everyday banking

  • Bank in person at any Bank of Melbourne branch with passbook, chequebook, ATMs, Internet and Phone Banking and optional Visa Debit Card2
  • Interest rates based on the Commonwealth Government’s deeming rates, paid monthly
  • No monthly account service fee
  • Free everyday banking using Internet and Phone Banking3 – we can show you how at any branch
  • Free everyday banking transactions – eight per month if minimum monthly balance is under $20,000 and unlimited if minimum monthly balance is over $20,0001

For people age 55+

  • Designed especially for retirees and pensioners

No account service fee

  • $0

Easy access

  • Easy access at:
  • Regular account statements or passbook option.

Interest rate

  • Interest rates based on the Commonwealth Government’s deeming rates calculated daily, paid monthly. Different interest rates may apply to different portions of your balance.

Free everyday banking transactions

  • 8 free everyday banking transactions monthly if minimum monthly balance is under $20,000
  • Unlimited free everyday banking transactions if minimum monthly balance is over $20,0001

Visa Debit Card

  • Shop securely with an optional Visa Debit card at home, online or overseas using money from your Retirement Access Plus Account2

Compare accounts

Retirement Access Plus Account fees Minimum monthly account balance less than $20,000 Minimum monthly account balance $20,000 or more
Everyday Banking Transaction fees where a relevant free monthly withdrawal allowance applies, these transaction fees are payable per transaction after the allowance has been exceeded
Monthly account service fee Nil Nil
Internet Banking Free3 Free
Phone Banking Free3 Free
Visa Debit transactions Free* Free*
Bank of Melbourne / Westpac / St.George / BankSA ATMs (in Australia) $0.50 Free
Cheque $0.50 Free
EFTPOS $0.50 Free
Electronic Agency $0.50 Free
Staff assisted $1 Free
Bank@Post™ $1 Free
Transaction fees for everyday banking (Transaction fees are charged when Free monthly withdrawal allowances are exceeded)
Free monthly withdrawal allowance (for eligible transaction fees)
Free Internet Banking and Phone Banking, withdrawals are counted towards your Free monthly withdrawal allowance		 8 Unlimited free transactions1
Maximum number of Staff assisted withdrawals or Bank@Post withdrawals included in Free monthly withdrawal allowance 8 Unlimited free transactions1
Free collection items each month Unlimited Unlimited
Transaction fees – Free monthly withdrawal allowances do not apply to these fees  
Applicable minimum monthly balance for fees set out below N/A N/A
Direct Debit Free Free
Periodical Payment $4# $4#
Overseas Cash Withdrawal (including overseas ATM withdrawal) $5 $5
Bank of Melbourne / St.George / BankSA ATM Mini transaction history request Free Free
Frequent Statement (per month) $2 $2
Foreign Currency Conversion 3.0% 3.0%
Collection item Free Free

* Merchants may charge a fee for Visa Debit transactions.

# The Periodical payment fee is payable for a transfer of funds that we make on a regular basis at your request from your Account to another specific account. The fee is charged at the time the transaction occurs. Periodical payments to another account held with Bank of Melbourne, St.George & BankSA are free.

 

Bank the way you want to

Retirement Access Plus is designed as the ideal low-fee transaction account for retirees over the age of 55 or pensioners – so you can bank all the ways you want to!

Choose what you need for your account
  • Passbook
  • Chequebook
  • ATM Card (FreedomCard)
  • Visa Debit Card – use it anywhere Visa is accepted, but access the money in your own account. It’s a secure way to shop without having to use credit.2
Bank however you want to!
Need help getting started with new ways to bank? We’re here!

Just ask at any branch or call us on 13 22 66 for help with:

  • Internet Banking
  • Phone Banking
  • Using an ATM card
  • Setting up automatic deposits (for pension payments or investment income) and automatic payments (for your regular bills).

Keeping track of Retirement Access Plus is easy!

Paper Statements Posted to you every 6 months if you don’t have a passbook, or every second month if you have a Visa Debit Card.
Internet Banking View your account online anytime with Internet Banking4
Mini transaction history Available at any Bank of Melbourne ATM
eStatements View, print and save up to 2 years of statements online when you choose eStatements.
Yearly interest summary View and print your Financial Year interest summary with Internet Banking.

Are you eligible for Retirement Access Plus?

You must be 55 years of age or over and retired

or

You must be receiving one of the following pensions:

  • Age Pension
  • Carer’s Pension
  • Disability Pension
  • Widow Pension
  • Veteran Affairs Pension.

If you’re receiving a pension, you’ll need to bring your Pensioner Concession Card into any Bank of Melbourne branch when you apply.

Call us    

13 22 66 and say "New account" when prompted

Visit a branch

Apply at your nearest branch

What you’ll need

  • Contact details (address, phone number, email address)
  • Proof of your eligibility.

Tips

The Detail

Conditions and fees apply

Before making a decision, it’s best to read the terms and conditions.

Please read these documents and keep a copy. You can request a paper copy at a branch

The advice on our website is prepared without knowing your personal financial circumstances. Before you act on this or any advice, please consider if it’s right for you. If you need help, call 13 22 66.

BPAY® registered to BPAY Pty Ltd ABN 69079137518

1.Daily transaction limits apply.
2.Visa Debit Card available to customers who have an Australian residential address and are over the age of 18.
3.Internet and phone banking are free but will count towards your monthly fee-free transactions when your account balance is below $20,000. Subject to systems availability.
4.Subject to systems availability