Finty

Compare bank accounts for seniors and pensioners

See what 62 bank accounts for seniors and pensioners would cost you to run, from monthly fees to using your card overseas, and find one that keeps more of your money with you.

Everyday accounts for older Australians, retirees and people on a pension or concession card. Some pay interest on the balance or waive fees for pension deposits.

Written byDavid Boyd

Work out a year's fees

Tell us how you'd use the account overseas, and we'll work out a year of the fees each bank lists: the monthly fee, the fee on foreign purchases and overseas ATM withdrawals.

62 accounts

Showing 20 of 62

Fees are the ones each bank lists and can change. A year's fees count only the monthly fee, the fee on foreign purchases and the fee for overseas ATM withdrawals; overseas ATM owners may charge their own fee too. Where a bank doesn't list a fee we say so rather than guess.

Bank accounts for seniors and pensioners at a glance

Worked out from the 62 accounts from 44 banks we compare on this page.

No monthly fee

28 of 34

accounts that state a monthly fee set it at $0.

No foreign transaction fee

3 of 43

The typical fee is 3% of what you spend overseas.

With PayID

50 of 62

accounts let you get paid with a PayID.

With Apple Pay

51 of 62

accounts work with Apple Pay on the card.

How monthly fees are spreadNumber of accounts in each band. The most common is $0.

The short version

  • Seniors' and pensioner accounts often have no fees and pay interest on everyday money.
  • Some banks need you to be receiving a pension.
  • Branch and phone support matters more to some people than features.

Accounts for older Australians

Some banks and credit unions offer everyday accounts for seniors, retirees and people on an Age Pension or concession card. They may waive the monthly fee, waive fees on branch or phone transactions, or pay interest on the balance.

Check who can open one: some are limited to members of a group, people over a set age or holders of a pension or concession card.

Pros

  • No monthly fees for eligible customers.
  • Some pay interest on everyday balances.
  • Access to branches and phone help with many banks.

Cons

  • Rates are usually lower than a dedicated savings account.
  • May need proof of age or a pension.
  • Fewer online features with some providers.

What to compare

  • Monthly and transaction fees, including for staff-assisted transactions in a branch or over the phone.
  • Access to branches, Bank@Post or phone banking if you prefer not to bank online.
  • Interest on the balance, as some accounts pay a useful rate.
  • Whether a family member or trusted person can be given access.

Watch for scams

Your bank will never ask for your password, PIN or a one-time code. If someone does, hang up and call the bank on the number on its website or your card.

Alternatives

  • A no monthly fee account plus a high interest savings account, which can earn more.
  • A term deposit, for money you won't need for a while.

How to open one

Most banks let you open a seniors' account online in about ten minutes, and you can use it straight away with a digital card.

  • Have your ID ready. A driver's licence, passport or Medicare card, and your tax file number if the account pays interest.
  • Add the card to your phone. Apple Pay or Google Pay lets you spend before the plastic card arrives.
  • Move your pay and bills. Give your employer the new BSB and account number, and update direct debits. A PayID makes it easier for people to pay you.
  • Bring your pension or seniors card details if the bank asks. Many banks also open accounts in branch if you prefer.

Questions people ask

Does interest affect my pension?

Centrelink deems your savings to earn a set rate, whatever they actually earn. So the interest you get usually doesn't change your pension, but your balance counts in the assets test.

Is my money safe in a bank account?

Money with an Australian bank, building society or credit union is covered by the government's Financial Claims Scheme, up to $250,000 per person per bank.

Is it hard to switch bank accounts?

Not very. Open the new account first, move your pay and direct debits, then close the old one once everything has come across. Keep both open for a month or so to catch anything you missed.