Finty

Compare savings accounts for seniors and pensioners

Enter your balance to see the interest 51 savings accounts for seniors and pensioners would pay you, and what each asks of you to earn its bonus, so your savings earn more.

Savings accounts that only older Australians, retirees or people on a pension can open, by the bank's own eligibility rules. Many have no monthly fee.

Written byDavid Boyd

Plan your savings

Tell us what you have now, what you can add each month and for how long, and we'll show where each account below would take you, at today's rates.

51 accounts

Showing 20 of 51

Rates are variable and can change at any time. Balances are estimates before tax, at today's rates, with interest added monthly at the rate for the balance at the time. Some banks pay a balance band's rate only on the part of the balance inside it, and an introductory rate ends after its set time.

Savings accounts for seniors and pensioners at a glance

Worked out from the 51 accounts from 50 banks we compare on this page.

Typical top rate

2.85%

Half the accounts pay between 2.52% and 3.25% at their best.

Typical base rate

2.85%

What you earn without meeting any bonus conditions.

With an intro rate

0 of 51

accounts pay a higher rate for the first few months only.

Bonus conditions

0 with conditions51 without
How top rates are spreadNumber of accounts in each band. The most common is 2.5–3%.

The short version

  • Some savings accounts are only for older Australians or pensioners.
  • Many have no monthly fee, and some pay bonus interest with fewer conditions.
  • Centrelink counts deemed income, not the interest you earn.

Savings accounts for older Australians

Some banks and credit unions offer savings accounts only for people over a set age, or for people on the Age Pension or another pension. Many have no monthly fee, and some pay a bonus rate without the monthly deposit that most bonus savers need.

Interest and the Age Pension

Centrelink counts deemed income on your savings at set rates, not the interest you actually earn. Earning more than the deeming rate leaves you better off.

Pros

  • No monthly fees on most.
  • Some pay bonus interest without a monthly deposit.
  • Money stays easy to reach.

Cons

  • Only open to people over a set age, or on a pension.
  • Rates are variable and can fall.
  • May pay no more than accounts anyone can open.

Alternatives

How to open one

You can open a savings account for seniors online with most banks in a few minutes.

  • Have your ID and tax file number ready. Without a TFN, the bank must hold back tax at the top rate.
  • Check who can open it. The bank's eligibility terms say who qualifies.
  • Have proof of age or your pension card ready if the bank asks.

What to compare

  • The rate on your balance, and any conditions to earn the bonus.
  • Who can open it: an age limit, or a pension or concession card.
  • Access to branches or phone banking if you prefer not to bank online.

Questions people ask

Does the interest affect my Age Pension?

Centrelink doesn't count the interest you actually earn. It counts deemed income on your savings and term deposits at set rates, whatever your bank pays, so a higher rate leaves you better off.

Is my money safe?

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

Can I have more than one savings account?

Yes. Many people keep one account for bills and another for savings, or spread money across banks to stay under the $250,000 guarantee at each.