Retirement Plus Account

Are you over 55 and want to earn more interest on your savings? Retirement Plus is an account specifically designed for self funded retirees and Centrelink recipients. The interest rate is set using the Government's fixed deeming rates meaning that you earn more interest on your savings.

What is the Government's Deeming Legislation?

If you are a retiree or a pensioner, the Federal Government assumes (deems) that your savings will earn a certain amount of interest. Anyone who is a recipient of Centrelink benefits after they retire will be subject to pension and allowance income test known as deeming. This deeming test assumes that financial investments are earning a certain rate of interest regardless of what interest is actually earned. The Greater's Retirement Plus Account has been structured to meet this rate of interest.

What is the deeming rate on my savings?

The deeming interest rates and income levels may alter according to Federal Government reviews. A single person's income test limits are deemed differently from a couple's income limits. Interest rates are available at your local branch or on our website.

When are you eligible to open a Retirement Plus account?

You can open a Retirement Plus Account when you are over 55 years of age and are retired or a pensioner and your savings are subject to Federal Government deeming rules.

Key Features and Benefits

  • Regular payments can be paid automatically and your pension can be directly credited to your account
  • Your Retirement Plus Account can be opened with as little as $1.00
  • You must be 55+ and a self-funded retiree or Centrelink recipient

Features Checklist

Interest rate
Current Interest Rate Earn up to 3.00% p.a.
View interest rate schedule
Interest Frequency Calculated daily, paid quarterly
Account Features
Access to funds
  • EFTPOS^
  • BPAY
  • Member Cheque
  • Easypay
  • Internet Banking
  • Phone Banking
  • Visa Card^
  • Direct Debit
  • Third Party Payment Service
Transaction record Statement with the option of passbook
Minimum opening balance $1.00
Fees & Charges
Monthly Account Keeping Fees Nil
Transaction Fees
Monthly fee Nil
Other Features and benefits
Free Internet Banking Yes
Free Phone Banking Yes
BPAY® Yes
Greater VISA debit Yes^

^ Not available if the Account is a Passbook only

View our Terms and Conditions.