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Savings Accounts
Retirement Plus Account
Are you over 55? 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 for those accounts with a balance above a minimum balance requirement. This means 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.
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.
What income is subject to the Deeming Rules?
For anyone who is over 55 years of age, retired and/or a pensioner, income is subject to a pension allowance test.
The types of income for which the deeming rules apply, are:
- Savings,
- Financial investments eg: term deposits, shares and managed investments.
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.
What are the Features and Benefits of a Retirement Plus Account?
- Your Retirement Plus account can be opened with as little as $1.00 and earns a healthy interest rate, set using the Federal Government's fixed deeming rates.
- You can benefit from the convenience of our Cashcard, chequebook, phone banking, EFTPOS and internet banking facilities, that provide you with ready access to your funds 24 hours a day, 7 days a week.
- Your bills and other regular payments, like health insurance, can be paid automatically from your account on your behalf, and your pension can be directly credited to your Retirement Plus account.
- Interest is calculated daily on every dollar you have invested and credited automatically to your account every three months.
Free Phone Banking
The Greater's Phone Banking service is available 24 hours, 7 days a week and allows you to make BPAY® payments to pay your bills, transfer funds between your Greater accounts, obtain balances and check the last ten transactions on your account.
Free Internet Banking at your Convenience
The Greater's Internet Banking service allows you to make BPAY® payments to pay your bills, transfer funds between Greater accounts and accounts at other financial institutions, view your transaction history and Greater account details from the comfort of your home, office, hotel or wherever you gain access to the Internet.
BPAY®
BPAY® is a feature of the the Greater's Internet Banking service that makes paying your bills even easier!
BPAY® allows you to pay virtually all your bills in minutes from the comfort of your home, office, hotel or wherever you gain access to the internet.
HOW TO USE BPAY®
BPAY® is the simplest way to pay your bills at once.
All you need to remember is to:
- Look for the distinctive BPAY® logo on each bill you receive;
- Log onto the Greater's Internet Banking service at www.greater.com.au or phone 1300 36 35 36;
- Click on the BPAY® icon and follow the simple instructions; and
- Wait for the receipt number.
Privacy
Using BPAY® allows your account details to remain between the Greater and yourself. As you are using the Greater's Internet Banking service, there is no need to give any third party access to your private account details. Every transaction you make through BPAY® can be confirmed with a receipt number.
Visa Debit Card
The Greater's Visa Debit Card gives you access to your money 24 hours a day anywhere in the world.
The Visa Global ATM Network offers unsurpassed global access to more than 700,000 ATMs in over 120 countries. Visa ATMs are conveniently located in International airports around the world.
Make your money work as hard as you did and open a Retirement Plus account today.
The content of this web page was prepared without taking into account your objectives, financial situation or needs. Before you act on any advice contained on this web page you should consider the appropriateness of the advice having regard to the possible acquisition of a financial product. You should obtain and consider our Terms and Conditions for Deposits and Credit Accounts before making a decision to acquire the product.
View our Terms and Conditions.
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