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Retirement Plus Account - Greater Bank

Retirement Plus Account

Interest rates 2.40 % p.a.
For portions of your balance above $100,000.00. Calculated daily, paid monthly

Part savings, part everyday account.

Retirement Plus rewards you with a competitive interest rate, while offering easy access to your money.

Why choose our Retirement Plus Account?

Best of both

For customers 55 and over, Retirement Plus is part everyday account, part savings account.

Higher interest rate paid on your balance

The more you keep in the account, the higher the interest rate you’ll earn. Interest is calculated daily, paid monthly.

More for you

No monthly account-keeping fees.^

Manage your money 24/7

Access your money whenever you need to, wherever you are via our app or online banking. Plus, set up your Digital Wallet to make purchases using Apple Pay and Google Wallet.

Osko® and PayID®

Set up your PayID to send and receive payments in seconds thanks to Osko by BPAY®.

Access to the VISA Network

Your account comes with a Visa Debit Card. Compatible with Visa payWave and the advantage of VISA’s 24/7 fraud monitoring.

 

How is interest calculated on our Retirement Plus Account?

Our Retirement Plus Account has a number of interest rate tiers, and accordingly, the interest that you will be paid depends on your account balance. 

For example, let's say you have an account balance of $105,000.00.

You will be paid: 

  • One interest rate on the portion of your balance from $0.00 - $4,999.99, 
  • One interest rate on the portion of your balance from $5,000.00 - $49,999.99, 
  • One interest rate on the portion of your balance from $50,000.00 - $99,999.99, and
  • One interest rate on the portion of your balance over $100,00.00.

It does not mean that, as your balance is $105,000.00, you will be paid our $100,000.00+ interest rate on the entirety of your balance.

Rates are effective as at 9am Thursday 07/11/2024

Retirement Plus Account Interest rates

Rates for portion of balance between: $0.00 - $4,999.99 $5,000.00 - $49,999.99 $50,000.00 - $99,999.99 $100,000.00+
Variable 0.01% p.a. 0.75% p.a. 2.15% p.a. 2.40% p.a.

Fees

Monthly account keeping fee $0
Over the counter withdrawal $2.25
Foreign currency conversion fee 3.00%

The above are a selection of our fees only. Additional Fees and Charges may apply. For further information please view the Retirement Plus Product Schedule.

PDF
Current Product Schedule - Retirement Plus 199kB

Who can open a Retirement Plus account?

Our Retirement Plus account can be opened by any individual in Australia who is 55 years and older, with a valid Australian residential address.

Compare all everyday accounts Compare all everyday accounts

How do I open a Retirement Plus account?

To open a Retirement Plus account, you must be an Australian citizen or permanent resident over the age of 55, and have an Australian address.

In order to verify your identity, you'll need your current Australian driver licence, Medicare, or passport details.

Your Tax File Number (TFN) is optional, but if you don't provide it, we may have to collect Withholding Tax on the interest you earn. You can always add your TFN later by calling our Contact Centre at 13 13 86.

Bank greater with help from our calculators

Savings and Deposit Calculator

Budget Planner

 

Tools and support

Activating your Greater Bank Card is easy and can be done in a number of ways

Mobile App

Most of our customers choose this option as it's the easiest

  • Login to our mobile app.
  • Tap on 'Activate your card' on the top right-hand side of screen.
  • Follow the prompts.
Online
  • Simply log on to online banking.
  • Click 'Card Maintenance' and select your account from the menu.
  • Complete the security and verification procedures.
Phone

You can give us a call on 13 13 86 and one of our friendly staff can activate your card for you.

Branch

Drop into your nearest branch.

Most Visa cards are now capable of using payWave. This is because they have been embedded with microchip technology that allow users to pay for goods and services by just holding the microchip on their card to the merchant terminal.

Pending transaction means the transfer of funds is still being processed.

You have a number of options when paying for things online.

  • When transferring money or paying bills, you can of course use online banking. Payments can be made using Osko by BPAY, using a BSB and account number, or using BPAY.
  • When making online purchases, you’re able to use your Greater Bank Visa card details, such as your card number, name, card expiry details and CVC number (located on the rear of your card). Just be sure that you’re always making purchases through secure websites. Learn more about this in our Security section.
  • You also have the option to use Google Pay to make purchases online with participating retailers. Your details will remain securely stored and the transaction will take place as a Google Pay payment. If a secure purchasing website offers Google Pay payments, simply follow the prompts.
  • You can also make online payments easy by registering for Click to Pay with Visa. This service allows you to securely store your card details so you don’t have to constantly remember them.  

You have a number of options when paying for things in-store.

  • Of course, cash is always an option for payments, and you can use your Greater Bank Visa card at any Greater Bank or major bank ATM Australia-wide to withdraw cash. Find an ATM near you here.
  • To make an eftpos purchase by swiping or inserting your Visa card, simply verify the purchase amount on the eftpos terminal, swipe or insert your card, select the account you’d like to use funds from, enter your PIN, and that’s it.
  • To make in-store purchases using contactless card technology, simply verify the purchase amount on the eftpos terminal and hold your card within 2cm of the terminal. Wait for the terminal to beep and verify that the transaction has been completed. In some instances you may be asked to enter your card PIN.
  • In-store purchases can also now be made using your smartphone or wearable device digital wallet. Greater Bank Visa card holders are able to upload their card details and use Apple Pay or Google Pay at eftpos terminals Australia-wide. To do this, simply verify the purchase amount on the eftpos terminal and hold your phone or smart-device within 2cm of the terminal and wait for the beep. This will signal that the transaction has been completed.

Greater access

Opening a Retirement Plus account gives you access to over 10,000 free ATMs – including Greater Bank and Newcastle Permanent ATMs, as well as those of the major banks.

Find an ATM

More FAQs More FAQs

Can't quite find what you're after?

Got a question?

Maybe you’re not alone. Our FAQs answer some of the more common banking questions we get asked.

Frequently asked questions

Drop into a branch

Our friendly staff are happy to help with all your banking needs. Find a location near you across NSW and South East QLD.

Find a branch

Get in touch

Call us Monday to Friday 8:00am – 6:00pm and Saturdays 8:00am – 1:00pm AEST.

Call 13 13 86

^ Other fees and charges may apply. Refer to the relevant Product Schedule for further information.

Any advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the product is suitable for you and your personal circumstances.

Greater Bank, part of Newcastle Greater Mutual Group Ltd ACN 087 651 992, Australian Financial Services Licence/Australian credit licence 238273 

We calculate interest by applying the daily percentage rate to the different portions of your daily balance as set out in the above tiers. We pay interest monthly. These rates are current as at the Effective Date and are subject to change by Greater Bank without further notice. Conditions apply. Please read the Retirement Plus Account Product Schedule and the Banking General Terms and Conditions for more information.

Android and Google Pay are trademarks of Google LLC. Read the Google Pay Terms and Conditions.

PayID is a registered trademark of NPP Australia Limited. Osko by BPAY and BPAY are registered to BPAY Pty Ltd ABN 69 079 137 518. You should review the relevant payment facility terms and conditions available on our website before deciding whether a service is appropriate for your personal circumstances.