Bank of Melbourne Retirement Access Account
savings accountage limitedlinked accountterms checked
Retirement Access Account is a savings account from Bank of Melbourne. At $50,000 it pays 1.73% p.a. with no bonus conditions.
Rate tiers
Every balance band in the bank's feed: base is the rate the bank pays.
| Balance | Base |
|---|---|
| $0 – $9,999.99stepped: paid on the part of the balance in this band | 0.05% |
| $10,000.01 – $49,999.99stepped: paid on the part of the balance in this band | 2.15% |
| $50,000.01 – $249,999.99stepped: paid on the part of the balance in this band | 2.50% |
| $250,000.01+stepped: paid on the part of the balance in this band | 3.10% |
The rates are stepped: each band's rate is paid on the part of the balance that falls in it, so a balance across several bands earns a blend of them.
Conditions
- the feed lists several base rates for one balance; the lowest is shown, up to 3.10%
- you must be retired: personal customers aged 55 or over who tell the bank they are retired
Features
- card
- Visa Debit Card (or Freedom Card on request) if you have an Australian residential address. A new Freedom Card is not available unless you already have one linked to your account (e.g. existing Freedom Card holders may order replacement cards and renew their card).
- app
- yes
- PayTo
- yes
- notifications
- yes
- transactions
- unlimited
- wallets
- Apple Pay, Beem It, Google Pay, Samsung Pay
Other features, in the bank's words:
- Fraud Money Back Guarantee: Customers may be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted us promptly
- Digital Card - Boost your card security by using the dynamic CVV. Access your card details anytime, anywhere. Be assured that you will have uninterrupted access to your funds even if your card is lost or stolen.
- Bank of Melbourne has an extensive branch network that provides the complete range of banking services to our customers. Our friendly staff are on hand to help you in any of our branches and over the phone
- Statements: We will send statement every 6 monthly, or more frequently on request
- You can pay bills using BPAY
- You can make direct debits and periodical payments
Fees, limits and who can open it
- monthly fee
- $0
- other fees named
- Foreign Currency Conversion Fee (no amount in the feed)
- interest paid
- monthly
- interest calculated
- daily
- age
- ages 55 and over
- open to
- personal customers
- age limited
- open only to people of certain ages (kids, youth or seniors accounts)
- linked account
- a linked or nominated transaction account is required
Who can open it, in the bank's own words:
- age 55 and over: Personal customers who are aged 55 years and over who tell us they are retired.
- residency: Those with an Australian residential address and who are currently in Australia.
- The card must be linked to an eligible Bank of Melbourne account
- You must be retired to be eligible for this product
About this account
Retirement Access Plus is a transaction account for eligible retirees aged 55 or over to deposit and withdraw funds by various channels including Visa Debit Card and also offers interest on account balances.
Data
- Bank of Melbourne's own page for this account.
- The bank's documents its product record links to: terms and conditions, fees, eligibility.
- Our verbatim snapshot of the bank's product record (source), as fetched on 13 November 2026.
- We read the bank's own page and terms against this page on 1 November 2026: retirement-access-plus, SavInvesTransAccounts_Terms.pdf, bank-account-interest-rates; conditions they state and its feed does not are listed above.
/au/finance/savings-accounts/v1/brands/bank-of-melbourne.json: this bank's accounts and every balance band as JSON; Bank of Melbourne's page lists them.- The bank last updated this record on 13 November 2026. Rates are per annum as the bank states them; "stale" means the bank has not updated the record for over 60 days or since the latest cash rate change.
Other accounts at Bank of Melbourne
- Business Access Saver savings account, 0.95% base at $50,000
- Incentive Saver savings account, 5.65% conditional at $50,000
- Maxi Saver savings account, 1.25% base at $50,000
- Investment Cash Accountsstale cash management account, 0.10% base at $50,000
- Business Cheque Account Plusstale transaction account, 0.00% base at $50,000
- Complete Freedom Accountstale transaction account
- Concession Accountstale transaction account
- Freedom Business Accountstale transaction account, 0.00% base at $50,000
- Society Cheque Accountstale transaction account, 0.00% base at $50,000
All of Bank of Melbourne's accounts on its page, with its best rates per segment and rate kind, and every account at every bank.
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