Senior Savers Account

Senior Savers Account

For retail clients who are 55 years+, holders of a Seniors Card or recipients of an eligible pension and who also need a transactional banking account to conveniently manage their funds and facilitate payments

The Senior Savers account provides access facilities including direct credit of your Centrelink payments and other income, ATM/EFTPOS access through a Visa Debit Card, the convenience of Internet, BPAY and Direct Debits payments. Interest is paid quarterly.

Earn up to  1.65% pa

Product Features:

Savings Accounts Features
Annual Fee : $0
Monthly Fee : $0
Funds Available : At Call
Minimum Amount : $1
Auto Sweep Facility : Yes
Overdraft : No
Branch Access : Yes
ATM/EFTPOS Access : Yes
BPAY : Yes
Direct Entry (Credit/Debit) : Yes
Interest Calculation : Calculated daily, paid quarterly
Visa Debit Card : Yes

Senior Savers Account (S65)

Balance Interest Rate (p.a.)
Up to $9,999 1.30% pa
$10,000 - $49,200 1.35% pa
$49,201 - $249,999 1.45% pa
$250,000 or more 1.65% pa

Interest calculated daily on the portion of balance in each tier and paid quarterly in March, June, September and December. For more information on these products refer to our separate fact sheets.

  • Eligibility for a Senior Savers Account is restricted to members who are 55 years+, holders of a Seniors Card or recipients of an eligible pension: Aged, Disability, Veteran, Widows, Carers or a member that has a Seniors Card;
  • Eligible pensions include:
    • Aged pension
    • Widow’s pension
    • Veteran’s pension
    • Disability support pension
    • Carer’s Pension

FAQs

Read our most frequently asked questions below or view all our FAQs.

Geelong Bank is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Part of the membership process is to open an account.

The Financial Claims Scheme (FCS) is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails.

Under the FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other authorised deposit-taking institution (ADI) that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA).

The FCS can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the FCS will be administered by the Australian Prudential Regulation Authority (APRA).

In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.

 

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Senior Savers Account

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Important Information

Interest rates (where applicable) are variable so contact any branches of Geelong Bank, telephone 1300 361 555 or visit our website www.geelongbank.com.au.

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Any advice or information on this site does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. Please review our Terms and Conditions, Fees and Charges, Financial Services Guide and Hardship Guide before acquiring the product.

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