Retirement Account
A transaction account that earns interest for members over 55's or in receipt of a pension.
- Base rate
- 3.5%
Interest Rates
| Type | Rate | Comparison | Applies To |
|---|---|---|---|
| Variable Penalty Interest will be charged on overdrawn accounts. | 20% | — | — |
Deposit Rates
| Type | Rate | Applies To | Interest Paid |
|---|---|---|---|
| Variable Interest is calculated by applying the daily percentage rate to the different portions of the daily balance and paid monthly on the last day of each month. | 0.25% | Retirement Account_Tier_1 | monthly |
| Variable Interest is calculated by applying the daily percentage rate to the different portions of the daily balance and paid monthly on the last day of each month. | 3.5% | Retirement Account_Tier_2 | monthly |
| Variable Interest is calculated by applying the daily percentage rate to the different portions of the daily balance and paid monthly on the last day of each month. | 2.05% | Retirement Account_Tier_3 | monthly |
Fees
| Fee | Type | Amount |
|---|---|---|
| CHEQUE_DISHONOUR Capped at $0.00 · A dishonoured cheque is a cheque that is not paid by the financial institution on which it is drawn. A dishonour fee will apply each time the cheque is presented for payment and dishonoured. | Event | $9.00 |
| DIRECT_ENTRY_DISHONOUR Capped at $0.00 · Payable when a direct entry (inward and outward) is dishonoured. | Event | $9.00 |
| DOCUMENT_FEE Capped at $0.00 · $60.00 per hour (subject to minimum $10.00 per copy). Payable if you request copies of documents such as withdrawal forms or statements, or you ask us to verify a transaction performed on your Account e.g. evidence of a Visa Debit Card purchase. | Event | $60.00 |
| FINANCIAL_INSTITUTION_CHEQUE Capped at $0.00 · Payable when you request us to issue a financial institution cheque. | Event | $2.50 |
| FOREIGN_CURRENCY_CONVERSION_SERVICE_FEE Capped at $0.00 · A 1% service fee on the Australian dollar equivalent is payable for foreign currency transactions using your Mutual Visa Debit Card. | Transaction | 0% of transaction |
| MISCELLANEOUS_SERVICE_FEE |
Features
- Additional cards
- Not available with passbook option
- Bill payment (BPAY) — BPAY
- Pay bills using BPAY
- Card access — Visa Debit Card - not available with Passbook option
- Digital banking
- PayID
- Real-time payments (NPP)
- Unlimited transactions
- Passbook - not available when Visa Debit Card attached
Eligibility
- Minimum age — 55 yearsOver 55 years unless in receipt of pension
- Individuals onlyAvailable for personal use only
- Pension recipients
- Residency status — Australian citizen or a permanent resident of Australia or otherwise approved
Constraints
- Opening balance — $0.00
- Minimum balance — $0.00
More Information
Published by Maitland Mutual Limited under the Consumer Data Right · Last updated 30 June 2026 · Product ID Retirement · View on CDR.gov.au