Top bank accounts for pensioners and retirees

Bank accounts can differ based on their interest rates, fees, features and security. If you’re a senior looking for a bank account that better suits your needs, we’ve done some of the hard work here to help.

Our following guide breaks down the top things to look for when choosing the right account for your money. 

The good news is finding more flexibility and avoiding unnecessary banking fees is achievable. 

Look for accounts with:

• No monthly fees
• No minimum balance requirements
• No monthly deposit requirements
• Limited or no overdraft fees
• Fee-free everyday transactions.

Keeping some of the account features we explored in mind, let’s now move our attention to the top pensioner accounts as selected by 2024 Mozo Experts Choice Awards, selected from 55 accounts across various banking providers:

• BankVic Pension Plus
  • $0 monthly account fee
  • Supported payment options: Apple Pay, Google Wallet, PayID
• BankFirst Pension Account
  • $0 monthly account fee
  • Supported payment options: Apple Pay, Google Wallet, PayID
• Queensland Country Bank Pension Plus
  • $0 monthly account fee
  • Supported payment options: Apple Pay, PayID
• Unity Bank Pensioner Security Account
  • $5 monthly account fee
  • Supported payment options: Apple Pay, Google Wallet, PayID, Samsung Pay

If you have surplus funds, consider utilising a high-interest savings account alongside your everyday transaction account. This two-account strategy can help your money work harder for you while maintaining easy access to your funds.

Tips for choosing a savings account:

• Look for accounts with no ongoing conditions for earning interest
• Compare accounts offering competitive base rates
• Consider whether you can meet bonus interest requirements
• Check for accounts specifically designed for retirees.

As banking becomes increasingly digital, understanding how to protect your money online is crucial. Two-factor authentication is your first line of defence – think of it as having both a lock and a security system on your front door. When your bank sends you a code via SMS to confirm a transaction, that's two-factor authentication in action.

Never conduct your banking on public WiFi networks, such as those in shopping centres or cafes. Instead, use your home internet connection or your phone's mobile data. If you need to bank while out, consider using your bank's mobile app rather than the website, as apps generally offer better security.

Smart money management tips

1. Automate your finances
   • Set up automatic payments for regular bills
   • Schedule pension deposits to your high-interest savings account
   • Create automatic transfers for bill payments
2. Regular account reviews
   • Review your bank statements monthly
   • Compare your account features annually
   • Track and categorise your spending
   • Look for new banking products that might better suit your needs
3. Optimise your banking structure
   • Keep the majority of funds in your high-interest savings account
   • Transfer only necessary amounts to your transaction account
   • Maintain a small buffer in your everyday account
   • Use scheduled transfers to manage your money effectively

By following these guidelines and choosing the right banking products, you can minimise fees while maximising the value of your pension and retirement savings. You can find savings accounts offering great deals for different kinds of savers at the Mozo Experts Choice Awards page or check out our best bank account page.