Mozo guides

Top bank accounts for pensioners and retirees

By Cameron Thomson ·
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Older couple looking at bills, considering different bank accounts.

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. 

Finding a flexible bank account

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.

2024's top pensioner accounts

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

Determine your savings strategy

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.

Digital banking security for seniors

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.

Compare no monthly fee bank accounts

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 173 bank accounts.
Last updated 13 January 2025 Important disclosures
  • Mozo Expert Choice Badge
    Orange Everyday

    $0.00

    Apple Pay, Google Pay, PayID, PayTo

    0% p.a.

    Earn $100 cashback when you open an ING Orange Everyday and Savings Maximiser bundle. Offer is available until 15 February, 2025 (T&Cs apply). ING’s Orange Everyday bank account offers no monthly fees and 1% cashback on eligible utility bills up to $100 (T&Cs apply). Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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  • Everyday Options Account

    $0.00

    Apple Pay, Google Pay, PayID

    0.01% p.a.

    Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.

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  • Glide Account

    $0.00

    Apple Pay, Google Pay, PayID, Samsung Pay, Garmin Pay

    0% p.a.

    Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.

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  • Everyday Global Account

    $0.00

    Apple Pay, Google Pay

    0% p.a.

    Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^

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Cameron Thomson
Cameron Thomson
RG146
Money writer

Cameron has a Bachelor of Creative Writing and History, and a background in broadcast media from his time at 2SER Radio. This diverse set of skills has informed his analytical yet creative approach to dissecting financial data and uncovering long-term trends in consumer finance. Cameron is RG146 certified for Generic Knowledge and keeps a keen eye on current and historical deposit and savings rates on the Mozo database. Cameron is also interested in tracking the investment space, particularly share trading platforms, to help Aussie consumers save and invest their money more wisely.

^See information about the Mozo Experts Choice Bank Account Awards

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