Top bank accounts for pensioners and retirees
Charges for overdrawing your bank account, missing monthly deposit quotas and minimum balance requirements can add up significantly over time. And unfortunately, it’s often retirees and those already struggling to cover their bills who are often paying those fees and charges.
The good news is it’s quite simple to avoid unnecessary fees when you’re on a limited income. There are genuine bank accounts out there that will work with your personal situation. Look for an everyday bank account that has features like no monthly deposit or minimum balance requirements, limited fees on overdraws and no monthly fees.
You can compare bank account features and basic fees quickly and easily using Mozo's handy bank account comparison tool.
But to assess the cream of the crop, check out the 2022 Mozo Experts Choice Awards for Bank Accounts. Here, you'll find a bunch of accounts with no or minimal fees, plus plenty of useful fee-free features like banking for overseas transactions or rewards points.
For these awards, the Mozo data team assessed pensioner accounts in their own award category, so retirees can manage their balance and pension income with fee-free banking. The five top accounts were:
- Bank First Pension Account
- Goldfields Money Retire-Style
- Heritage Bank Pension Plus
- P&N Bank & Retirement Account
-
The Mutual Bank Retirement Account
- Queensland Country Bank Pension Plus
Factor a savings account into your banking plan
If you have some spare savings, you can make some minimal-effort income by putting them in an interest-earning savings account instead of your low interest everyday transaction account. If you struggle to savings deadlines, you’ll want to look around for a savings account with ongoing high interest and restrictions on transactions or deposit requirements.
Generally, these kinds of condition-free accounts won’t offer bonus interest that’ll bump up your earnings. So, make sure you also compare high interest savings accounts to see if there are options with bonus interest-earning criteria that’s achievable and within your monthly budget.
You can find savings accounts offering great deals for different kinds of savers at the Mozo Experts Choice Awards page.
Top saving tips:
- Keep the bulk of your cash in a savings account and move it across to the transaction account when needed. It’s easy to do with online, phone and in-app banking, and will see your money earning interest.
- Get into the habit of doing an annual review of your bank accounts to make sure that you’re always getting the best deal for your money.
- Set up automatic payments from your bank account for things like debt repayments as well as internet, phone and rent or mortgage bills to avoid paying late fees.
Compare no monthly fee bank accounts
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Mozo experts choice awards won:
- Exceptional Everyday Account - 2024
Orange Everyday
$0.00
Apple Pay, Google Wallet, PayID, PayTo
0% p.a.
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareOrange Everyday
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, PayTo
- interest rate
- 0% p.a.
- ATM networks
- None
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Access 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees for the first 5 fee incurring withdrawals (domestic). When you deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month.
Read our Mozo Review to learn more about the ING Orange Everyday
-
Everyday Global Account
$0.00
Apple Pay, Google Wallet
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.^
CompareCompareEveryday Global Account
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.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet
- interest rate
- 0% p.a.
- ATM networks
- HSBC
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, BPAY and direct debits
Read our Mozo Review to learn more about the HSBC Everyday Global Account
-
Glide Account
$0.00
Apple Pay, Google Wallet, 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.
CompareCompareGlide Account
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.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay
- interest rate
- 0% p.a.
- ATM networks
- MyState
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free internet transactions.
Read our Mozo Review to learn more about the MyState Bank Glide Account
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Everyday Options Account
$0.00
Apple Pay, Google Wallet, PayID
0.01% p.a.
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareEveryday Options Account
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Suncorp Everyday Options Account
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^See information about the Mozo Experts Choice Bank Account Awards
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