Bank of MelbourneRetirement Access Account
Retirement Access Plus is a transaction account for eligible retirees aged 55 or over to deposit and withdraw funds by various channels including Visa Debit Card and also offers interest on account balances.
At a glance
- Base rate
- 0.05%
- Monthly fee
- $0
Rates
Every rate Bank of Melbourne publishes for this account, 5 in all.
| Type | Applies to | Term | Band | Rate | Comparison | Conditions |
|---|---|---|---|---|---|---|
| Penalty | - | - | - | 15.01% | - | The Unarranged Lending Rate (ULR) is a debit interest rate charged to a transaction account if it becomes overdrawn without arrangement. It will be calculated daily on the debit balance (and deducted… |
| Variable | - | - | up to $10,000 | 0.05% | - | paid every 1 mo; Currently not required |
| Variable | - | - | $10,000–$50,000 | 1.95% | - | paid every 1 mo; Min deposit amount |
| Variable | - | - | $250,000+ | 2.90% | - | paid every 1 mo; Min deposit amount |
| Variable | - | - | $50,000–$250,000 | 2.30% | - | paid every 1 mo; Min deposit amount |
Rate changes
3 changes logged, newest first.
| Date | Rate | Was | Now | Change |
|---|---|---|---|---|
| 9 Oct 2026 | Variable, $10,000–$50,000 | 1.70% | 1.95% | up 0.25 |
| 9 Oct 2026 | Variable, $250,000+ | 2.65% | 2.90% | up 0.25 |
| 9 Oct 2026 | Variable, $50,000–$250,000 | 2.05% | 2.30% | up 0.25 |
Each change is logged the night it appears in the rates Bank of Melbourne publishes. See how every lender answered the RBA on the rate tracker.
Fees
7 fees published, grouped by when they're charged.
While you hold it1
- Account Keeping FeeNo fee
When you make a transaction4
- Periodical PaymentNo fee
- Foreign Currency Conversion Fee
Foreign currency conversion fee for transactions made in foreign currency, and the merchant or financial institution accepting the card is located outside Australia
3.00% of transaction - Cash withdrawals FeeNo fee
- Overseas Withdrawal Fee
The fee is Nil ($0) for cash withdrawals from Global ATM Alliance and Westpac Group partner ATMs. To find an overseas ATM visit the link below
$5
When particular things happen2
- Frequent StatementNo fee
- Overdrawn Fee$15
Features
- Fraud Money Back Guarantee: Customers may be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted us promptly
- Digital Card - Boost your card security by using the dynamic CVV. Access your card details anytime, anywhere. Be assured that you will have uninterrupted access to your funds even if your card is los…
- Bank of Melbourne has an extensive branch network that provides the complete range of banking services to our customers. Our friendly staff are on hand to help you in any of our branches and over the…
- Statements: We will send statement every 6 monthly, or more frequently on request
- You can pay bills using BPAY
- You can make direct debits and periodical payments
- Gambling block requests: The gambling block is a feature available on Visa Debit Cards and Freedom Cards. On eligible cards, the feature is, by default, unblocked, unless otherwise requested by you.…
- Electronic Statements: As an alternative to receiving paper statements in the mail, electronic statements and other important information on one or more of your eligible deposit accounts may be given…
- We provide the following features: Cheque Access, Stopping Cheque payments, Periodical payments or regular transfers, Direct debits, Recurring payments
Eligibility and limits
- Minimum age 55
- Residency: Those with an Australian residential address and who are currently in Australia.
- The card must be linked to an eligible Bank of Melbourne account
- You must be retired to be eligible for this product
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Published by Bank of Melbourne under the Consumer Data Right, last changed by them on 29 Oct 2026. Figures are shown as the institution publishes them and can change without notice; confirm on their site before applying. The Finance Algorithm earns nothing from any product listed here.