What is a concession account in Australia?
Сoncession accounts are intended for segments of the population recieving benefits, for example, pensioners or recipients of assistance from the government.
How much does a concession account cost?
As a rule, such accounts are not charged for basic transactions, including:
- servicing
- online transfers
- phone banking transfers
- ATM and branch withdrawals at the bank
- EFTPOS withdrawals
- retail purchases
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.50% | 875 |
| 25,000 | 3.55% | 888 |
| 25,000 | 3.60% | 900 |
| 60,000 | 3.65% | 2,190 |
| 60,000 | 3.70% | 2,220 |
| 60,000 | 3.75% | 2,250 |
| 120,000 | 3.80% | 4,560 |
| 120,000 | 3.85% | 4,620 |
| 120,000 | 3.90% | 4,680 |
| 240,000 | 3.95% | 9,480 |
| 240,000 | 4.00% | 9,600 |
| 240,000 | 4.05% | 9,720 |
Do concession account pay interest?
Typically, such accounts pay no or very little interest.
See the similar FAQ about Australian banks:
- Bank of Melbourne PayID Osko payments, how to use
- Bank of Melbourne cheque clearance time
- Bank of Melbourne internet banking
- Bank of Melbourne internet banking is down, what should I do
- Bank of Melbourne mobile banking app
Details of companies offering the financial services:
ANZ Bank
Head office’s address: 833 Collins Street
Contact center: 13-13-14
Phone: 61-3-9683-9999
Mail address: 833 Collins Street Docklands, Melbourne
Web-site: http://www.anz.com
Swift code: ANZBAU3M
Financial institution code: ANZ
Stock code: ANZ
ABN: 11 005 357 522
BSB: 015-891
Bank of Melbourne
Head office’s address: 525 Collins Street
Contact center: 61-132266
Phone: 61-3-9982-4186
Mail address: 525 Collins Street Melbourne
Web-site: https://www.bankofmelbourne.com.au/
Swift code: SGBLAU2S
ABN: 33 007 457 141
BSB: 193-879
Bank SA
Head office’s address: 97 King William Street
Contact center: 13-13-76
Phone: 61-2 9155-7850
Mail address: 97 King William Street, Adelaide, SA
Web-site: http://www.banksa.com.au/
Swift code: SGBLAU2S
ABN: 33 007 457 141
Bendigo and Adelaide Bank
Head office’s address: The Bendigo Centre
Contact center: 1-300-361-911
Phone: 61-2-8023-5417
Mail address: The Bendigo Centre PO Box 480 Bendigo Vic 3552
Web-site: http://www.bendigobank.com.au/
Swift code: BENDAU3B
Stock code: BEN
ABN: 11 068 049 178
BSB: 633-300
Rural Bank
Head office’s address: 80 Grenfell Street
Contact center: 1-300-660-115
Phone: 61-8-7109-920
Mail address: Rural Bank PO Box 3660 Rundle Mall SA 5000
Web-site: http://www.ruralbank.com.au/
Swift code: BENDAU3B
Financial institution code: BBL
ABN: 74 083 938 416
BSB: 633-500
St. George Bank
Head office’s address: 275 Kent Street
Contact center: 13-33-30
Phone: 61-2-9553-5333
Mail address: St.George Bank Locked Bag 1 Kogarah NSW 1485
Web-site: http://www.stgeorge.com.au/
Swift code: SGBLAU2S
Financial institution code: STG
Stock code: SGB
ABN: 33 007 457 141
BSB: 112-908
Westpac Bank
Head office’s address: 275 Kent Street
Contact center: 13-20-32
Phone: 61-2-9155-7700
Mail address: 275 Kent Street, Sydney, NSW
Web-site: https://www.westpac.com.au/
Swift code: WPACAU2S
Financial institution code: WBC
Stock code: WBC
ABN: 33 007 457 141
BSB: 032-063