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.
