Bank accounts for seniors over 55 years old

What is the best bank for seniors in Australia?

While there isn't a single best bank that suits everyone, several banks in Australia offer specialized accounts and services tailored to the needs of seniors: Westpac Bank, Commonwealth Bank of Australia (CBA), NAB, and ANZ Bank.

When choosing the best bank for seniors, it's essential to consider factors such as account features, fees, accessibility, customer service, and any additional benefits offered. You may benefit from comparing accounts from different banks to find one that best meets your specific needs, preferences, and financial goals.

You can also place free funds on a savings account.

You can make more detailed calculations using the financial calculators on our website.

What are the pros and cons of bank accounts for seniors?

Bank accounts designed specifically for seniors offer various advantages and disadvantages.

- Pros:

• Fee Waivers - many senior accounts offer fee waivers on account maintenance fees, transaction fees, and other banking charges, helping seniors save money on banking expenses.
• Additional Benefits - the accounts often come with additional benefits such as higher interest rates on savings accounts, discounts on banking products and services, and access to exclusive offers or events.
• Tailored Features - banks may offer features tailored to the needs of seniors, such as accessible banking services, including larger fonts, voice-assisted banking, and dedicated customer service lines for seniors.
• Convenience - senior accounts typically offer convenient banking options, including online banking, mobile banking apps, and access to ATMs, allowing seniors to manage their finances easily from anywhere.
• Financial Assistance - some accounts may provide financial assistance or support services, such as financial planning advice, retirement planning resources, and assistance with managing retirement income streams.

- Cons:

• Age Restrictions - to qualify for senior accounts, individuals typically need to meet age eligibility criteria, such as being aged 55 or over. Younger individuals may not be eligible for these accounts.
• Limited Options - senior accounts may have limited options compared to standard accounts, with fewer account features, fewer banking products and services, and potentially lower interest rates on savings accounts.
• Complexity - some senior accounts may come with complex terms and conditions or eligibility requirements, making it challenging for seniors to understand their banking options and make informed decisions.
• Exclusivity - senior accounts may be limited to specific demographics, excluding individuals who do not meet the age eligibility criteria, such as younger retirees or seniors with diverse financial needs.
• Opportunity Cost - while senior accounts may offer benefits such as fee waivers and additional features, seniors should compare these accounts to standard accounts to ensure they are getting the best value for their banking needs.

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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

Australian Military Bank

Head office’s address: 45 Clarence Street

Contact center: 1300 13 23 28

Phone: +61 2 9240 4122

Mail address: PO Box H151, Australia Square, NSW 1215

Web-site: https://www.australianmilitarybank.com.au

Swift code: AUMLAU21

ABN: 48 087 649 741

BSB: 642 170

Bank Australia

Head office’s address: 222 High Street

Contact center: 61-132888

Phone: 61-3-9854-4666

Mail address: Bank Australia Locked Bag 2035, Collingwood VIC 3066 Australia

Web-site: https://bankaust.com.au/personal

ABN: 21 087 651 607

BSB: 313 140

Bank First

Head office’s address: 117 Camberwell Rd

Contact center: 1300-654-822

Phone: 61-3-9834-8560

Mail address: PO Box 338 Camberwell Vic 3124

Web-site: https://www.bankfirst.com.au/

ABN: 44 087 651 769

BSB: 704-191

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

Bankwest

Head office’s address: 300 Murray St

Contact center: 61-131719

Phone: 61-8-9449-2840

Mail address: Bankwest PO Box E237 Perth WA 6841

Web-site: http://www.bankwest.com.au/

Swift code: BKWAAU6P

ABN: 48 123 123 124

BSB: 325-185

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

Beyond Bank Australia

Head office’s address: 100 Waymouth St

Contact center: 13-25-85

Phone: 61-8-8205-8888

Mail address: GPO Box 1430 Adelaide SA 5001

Web-site: http://www.beyondbank.com.au

Swift code: CUSCAU2S

ABN: 15 087 651 143

BSB: 805022

CommBank

Head office’s address: 201 Sussex Street

Contact center: 13-22-21

Phone: 61-2-8055-4001

Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street

Web-site: https://www.commbank.com.au/

Swift code: CTBAAU2S

Stock code: CBA

ABN: 48 123 123 124

CommBank

Head office’s address: 201 Sussex Street

Contact center: 13-22-21

Phone: 61-2-8055-4001

Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street

Web-site: https://www.commbank.com.au/

Swift code: CTBAAU2S

Stock code: CBA

ABN: 48 123 123 124

Defence Bank

Head office’s address: 31 Queen St

Contact center: 1-800-033-139

Phone: 61-3-8624-5888

Mail address: PO Box 14537 Melbourne VIC 8001

Web-site: http://www.defencebank.com.au/

Financial institution code: DBL

ABN: 57 087 651 385

BSB: 803205

Greater Bank

Head office’s address: 103 Tudor Street

Contact center: 13 13 86

Phone: +612 4921 9111

Mail address: Greater Bank PO Box 173, Hamilton NSW 2303

Web-site: https://www.greater.com.au/

Swift code: ASLLAU2CGBS

ABN: 88 087 651 956

BSB: 637 000

Heritage Bank

Head office’s address: 400 Ruthven St

Contact center: 13-14-22

Phone: 61-7-4694-9000

Mail address: PO Box 190 TOOWOOMBA QLD 4350

Web-site: https://www.heritage.com.au

Swift code: HBSLAU4T

ABN: 32 087 652 024

BSB: 638-603

Hume Bank

Head office’s address: 492 Olive St

Contact center: 1-300-004-863

Mail address: PO Box 343 Albury NSW 2640

Web-site: https://www.humebank.com.au

Financial institution code: HUM

ABN: 85 051 868 556

BSB: 640-000

MyState Bank

Head office’s address: 137 Harrington St

Contact center: 13-80-01

Phone: 61-3-6233-0679

Mail address: 137 Harrington St L 2, Hobart, Tasmania, 7000, Australia

Web-site: http://mystate.com.au/

Stock code: MYS

ABN: 89 067 729 195

BSB: 655-001

MyState Bank

Head office’s address: 137 Harrington St

Contact center: 13-80-01

Phone: 61-3-6233-0679

Mail address: 137 Harrington St L 2, Hobart, Tasmania, 7000, Australia

Web-site: http://mystate.com.au/

Stock code: MYS

ABN: 89 067 729 195

BSB: 655-001

NAB

Head office’s address: 800 Bourke Street

Contact center: 13-22-65

Phone: 61-3-8566-7023

Mail address: Level 4, 800 Bourke Street, Docklands, VIC

Web-site: http://www.nab.com.au/

Swift code: NATAAU3303M

Financial institution code: NAB

Stock code: NAB

BSB: 086-027

P&N Bank

Head office’s address: 556 Wellington Street

Contact center: 13-25-77

Phone: 61-132577

Mail address: Police & Nurses Limited Level 6, 556 Wellington Street Perth WA 6000

Web-site: http://pnbank.com.au/

ABN: 69 087 651 876

Queensland Country Bank Limited

Head office’s address: 333 Ross River Road

Contact center: 1800 075 078

Phone: +61 7 4412 3526

Mail address: PO Box 679 Aitkenvale QLD 4814

Web-site: https://www.queenslandcountry.bank/

Swift code: QCCNAU41XXX

ABN: 77 087 651 027

BSB: 654 000

RACQ

Head office’s address: 7/515 St Pauls Terrace

Contact center: 13-19-05

Mail address: 7/515 St Pauls Terrace, Fortitude Valley QLD 4006, Australia

Web-site: https://www.racq.com.au/

Swift code: QTMBAU41

Financial institution code: QTM

ABN: 83 087 651 054

BSB: 514-000

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