Let your money do the work with an Advantage Plus account
You’ve worked hard, so let us pick up where you’ve left off with an account that keeps your funds safe and in your control. The Advantage Plus Account is offered to those aged 55 and over and features a stepped interest rate so that the more you’ve saved, the more you’ll get back. Open the bank account that rewards a lifetime of effort.
- $0 monthly account keeping fees
- No everyday transaction fees
- No minimum monthly deposits
- Attractive interest rates
- Unlimited cash withdrawals and balance enquiries for no additional cost at any atmx by Armaguard ATM in Australia
2.25% p.a. interest rate
account balances $50,000 and over
Open my Advantage Plus account
Advantage Plus Account interest rates
When you open an Advantage Plus Account, your interest is calculated on daily balances on a stepped basis and paid quarterly. Before making your decision, you should consider our Deposit Rate Schedule, which gives you more details about rates.
| Account balance | Interest rate |
|---|---|
| Up to $4,999 | 0.01% p.a. |
| $5,000 to $49,999 |
1.35% p.a. |
| $50,000 and over |
2.25% p.a. |
Advantage Plus Account fees
Head over to our Fees and Charges Schedule for a full list of fees you might incur as you use your Advantage Plus Account.
| Fee | Amount |
|---|---|
| Everyday transaction fees such as domestic card purchases, internet transfers, periodical payments, direct debits, and direct credits | $0 |
| Monthly account keeping fees | $0 |
| Dishonour fee – where a cheque or direct debit is not honoured, e.g., when you do not have sufficient funds available in your account. | $1 |
Applying for your Advantage Plus Account is easy
It’s easy to switch to RACQ Bank using your computer or smart phone. It takes only a few minutes to submit your application online:
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Fill in your online application and complete your identity check -
If you have nominated a second applicant they will be sent their invitation to complete their application and identity check also -
Once you application is submitted we will open your account and send you a text message and email with your account details
Who can open an RACQ Bank over 55 bank account?
To open your RACQ Bank Advantage Plus Account online, you’ll need to:
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Be aged 55 years or overEnjoy an account offered exclusively to mature members. -
Have an Australian residential addressRACQ Bank is proud to serve locals like you.
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Have an Australian mobile phone numberEnjoy the safety and simplicity of digital banking.
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Have an Australian driver licence or Australian passportPhotograph your ID in the comfort of your own home.
While you're here
Why switch to RACQ Bank?
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No everyday transaction fees, keep the extra for something fun.
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Your safety matters - we store your info and funds securely.
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Visa Debit cards and rediCARDs now made from 82% recycled materials
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See the difference membership makes with RACQ member benefits.
Your RACQ membership comes with exciting benefits~~
Contact us
Need help or would like to know more? RACQ Bank offers many convenient ways for you to get in touch with us.
Advantage Plus Account FAQs
Tips and guides
Things to note
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
You can only create a PayID within mobile or internet banking by linking it to an eligible account. Not available on some accounts. Please read the internet banking terms and conditions for more info.
Biometric identification features are compatible with selected devices only, noting that some devices may not be able to use particular biometric identification methods. For Android, selected biometric features should be available on devices with android v 4.4 or greater, provided that feature is available in device. For iOS device, any device that is running with IOS version 9, 10 or 11 (or greater), provided that feature is available in device.
~~ Terms and conditions apply to all offers. View the individual offer for full details. Offer is subject to availability and may be withdrawn at any time without notice.
#Conditions apply. Offer available at participating Puma Energy and new Caltex stations. Visit racq.com/puma for details.