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Why open an Advantage Plus Account?

When you're over 55 and you're after a bank account that gives you more, you can trust our Advantage Plus Account. You'll save with no monthly account keeping fees, plus you'll enjoy a competitive interest rate to help your balance grow. Manage your money on the go with 24/7 phone, internet and mobile banking and get all the benefits that come with being a member of RACQ.

  • No monthly account keeping fees
  • No minimum monthly deposit
  • Competitive interest rates

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1.00% p.a. interest rate

$50,000 and over account balances

Canstar award Outstanding Transaction account

Interest rates and account fees

Account Balance Interest Rate Monthly Account Fees
Up to $4,999 0.01% p.a. $0
$5,000 to $49,999 0.25% p.a. $0
$50,000 and over 1.00% p.a. $0

Interest is calculated on daily balances on a stepped basis and paid quarterly. Minimum opening balance $2,000.

Eligibility

To open an RACQ Bank Advantage Plus Account, you'll need to meet the following criteria.

Learn more about banking with RACQ Bank in our bank account FAQs.

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  • be 55 years or older
  • have a minimum opening balance of $2,000
  • have a Queensland residential address
  • have an Australian mobile phone number
  • have either an Australian driver's licence or Australian passport for ID

Accounts Bank Account FAQs

For members over 55, our Advantage Plus Account is a great way to make your money work for you. Advantage Plus Account holders enjoy a great rate of interest on their balances, no monthly account keeping fee and no minimum monthly deposit.

For a full run-down on the benefits of having an Advantage Plus Account and whether it’s right for you, visit our Advantage Plus page, drop in to a RACQ Bank branch  or call us on 13 1905.

No, you do not need to be retired or have a pension card to open an Advantage Plus Account. You'll just need to meet the following criteria.

  • be 55 years or older
  • have a minimum opening balance of $2,000
  • have a Queensland residential address
  • have an Australian mobile phone number
  • have either an Australian driver's licence or Australian passport for ID

Transactions on ATMs may be charged an upfront fee, which is determined by the ATM operator. Please refer to our Fees and Charges Schedule  for a full list of transaction fees.

Yes, cheque books are available on certain RACQ bank accounts. For information on whether your account qualifies, drop into a Bank branch  or call us on 13 1905.

Advantage Plus is available to people over 55 who want an account that provides interest for their savings, while still providing everyday access to their money. This account is especially useful for seniors and pensioners who wish to make their savings work harder for them.

For more information, visit our Advantage Plus page, visit your local RACQ Bank branch, or phone us on 13 1905.

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The Canstar 5-Star Rating for Outstanding Value Transaction Account was awarded in April, 2020 for the Advantage Plus Account in the senior transactor profile.

Banking and loan products are issued by Members Banking Group Limited ABN 83 087 651 054 AFSL and Australian credit licence 241195 trading as RACQ Bank. 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, before deciding.