Live chat Online Chat now

Let your money do the work with an Advantage Plus account

You deserve to enjoy what's yours so let us help you build your wealth 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

Open my Advantage Plus Account

0.40% p.a. interest rate

*$50,000 and over account balances

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 0.10% p.a.
$50,000 and over 0.40% 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

Advantage Plus Account FAQs

No, unlike some other banks, RACQ Bank doesn’t ask you to be retired or have a pension card to open an Advantage Plus Account. You just need to meet the following eligibility criteria:

  • Be 55 years or older
  • Have a Queensland residential address
  • Have an Australian mobile phone number
  • Have either an Australian driver licence or Australian passport for ID
We’ll pop your Visa Debit card into your mailbox 7-10 business days after your application has been processed.

You can activate your Visa Debit card online using the RACQ Bank app or internet banking. Simply log in, select "Card options" then select "Activate card".

Or, please call us on 13 1905 or visit your local RACQ store and one of our friendly staff will lend you a hand.

We will review your application within one business day. Once your application has been processed, you’ll get an SMS or email with your Bank ID and temporary internet banking password.

Advantage Plus is for people over 55 who want an account that earns interest on their savings, while still providing everyday access to their money. This account is useful for seniors and pensioners who wish to earn more interest than they are accruing with other RACQ Bank transaction accounts.

More RACQ Bank FAQs

While you’re here

Savings Accounts

Say yes to continued prosperity.

Learn more

Term Deposits

Invest money on your terms.

Learn more

Budget planner calculator

Simplify future planning.

Learn more

Banking 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.

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.

# E10, Unleaded 91, Premium Diesel and LPG only. Conditions, limits and exclusions apply. See Puma Energy fuel discount for more information.

~ eGift Cards:

  • Discount applies at checkout
  • Discount is on pre-purchased WISH and Woolworths Group eGift Cards only
  • Offer available online only
  • Discount not available when purchased in store
  • WISH and Woolworths Group eGift Cards terms and conditions apply
  • WISH and Woolworths Group eGift Cards are emailed to your nominated email address
  • A maximum of ten WISH and Woolworths Group eGift Cards may be purchased in one transaction
  • You can check your eGift Card balance here
  • Woolworths Limited ABN 88 000 014 675 is the issuer of the WISH and Woolworths Group eGift Card, but is not the promoter of the offer, nor responsible for fulfilment of the offer terms. WISH and Woolworths Group eGift Cards have no expiry date and are redeemable at participating stores only. For a list of participating stores and full eGift Card Terms and Conditions visit woolworths.com.au/giftcards