As you near or enter retirement, having a reliable income would be a priority for most of us. It makes planning how you are going to enjoy retirement a whole lot easier. Part of this process involves looking at where to invest your money in ways that aren’t vulnerable to the ups and downs of the share and property markets. At G&C Mutual Bank we have account options to suit different savings goals as well as your everyday spending.


Term deposits for money you can put aside

If you have money in a regular transaction account that is surplus to your needs for everyday living, you could move it to a Term Deposit where you earn a higher rate of interest, in exchange for keeping it invested for a set period. Term deposits are a useful option if you want to save for a specific goal, and you can name it to reflect what you are saving for – “Grandkids’ education”, “Trip” or “Rainy day”, for example.

You can invest as little as $1,000 in a term deposit and you have the option to have interest paid monthly, annually or at maturity. All deposits up to $250,000 are covered by the Government guarantee, and our Term Deposits have recently been awarded the Customer-Owned Bank of the Year Term Deposits Award 2022 by Canstar.

Here are some helpful Term Deposit Frequently Asked Questions that you might find useful.


Pensioner Plus for more interest on an everyday account

If you’re over 55 years of age and receiving a retirement income, you can open a Pensioner Plus transaction account. It gives you a higher interest rate that is calculated daily and paid into your account monthly. That makes it a no fuss way of boosting your regular income while keeping all the convenience and flexibility of a regular transaction account.

You can open a Pensioner Plus account if you receive a Centrelink or Veterans Affairs pension, or are a self-funded retiree. There is no minimum balance and interest rates are calculated in 2 tiers, according to the balance in your account.


We’re here to help

You can find out more about our Term Deposits and Pensioner Plus accounts here. Or contact us or call us on 1300 364 400, 9.00am - 5.00pm, weekdays, or speak to one of our Mobile Lenders.

If you’re unsure about what products might be best for your personal circumstances, please speak with your financial adviser. If you don’t have one, the Government’s MoneySmart website has a register of qualified advisers.


Planning for your retirement guide

Our Planning for your retirement guide has been designed to help you plan your retirement by encouraging you to think about the finances you are likely to need. Make the most of your golden years and find out how we can help you on your retirement journey.


Any advice or information provided in this article is general advice only, and does not take into account your personal objectives, financial situation or needs. Before acting on any general advice you should consider its appropriateness given your personal circumstances. You should consider the Terms and Conditions and Fees and Charges for a product or service before acting on any advice to acquire it. Please consult with a financial adviser for personal financial advice.