Bank launches package for retirees

May 01, 2009 02:46:10 PM

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A locally-based commercial bank has introduced a special retirees benefit package designed specifically for those 55 years and over and have retired from full time work.

Westpac Banking Corporation says it has introduced one of its key initiatives and commitments by aiming to assist the retirement segment in local communities via savings and sound investments.

The bank said retirees looking for an easy to use financial package that offered transactional, savings and investment options could now take advantage of its financial package.

New and existing customers now have the opportunity to earn the introductory rate of 3.75 per cent per annum on a 13 month fixed term deposit account whereby they can elect to have their interest paid either monthly, quarterly, six monthly or at maturity.

“These flexible payment options give retirees the choice of using their earned interest to cater for living expenses, planned activities like a hard earned holiday or reinvest to build on their retirement funds,” the bank said in a statement a short while ago.

“Customers will also be able to earn up to 1.25 per cent on their everyday savings account with a Westpac Seniors account, which provides unlimited free electronic transactions and paper withdrawals.”

The bank said included in the package are insurance products, no obligation financial needs analysis with a licensed investment advisor plus 24 hours, seven days a week electronic banking access via Westpac’s ATMs, EFTPOS, Internet and telephone banking services.

Westpac’s general manager John Cashmore said: “Retirees in Fiji have contributed immensely to our Fiji economy and with the challenges of the current global environment; this package has been designed to help Retirees save with confidence and have piece of mind knowing their investments are safe and with guaranteed returns, allowing them to enjoy their retirement”.

Cashmore added the bank would be running free educational programs in the coming weeks. The details would be released in due course via the dailies.