Media Release: Age Concern New Zealand

October 5, 2011

Could you save money by shopping? Age Concern New Zealand says 'yes'

People who have their New Zealand Superannuation paid directly into a bank account should check they are receiving concessions on bank charges, says Age Concern National President Liz Baxendine.

Despite major retail banks agreeing not to charge fees on accounts where New Zealand Superannuation is regularly received, this may not happen automatically.

In some cases this concession must be applied for, advises Mrs Baxendine.

"People should make sure they apply and check that they are receiving their entitlement. Be sure to do this when you first go onto Superannuation. Some banks also extend these concessions to overseas pensions. Check that too," she says.

Mrs Baxendine applauds banks offering further concessions to senior citizens.

"BNZ offers a Silver Service and National calls their scheme Freedom Years," she says.

According to Mrs Baxendine the National and Kiwi Bank have the most generous concessions for older people.

"As well as the usual waivers, National does not change an annual account fee on their Visa Classic credit card, with a half fee on their Gold Card. None of the other banks appear to have credit card fee concessions. National also offers discounts on house and contents insurance premiums.

"As well as offering similar premium discounts, Kiwi Bank has a formal partnership with the New Zealand Grey Power Federation. For every dollar a Grey Power member or the Grey Power Federation deposits with Kiwi Bank, the bank pays a commission. If you want to be in this scheme just apply to the bank."

Mrs Baxendine stresses all banks still charge fees some services such as automatic payments, money transfers or loans.

ENDS

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