Retirement Advantage Account

A transaction account exclusively for those aged 55 and over. Enjoy reduced fees and simple banking by combining a transaction and savings account in one.

Benefits

No monthly maintenance fee

And no minimum monthly deposit needed.

Save on withdrawal fees

No withdrawal fees for online, EFTPOS, counter, cheque or Bankwest and CommBank ATM withdrawals in Australia. 1 Fees and charges including other bank ATM fees, overseas ATM access fees, foreign transaction fees, and honour and dishonour fees, may apply. Close

Earn interest

An everyday transaction account that lets you earn interest on the balance. 2 Interest is calculated daily, credited monthly and applied to the relevant portion of your balance that falls within each tier. Close

How it works 

Interest is calculated daily, credited monthly and applied to the relevant portion of your balance that falls within each tier.

For example, if you have a balance of $50,000 in your account:
 

The first $1999.99 will earn the first tier of interest, currently 0.25% p.a.

The next $46,000, will earn the second tier of interest, currently 1.00% p.a.

The next $2,000 will earn the third tier of interest, currently 2.00% p.a.

 Rates and fees

Rates
Name Rate
Variable interest rate on balances from $0 up to $2,000
0.25% p.a.
Variable interest rate on balances from $2,000 up to $48,000
1.00% p.a.
Variable interest rate on balances of $48,000 or more
2.00% p.a.
More
Fees
Name Fee
Monthly maintenance fee $0
Electronic withdrawal fee $0
Cheque withdrawal fee  $0
Counter withdrawal fee $0
Overseas ATM access fee $5 per transaction 3 The overseas bank may charge a fee for using their ATM. Other fees and charges, including foreign transaction fees, may apply. Close
Foreign transaction fee ? For each transaction occurring outside Australia in foreign currency or Australian dollars. Overseas purchases made online may incur foreign transaction fees. Close 2.95% of the transaction amount
Paper statement fee ? Avoid this fee with eStatements.
Close
$1.25 per statement
More

Customers with this account will receive eStatements via Bankwest Online Banking. Customers who opt to receive a paper statement, however, may be charged the above fee. All accounts opened prior to 13 February 2017 will be progressively switched over to eStatements. Exemptions apply.

Rates are subject to change. Other fees and charges may apply. For more detailed information, see the Retirement Advantage Account Product Schedule and Your Guide to Banking Fees.

View our transaction account terms and conditions

Transaction account terms and conditions:

The relevant Product Schedule together with all of the related documents form the complete Product Disclosure Statement for this product.

Product schedule:
Retirement Advantage Account Product Schedule (PDF)

Related documents:
Investment and Transaction Account Terms and Conditions (PDF)
Account Access Conditions of Use (PDF)
Your Guide to Banking Fees (PDF)
Banking Services Rights and Obligations (PDF)
 

Apply today

Here are your next steps...

Check your eligibility

  • People 55 years and over
  • Debit Mastercard® access: Australian citizens, temporary or permanent residents with an Australian residential address. Find out more about Debit Mastercard.
1

Things you need for your application

Find out more about what you may need to provide.

 

Already started? Resume your application

Need help choosing a transaction account?

Speak with someone from the team today.

Things you should know

  1. Fees and charges including other bank ATM fees, overseas ATM access fees, foreign transaction fees, and honour and dishonour fees, may apply.

  2. Interest is calculated daily, credited monthly and applied to the relevant portion of your balance that falls within each tier.

  3. The overseas bank may charge a fee for using their ATM. Other fees and charges, including foreign transaction fees, may apply.

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