No monthly maintenance fee or minimum monthly deposit required. Other fees may apply.
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Retirement Advantage Account
The Retirement Advantage Account is for those aged 55 and over. Enjoy reduced fees and simple banking by combining a bank account and savings account in one.
1
For joint accounts one customer must meet this age requirement.
Benefits at a glance
Retirement Advantage Account is also suitable for concession card or government card holders.
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 $255,000 in your account:
The first $9,999.99
The first $9,999.99 will earn the first tier of interest, currently 0.05% p.a.
The next $40,000
The next $40,000 will earn the second tier of interest, currently 1.65% p.a.
The next $200,000
The next $200,000 will earn the third tier of interest, currently 2.15% p.a.
The next $5,000.01
The next $5,000 will earn the fourth tier of interest, currently 2.65% p.a.
Rates and fees
| Name | Rate |
|---|---|
|
Variable interest rate on balances from $0 up to $9,999.99 |
0.05% p.a. |
|
Variable interest rate on balances from $10,000 up to $49,999.99 |
1.65% p.a. |
|
Variable interest rate on balances from $50,000 up to $249,999.99 |
2.15% p.a. |
|
Variable interest rate on balances from $250,000 or more |
2.65% p.a. |
Rates
Name
Rate
Variable interest rate on balances from $0 up to $9,999.99
0.05% p.a.
Variable interest rate on balances from $10,000 up to $49,999.99
1.65% p.a.
Variable interest rate on balances from $50,000 up to $249,999.99
2.15% p.a.
Variable interest rate on balances from $250,000 or more
2.65% p.a.
| Name | Fee |
|---|---|
| Monthly maintenance fee | $0 |
| Electronic withdrawal fee | $0 |
|
Overseas ATM access fee
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Overseas and local non-bank ATM operators may charge a fee. Other fees and charges may apply. |
$0 |
| Foreign transaction fee ? |
$0 |
Customers opening this account will receive eStatements via Bankwest Online Banking and the Bankwest App. Customers can opt to receive a paper statement.
Rates are subject to change. Other fees and charges may apply. For more detailed information, see the Retirement Advantage Account Product Schedule (PDF) and Your Guide to Banking Fees (PDF).
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:
Apply today
Here are your next steps...
Check your eligibility
- You must be 55 or over
- After a joint account? Visit us in branch to apply (WA only). If you already have a joint account with us, call 13 17 19
- Platinum Debit Mastercard access is available to Australian citizens and temporary or permanent residents over 16 with an Australian residential address (limited exceptions may apply subject to conditions).
- Photo identification such as an Australian driver's licence or passport. Or see a handy list of other ID documents we’ll accept
- Tax File Number (providing your TFN stops you from paying witholding tax on this account).
Already started? Resume your application.
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Frequently asked questions
Info at your fingertips
Yes – you can use it as a savings account for your retirement fund and earn interest each month. See how it works.
Before you apply for the Retirement Advantage Account, here are a few things to be mindful of:
- Interest is calculated daily, so if you regularly make withdrawals from your account, you won’t earn as much interest
- There aren’t any monthly maintenance fees applicable to this account – however, other fees may apply (like if your card is used overseas). Learn more about fees.
You need to be 55 or over to apply for a Retirement Advantage Account. See all eligibility criteria.
Looking for something else?
Check out some of our other bank accounts.
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Your everyday banking covered
Take care of your day-to-day banking needs.
- For joint accounts one customer must meet this age requirement.
- Overseas and local non-bank ATM operators may charge a fee. Other fees and charges may apply.
- Interest is calculated daily, credited monthly and applied to the relevant portion of your balance that falls within each tier.
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