No monthly maintenance fee or minimum monthly deposit required. Other fees may apply.
Log in
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
2
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
- Want a joint account? Check out your options.
- 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.
A new look bank card, designed for accessibility
All Bankwest debit cards now feature a vertical design and built-in notch so you know which way to insert your card at the checkout and ATM. Plus, the card number, signature panel and expiry date are on the back, helping to keep all card details safe and secure.
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.
Check out our other transaction accounts
Bankwest Qantas Transaction Account
Earn Qantas Points while you bank
Australia’s first Qantas Transaction Account that lets you earn Qantas Points on the money in your everyday account.
Easy Transaction Account
Your everyday banking covered
Take care of your day-to-day banking needs.
Looking for something else?
Manage your bank account
Check out our range of guides on managing your bank account.
How to apply for a bank account
Find out what you’ll need to have on hand before you apply for an everyday bank account.
Frequently asked questions
Find the answers to questions on accounts, cards, home loans and online banking services.
Support
Want to chat? We have a range of contact options to suit your 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.
Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.