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

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

Earn interest

An everyday bank account that lets you earn interest on the balance. 3 Interest is calculated daily, credited monthly and applied to the relevant portion of your balance that falls within each tier.

Bankwest Halo payment ring

For an even easier way to pay, order a Bankwest Halo payment ring. 4

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 $1,999.99

The first $1,999.99 will earn the first tier of interest, currently 0.01% p.a.

The next $46,000

The next $46,000 will earn the second tier of interest, currently 0.05% p.a.

The next $2,000

The next $2,000 will earn the third tier of interest, currently 0.40% p.a.

 Rates and fees

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Rates
Name Rate
Variable interest rate on balances from $0 up to $1,999.99 0.01% p.a.
Variable interest rate on balances from $2,000 up to $47,999.99 0.05% p.a.
Variable interest rate on balances of $48,000 or more
0.40% p.a.
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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 5
Foreign transaction fee ? 2.95% of the transaction amount
Paper statement fee ? Avoid this fee with eStatements.
$1.25 per statement
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Customers with this account will receive eStatements via Bankwest Online Banking and the Bankwest App. Customers who opt to receive a paper statement, however, may be charged the above fee. Exemptions apply.

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).

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:

Apply today

Here are your next steps...

Check your eligibility

  • You must be 55 or over
  • After a joint account? Book a branch appointment to apply. If you already have a joint account with us, call 13 17 19
  • 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).

Find out more about what you may need to provide.

Already started? Resume your application

Frequently asked questions

Info at your fingertips

1

Can I use this as a retirement savings account?

Yes – you can use it as a savings account for your retirement fund and earn interest each month. See how it works.

2

Is there anything I need to consider before I apply?

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.

 

3

What age do I need to be to apply?

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.

Need help choosing a bank account?

Speak with someone from the team today.

  1. For joint accounts one customer must meet this age requirement.
  2. Fees and charges including other bank ATM fees, overseas ATM access fees, foreign transaction fees, and honour and dishonour fees, may apply.
  3. Interest is calculated daily, credited monthly and applied to the relevant portion of your balance that falls within each tier.
  4. Effective 28 September 2021 the Bankwest Halo payment device is withdrawn from sale. Customers who already hold a Bankwest Halo payment device can continue using it until the expiry of the device, however, from 1 December 2021 the Bank will no longer reissue or replace any existing Bankwest Halo payment device.
  5. The overseas bank may charge a fee for using their ATM. Other fees and charges, including foreign transaction fees, may apply.

Mastercard is a registered trademark, and the circles design and Tap & go are trademarks of Mastercard International Incorporated.