Yes – you can use it as a savings account for your retirement fund and earn interest each month. See how it works.
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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
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.
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:
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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 0.50% 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 |
0.50% p.a. |
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Customers opening this account will receive eStatements via Bankwest Online Banking and the Bankwest App. Customers can opt to receive a paper statement; however, a paper statement fee will apply. 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).
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).
Already started? Resume your application
Frequently asked questions
Info at your fingertips
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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.
- Fees and charges including other bank ATM fees, overseas ATM access fees, foreign transaction fees, and honour and dishonour fees, may apply.
- Interest is calculated daily, credited monthly and applied to the relevant portion of your balance that falls within each tier.
- 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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