Retirement Advantage Account

The Retirement Advantage Account is exclusively for those aged 55 and over. Enjoy reduced fees and simple banking by combining a bank account and savings account in one.


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 bank 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

Bankwest Halo payment ring

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

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

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.
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
Foreign transaction fee ? 2.95% of the transaction amount
Paper statement fee ? Avoid this fee with eStatements.
$1.25 per statement

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).

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
  • You must be an Australian citizen, or temporary or permanent resident, and have an Australian residential address to get a Debit Mastercard®.

Find out more about what you may need to provide.

Already started? Resume your application

Frequently asked questions

Info at your fingertips


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.


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.



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.