In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Bankwest Retirement Advantage Account

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Bankwest Retirement Advantage Account
Maximum variable rate
2.65% p.a.
Base interest rate
0.05%p.a.

Our verdict

A retirement transaction account that gives you interest on your everyday funds and no monthly account fees

This account could be suited to you if you’re over 55 and looking for an easy way to access your money without paying too many fees. The account acts as an everyday transaction account with full debit card access to your money whenever you need it, while charging no account keeping fees. You can withdraw cash in a branch for free which is helpful if you make a lot of transactions in branch. There’s also no monthly deposit conditions to stick to so it’s suitable for customers who may no longer be earning a regular income.

Unlike the other transaction accounts offered by Bankwest, this account also pays some interest on the money in the account. The interest rates are tiered, so you’ll earn more interest on the higher portion of your balance.

Pros

  • No monthly account fees
  • Linked debit Mastercard
  • Earn interest on your balance

Cons

  • Must be aged 55 or over

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

The Bankwest Retirement Advantage Account is a fee free transaction account and savings account in one. The variable interest rate is tiered to the Retirement Advantage bank account balance. You get a Bankwest Platinum Debit Mastercard so you can securely spend online, over the counter or withdraw for free at Bankwest or Commonwealth Bank ATM.

Details

Key details

Product Name Bankwest Retirement Advantage Account
Maximum Variable Rate 2.65% p.a.
Standard Variable Rate 0.05% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 55

Key features

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No monthly account fees

You'll pay nothing to open the Bankwest Retirement Advantage bank account and there are no monthly account keeping fees or foreign transaction fees. Bankwest does not charge international ATM fees (you may have to pay an ATM fee charged by the overseas bank).

Free ATM withdrawals

No ATM fees when you use major bank ATMs Australia-wide.


How to apply

Eligibility

You can apply for the Bankwest Retirement Advantage Account online by visiting their website. The application takes less than 10 minutes to complete. Check that you're eligible to apply for this account.

  • You must be over the age of 55 to apply for this bank account.

Documentation needed

You're required to enter some basic personal information about yourself to complete the online application.

  • Personal details. Enter your name, date of birth, email address, residential address and mobile or landline phone number.
  • Employment status. Select your current employment status: casual, part time or employed full time; self employed; unemployed; retired or other.

Your reviews

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Ask a question

Ask a question
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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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Anne

October 06, 2023

I recently changed from a cheque account with Mastercard attached to a retirement advantage. Does the Mastercard I have still work at an atm now there’s no checking account to withdraw cash.


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Shubham Pandey Finder

October 23, 2023

Hi Anne,


Thank you for your question.


The Bankwest Retirement Advantage Account provides a Bankwest Platinum Debit Mastercard. This debit card can be used for purchases and withdrawals in Australia, online, and overseas. You can securely spend online, over the counter, or withdraw cash for free at Bankwest or Commonwealth Bank ATMs.


Since the Bankwest Platinum Debit Mastercard is associated with your Retirement Advantage Account, it should still work at ATMs, including Bankwest and Commonwealth Bank ATMs, as mentioned in the features of the account. You should be able to use your Mastercard to withdraw cash from these ATMs without any issues.


If you have any specific concerns or need more detailed information about using your Mastercard with your Retirement Advantage Account, you can contact Bankwest on 13 17 19.


Finder also has a guide on other cards for retired and pensioner applicants that has further details.


I hope this helps.


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Jill

March 10, 2022

I’m looking for a bank to deposit money the account is a Pyt Ltd account where we place money in the super fund


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Alison Banney Finder

March 16, 2022

Hi Jill,


If you’re looking for an SMSF bank account you can see options here.


These accounts act in a similar way to regular bank accounts, but are tailored towards SMSFs and trusts to help manage your expenses and accept deposits.


I hope this helps,

Alison


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Rod

June 13, 2017

As an immigrant, can I open this account and deposit money into it before arriving in Australia?


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Jonathan

June 13, 2017

Hi Rod!


Thanks for the comment.


Please be informed that Bankwest Retirement Advantage Account is available for Australian citizens, temporary or permanent residents with an Australian residential address.


These are their basic opening requirements:

1. one form of primary ID with a photo (i.e. passport or driver’s license) or

2. two forms of primary ID without a photo (i.e. birth certificate and government benefits card) or

3. one form of primary ID without a photo (i.e. birth certificate or citizenship papers), plus one form of secondary ID (i.e. a utility bill)

4. proof of concession for Student Account applications:

a. tertiary and TAFE students over 17 years of age must present proof of enrolment at account opening.

b. apprentices and trainees over 17 years of age must provide documentation from an approved state-based apprenticeship center confirming your details.


You may also read our guide on how to open a bank account as a non-resident.


You can give them a call directly if you need further assistance.


Hope this helps.


Cheers,

Jonathan


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cheryl

August 08, 2016

do i have to have a certain amount in the account to earl 2.5%


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May Finder

August 08, 2016

Hi Cheryl,


Thank you for your question.


For the Bankwest Retirement Advantage Account, the interest is calculated at the applicable rate on the portion of the balance which falls within each tier. The 2.5% will be calculated if your account balance is above $48,000.


Cheers,

May


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