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.
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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
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
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.
Your reviews
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Alison Finder
Editor
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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
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?
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%
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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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.