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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 Mastercard debit card so you can securely spend online, over the counter or withdraw for free at Bankwest or Commonwealth Bank ATM.
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Product Name | Bankwest Retirement Advantage Account |
---|---|
Maximum Variable Rate | 0.4% p.a. |
Standard Variable Rate | 0.01% |
Monthly Account Fee | $0 |
Minimum Opening Deposit | $0 |
Minimum Age | 55 |
Review by
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
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.
There are some overseas ATM withdrawal fees and international transaction fees, though, so watch out for these if you plan to use the account when travelling as they can quickly add up.