Bankwest Retirement Advantage Account

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

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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Alison Banney

Last Updated Dec 31, 2020

0.4% p.a.

Maximum variable rate

0.01%p.a.

Base interest rate

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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

Pros

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

Cons

Must be aged 55 or over

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

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.

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. Overseas transaction fees apply when you use the Mastercard or Bankwest debit card outside Australia.

Free ATM withdrawals

Pay nothing to make cash withdrawals from Commonwealth Bank and Bankwest ATMs. Make free withdrawals at over 4,000 Bankwest and Commonwealth Bank ATMs Australia wide.

Two free Bankwest staff assisted withdrawals

There's no charge when you visit a Bankwest branch to withdraw funds from your Retirement Advantage Account up to two times a month.

Debit Mastercard

The Bankwest Retirement Advantage Account comes with a Debit Mastercard. You can use this card to make purchases in Australia, overseas and to shop online. The Debit Mastercard is also contactless enabled so you can tap and go at PayPass terminals. You can also select a Bankwest Debit Card. The Bankwest debit card lets you make ATM withdrawals. It can not be used to make online purchases and is not enabled for contactless payments.

Platinum Debit Mastercard

You're eligible for a Platinum Debit Mastercard when you deposit more than $4,000 in this account each month. A Platinum Debit Card gives you complimentary purchase protection and extended warranty insurance, worldwide access to a concierge service and Mastercard lifestyle perks.

Extras

Open a Bankwest Hero Saver high interest savings account and Bankwest term deposit to grow your savings balance even more. Make instant transfers between your Retirement Advantage Account and Bankwest Hero Saver.

Bankwest internet banking

Manage your Retirement Advantage Account using Bankwest Online Banking (BOB). Pay bills using BPAY, the 'pay anyone' feature lets you transfer money to any account in Australia, view electronic account statements are more. Use BOB from your computer, smartphone or tablet 24 hours a day 7 days a week.

Mastercard Zero Liability Policy

The Zero Liability Policy protects you from card fraud. Mastercard will give you a full reimbursement if you've taken steps to keep your details a secret and funds have been stolen from your account.

Application requirements

You need to be over the age of 55 or currently receiving a government pension to apply for the Bankwest Retirement Advantage Account.

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 or receive a government pension 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.

Tax File Number (TFN). You're asked to provide your (TFN). You don't have to enter this information when you apply for the Retirement Advantage Account online. You can give it to Bankwest after you've submitted the application. Any interest you earn on the funds held in this account will be taxed at the marginal tax rate until you provide your TFN to Bankwest.

Once you enter your personal information, you can select the type of debit card you'd like. If you plan on depositing more than $4,000, you can choose a Platinum Debit Card. Alternatively, you can select a Debit Mastercard with the choice of six different colours or a Bankwest Eftpos card.

What happens after I submit my application?

The last step is to your review you information and submit the application to Bankwest. You will then receive a confirmation email. Your debit card will arrive in the mail in 7 - 10 days time.

You may be required to provide additional identification to complete your application for the Retirement Advantage Account. Bankwest will inform you about any additional requirements by sending you an email once you have submitted your application.

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4 Comments

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

cheryl
August 8, 2016

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

finder Customer Care

May
August 8, 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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