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Bankwest Retirement Advantage Account

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Alison Banney
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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.

0.4% p.a.

Maximum variable rate

0.01%p.a.

Base interest rate

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Details

Product NameBankwest Retirement Advantage Account
Maximum Variable Rate0.4% p.a.
Standard Variable Rate0.01%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age55

Expert review

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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.

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.

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.

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4 Comments

    Default Gravatar
    Rod
    June 13, 2017

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

    Reply
      Default Gravatar
      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 centre 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

      Reply
    Default Gravatar
    cheryl
    August 8, 2016

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

    Reply
      Avatarfinder 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

      Reply
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