Bankwest Retirement Advantage Account
savings accountage limitedterms checked
Retirement Advantage Account is a savings account from Bankwest. At $50,000 it pays 1.25% p.a. with no bonus conditions.
Rate tiers
Every balance band in the bank's feed: base is the rate the bank pays.
| Balance | Base |
|---|---|
| $0 – $9,999.99stepped: paid on the part of the balance in this band | 0.05% |
| $10,000 – $49,999.99stepped: paid on the part of the balance in this band | 1.55% |
| $50,000 – $249,999.99stepped: paid on the part of the balance in this band | 2.05% |
| $250,000+stepped: paid on the part of the balance in this band | 2.55% |
The rates are stepped: each band's rate is paid on the part of the balance that falls in it, so a balance across several bands earns a blend of them.
Conditions
- open only to people aged 55 or over; for a joint account at least one holder must be 55 or over
Features
- card
- Platinum Debit Mastercard
- app
- yes
- Osko
- yes
- PayID
- yes
- PayTo
- yes
- BPAY
- yes
- notifications
- yes
- wallets
- Apple Pay, Google Pay, Samsung Pay
- joint accounts
- yes
Other features, in the bank's words:
- You can bank over the phone.
- Cheque Access will no longer be available for Retirement Advantage Accounts issued on or after 16 June 2023. After 20 March 2024, new or replacement chequebooks will not be available on any Bankwest Retirement Advantage Account (regardless of when the account was opened).
- Create a goal, set up regular deposits and track your progress in the app.
- Backed by Mastercard 24/7 Zero Liability Protection.
- You can set up ongoing payments for things like bills or loan repayments.
Fees, limits and who can open it
- monthly fee
- $0
- other fees named
- Cheque Stop Payment (no amount in the feed)
- interest paid
- monthly
- interest calculated
- daily
- age
- ages 55 and over
- open to
- personal customers
- age limited
- open only to people of certain ages (kids, youth or seniors accounts)
Who can open it, in the bank's own words:
- age 55 and over: A bank account exclusively for those aged 55 and over, for joint accounts one customer must meet this age requirement and additional eligibility rules apply. For applications post 15 April 2025, this product cannot be opened by an individual in their capacity as an executor/administrator of a deceased estate.
- residency: Customer must have a residential address in Australia (limited exceptions may apply subject to conditions): Australian citizen or Australian permanent resident
About this account
An everyday bank account with no maintenance fees that rewards you with interest. For those aged 55 and over.
Data
- Bankwest's own page for this account.
- The bank's documents its product record links to: terms and conditions, fees, eligibility.
- Our verbatim snapshot of the bank's product record (source), as fetched on 13 November 2026.
- We read the bank's own page and terms against this page on 1 November 2026: over55, PDS_20040121-155913.pdf; conditions they state and its feed does not are listed above.
/au/finance/savings-accounts/v1/brands/bankwest.json: this bank's accounts and every balance band as JSON; Bankwest's page lists them.- The bank last updated this record on 13 November 2026. Rates are per annum as the bank states them; "stale" means the bank has not updated the record for over 60 days or since the latest cash rate change.
Other accounts at Bankwest
- Easy Saver savings account, 5.50% base at $50,000
- Hero Saver savings account, 5.50% conditional at $50,000
- Easy Transaction Account transaction account
All of Bankwest's accounts on its page, with its best rates per segment and rate kind, and every account at every bank.
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