Westpac 55+ and Retired
savings accountage limitedterms checked
55+ and Retired is a savings account from Westpac. At $50,000 it pays 1.73% 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 – $9,999stepped: paid on the part of the balance in this band | 0.05% |
| $10,000 – $49,999stepped: paid on the part of the balance in this band | 2.15% |
| $50,000 – $249,999stepped: paid on the part of the balance in this band | 2.50% |
| $250,000+stepped: paid on the part of the balance in this band | 3.10% |
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
- must be retired and aged 55 or over; this is not limited to pension or allowance recipients
Features
- card
- Use your Debit Mastercard to shop securely online, access cash at ATMs and use PayPass to tap and go on purchases under $100
- app
- yes
- Osko
- yes
- PayID
- yes
- PayTo
- yes
- transactions
- unlimited
- wallets
- Apple Pay, Fitbit Pay, Garmin Pay, Google Pay, Samsung Pay
Other features, in the bank's words:
- Payments your way - Use your Debit Mastercard for fast, secure payments online and in-store.
- Lock your card - Can't find your card? Don't panic. Temporarily lock it in seconds?while you search.
- Instant Digital Card - Use your digital card right away, before your physical Debit Mastercard arrives. Add your debit card to your mobile wallet or use it in the Westpac App.
- Exclusive offers - Check out our customer-only discounts and offers, including bonus Cashback on over 4,000 brands with ShopBack.
- Cardless Cash Withdrawal Feature - Cardless Cash is a convenient and secure way to withdraw cash from Westpac-branded ATMs using the Westpac App.
- Weekly Spend Limit will allow customers to set a limit on their accumulative weekly spend on their Debit Mastercard.
Fees, limits and who can open it
- monthly fee
- $0
- other fees named
- Foreign Transaction Fee (Merchant Outside Australia), Foreign Transaction Fee (Australian merchant) (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
- residency: Those with an Australian residential address and who are currently in Australia.
- The card must be linked to an eligible Westpac account
- employment status condition: Eligible retirees aged 55
About this account
The best of both worlds for retirees 55 and over. An everyday account with a debit card that gives you interest like a savings account.
Data
- Westpac'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: 55-and-retired, PersonalAccounts-tandc.pdf; conditions they state and its feed does not are listed above.
/au/finance/savings-accounts/v1/brands/westpac.json: this bank's accounts and every balance band as JSON; Westpac'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 Westpac
- Bump Savings savings account, 5.55% conditional at $50,000
- Business Cash Reserve Savings savings account, 0.95% base at $50,000
- Business Premium Cash Reserve savings account, 0.01% base at $50,000
- Cash Investment Account savings account, 1.30% base at $50,000
- Community Solutions Cash Reserve savings account, 0.95% base at $50,000
- eSaver savings account, 1.25% base at $50,000
- Life savings account, 5.50% conditional at $50,000
- Notice Saver 31, 60 & 90 Days notice account, 0.00% base at $50,000
- Bank Account with Debit Card for Students and Young Adultsstale transaction account, 0.00% base at $50,000
- Business Onestale transaction account, 0.00% base at $50,000
- Business One - Negotiator Planstale transaction account
- Business One - Plusstale transaction account, 0.00% base at $50,000
- Choice transaction account, 0.00% base at $50,000
- Choice for Concession Holdersstale transaction account, 0.00% base at $50,000
- Choice for Migrantsstale transaction account, 0.00% base at $50,000
- Community Solutions One transaction account, 0.00% base at $50,000
- Youth Bank Account and Debit Cardstale transaction account, 0.00% base at $50,000
All of Westpac's accounts on its page, with its best rates per segment and rate kind, and every account at every bank.
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