Retirement Advantage Account
An everyday bank account with no maintenance fees that rewards you with interest. For those aged 55 and over.
- Base rate
- 2.55%
Deposit Rates
| Type | Rate | Applies To | Interest Paid |
|---|---|---|---|
| Variable Variable Credit Interest. | 0.05% | Amount | monthly |
| Variable Variable Credit Interest. | 1.55% | Amount | monthly |
| Variable Variable Credit Interest. | 2.05% | Amount | monthly |
| Variable Variable Credit Interest. | 2.55% | Amount | monthly |
Fees
| Fee | Type | Amount |
|---|---|---|
| Cheque Withdrawal Fee No cheque withdrawal fees apply to this product. | Event | $0.00 |
| Electronic Withdrawal Fee No electronic withdrawal fees apply to this product. However, you will be required to meet the cost of any Direct Charge levied in respect of a withdrawal at an ATM which is not operated by CommBank. | Withdrawal | $0.00 |
| Maintenance Fee Charged monthly · No maintenance fees apply to this product. | Ongoing | $0.00 |
| Overseas ATM Fee No Bankwest-charged overseas ATM access fees. The overseas bank may charge a fee for using their ATM. | Transaction | $0.00 |
| Foreign Transaction Fee No foreign transaction fees. | Transaction | $0.00 |
| Search Handling Fee For completion of any search conducted by the Bank (per search) | Event | $40.00 |
| Cheque Stop Payment |
Features
- Card access — Platinum Debit Mastercard
- Have easy access to your money with a Platinum Debit Mastercard with no foreign transaction fees and no overseas ATM fees.
- Card access — Bankwest Debit Card
- Effective 28th November 2024, the proprietary Bankwest Debit Card will no longer be issued on new accounts (opened from that date) except to replace or reissue an existing Bankwest Debit Card.
- Card access — Virtual Cards
- You may be able to create a single-use or multi-use virtual card to make purchases without using your regular card details.
- Additional cards — up to 2
- You can have a maximum of two cards linked to an account.
- You can bank over the phone.
- Bill payment (BPAY) — BPAY
- You can use BPAY to quickly and easily pay your bills online.
Eligibility
- Minimum age — 55 yearsA 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.
- Individuals onlyThe Retirement Advantage account is an account for customers who are aged 55 or over.
- Residency status — Australian citizen or Australian permanent residentCustomer must have a residential address in Australia (limited exceptions may apply subject to conditions)
More Information
Published by Bankwest under the Consumer Data Right · Last updated 16 July 2026 · Product ID b54379a0c72b4129887a85e7b629b3af · View on CDR.gov.au