---
title: "Westpac 55+ and Retired — Westpac"
description: "Transaction & Savings Accounts from Westpac. Rates, fees, features and eligibility as published under Australia's Consumer Data Right."
canonical: https://www.cdrcompare.au/brands/westpac/products/TrChoice55
source: "CDR Compare"
language: en-AU
last_updated: 2026-08-21T05:30:20Z
---

# Westpac 55+ and Retired — Westpac

> Transaction & Savings Accounts from Westpac. Rates, fees, features and eligibility as published by the provider under Australia's Consumer Data Right, compared on CDR Compare.

**Transaction & Savings Accounts · DEBIT**

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.

## At a glance

- **Base rate:** 2.65%

## Interest rates

| Type | Rate | Comparison | Applies to |
| --- | --- | --- | --- |
| Penalty (The ULR is a debit interest rate charged to a transaction account if it becomes overdrawn without arrangement. It will be calculated daily on the debit balance (and deducted on the last business day of each month) using the then current ULR until the account balance is positive again.) | 15.01% | — | — |

## Deposit rates

| Type | Rate | Applies to | Interest paid |
| --- | --- | --- | --- |
| Variable (Westpac 55+ Retired Standard Variable Rate) | 0.05% | 0 to 9999 | monthly |
| Variable (Westpac 55+ Retired Standard Variable Rate) | 1.7% | Above 9999 to 49999 | monthly |
| Variable (Westpac 55+ Retired Standard Variable Rate) | 2.05% | Above 49999 to 249999 | monthly |
| Variable (Westpac 55+ Retired Standard Variable Rate) | 2.65% | 249999 + | monthly |

## Fees

| Fee | Type | Amount |
| --- | --- | --- |
| Account Keeping Fee — Charged monthly | Ongoing | $0.00 |
| Online Banking — Online transfer withdrawals via Online Banking | Withdrawal | $0.00 |
| Westpac Group Branded ATM - Withdrawal — Any withdrawal made at a Westpac/St.George/Bank of Melbourne/BankSA branded ATM | Withdrawal | $0.00 |
| Westpac Group Branded ATM - Balance Inquiry — Any balance Inquiry made at a Westpac/St.George/Bank of Melbourne/BankSA branded ATM | Event | $0.00 |
| Point of Sale (POS) transactions — All transactions conducted at a POS terminal. | Purchase | $0.00 |
| Telephone Banking (automated) — Automated Telephone Banking transfer withdrawals | Withdrawal | $0.00 |
| Telephone Banking (staff assisted) — A Telephone Banking transfer withdrawal assisted by a staff member over the telephone | Withdrawal | $0.00 |
| Cheque Withdrawals — Withdrawals or payments made by cheque. Excludes cashing of a cheque. Only available to customers aged 18 years and over. | Withdrawal | $0.00 |
| Direct Debit — A transfer of funds from your account drawn under a Direct Debit request you gave another person or company. | Payment | $0.00 |
| PayTo payment — A transfer of funds from your account in accordance with a Payment Agreement you have established with a merchant or Payment Initiator. | Payment | $0.00 |
| Branch staff assisted withdrawal — Includes any withdrawals conducted at a Westpac branch, including cashing of Westpac cheques. | Withdrawal | $0.00 |
| Periodical Payments — An automated transfer that is debited from your account and  credited to a specified account on a regular basis on your request. Additional fees apply for Periodical Payments made by Bank Cheque and International Periodical Payments. These additional fees are not included as part of any free monthly withdrawal allowance. | Payment | $0.00 |
| Overseas Withdrawal — Overseas Withdrawal Fee from a Global Alliance Partner ATM (for more information on Global Alliance Partners: Accessing your accounts overseas) | Withdrawal | $0.00 |
| Overseas Withdrawal — Any successful cash withdrawal made at an overseas ATM. Some overseas banks may also apply a surcharge to cash withdrawals from their ATMs. This should be drawn to your attention before you proceed with your transaction. This surcharge amount will be added to your withdrawal amount, converted to Australian dollars and debited to your account as one transaction on the same day the transaction was made, or on the next business day. This fee is nil for cash withdrawals from Global ATM Alliance and Westpac Group partner ATMs. To find an overseas ATM visit westpac.com.au and search 'Global ATM Alliance'. | Withdrawal | $5.00 |
| Foreign Transaction Fee (Merchant Outside Australia) — 3% of the $AUD transaction amount where a transaction is made in foreign currency and the merchant or financial institution accepting the card is located outside Australia (comprising of 2% Westpac Processing Fee plus 1% Westpac On-Charged Scheme Fee) | Transaction | 3% of transaction |
| Foreign Transaction Fee (Australian merchant) — 2.2% of the $AUD transaction amount where a transaction is made in foreign currency and the merchant or financial institution accepting the card is located in Australia (comprising of 2% Westpac Processing Fee plus 0.2% Westpac On-Charged Scheme Fee). | Transaction | 2.2% of transaction |
| Overdrawn Fee | Event | $15.00 |

## Features

- **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.**
- **$0 international transfers when you send foreign currency overseas via Online Banking or the Westpac App. Westpac transfer fees still apply for funds sent in Australian dollars. Receiving bank fees may also apply, check the currency converter for indicative rates and fees.**
- **Card access** — Use your Debit Mastercard to shop securely online, access cash at ATMs and use PayPass to tap and go on purchases under $100
- **Additional cards** — up to 1
- **Unlimited transactions**
- **Digital banking** (Digital Card Security: It's a digital version of your card available 24/7 in the Westpac App. The 3-digit CVC security number changes daily to ensure your details are kept safe.)
- **PayID**
- **Real-time payments (NPP)**
- **Digital wallet** — Fitbit Pay
- **Digital wallet** — Garmin Pay
- **Digital wallet** — Google Pay
- **Digital wallet** — Samsung Pay
- **Digital wallet** — Apple Pay
- **Click to Pay - Online shopping made quick, simple and secure with Click to Pay.**
- **Digital banking** (Digital Card - Unlock extra protection using the dynamic CVC on your digital Westpac debit or credit card. Add it to your digital wallet or use it)
- **Digital banking** (With PayTo, you can see, review and authorise all new PayTo payments for things such as recurring bills, memberships and subscriptions before the money leaves your account.)
- **Fraud protection** (Layers of defence - Stay safe online and use our Digital Card with dynamic CVC that updates every 24 hours, Card Lock, Smart Verify and SafeBlock.)
- **Fraud protection** (Can't find your card? Don't panic, you can temporarily lock it in seconds with Card on Hold while you search)
- **Fraud protection** (We?ve got your back - 24/7 fraud monitoring and our Fraud Money Back Guarantee.)
- **Fraud protection** (Westpac Protect SMS Code : Increase your security when banking online by using your mobile phone to confirm certain transactions via text messages)
- **Fraud protection** (If your Westpac account is compromised as a result of Internet fraud, we guarantee to repay any missing funds, providing you comply with our Online Banking Terms and Conditions)
- **Relationship management** (Relationship management is available for eligible customers.)
- **Account can be opened via Online, mobile, in branch and telephone.**
- **No minimum opening balance for this account**
- **Statements : 6 monthly, or more frequently on request.**
- **You can pay bills using BPAY**
- **Digital banking** (Online , Mobile and telephone banking is available)
- **Periodical Payments from this account can be made.**
- **Make shopping and ordering online even more safe and secure with Westpac My Merchants. Westpac My Merchants lets you shop and order online without needing to share your card details, because your card number is replaced with a unique identification code called a 'digital token'. This digital token, which won't contain your personal information and is used by the merchant instead of your card number, helping protect you online.**
- **Unlimited transactions and account enquiries.**

## Eligibility

- **Minimum age** — 55 years
- **Residency status** — Those with an Australian residential address and who are currently in Australia.
- **The card must be linked to an eligible Westpac account**
- **Employment status** — Eligible retirees aged 55

## More information from Westpac

- [Overview](https://www.westpac.com.au/bank-accounts/55-and-retired)
- [Terms & conditions](https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/pb/PersonalAccounts-tandc.pdf)
- [Eligibility](https://www.westpac.com.au/bank-accounts/55-and-retired)
- [Fees & pricing](https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/pb/PersonalAccounts-tandc.pdf)

## Data provenance

- Published by Westpac under the Consumer Data Right
- Product ID: `TrChoice55`
- Last updated by the provider: 21 August 2026
- Source payload (JSON): https://www.cdrcompare.au/api/raw/westpac/TrChoice55
- Provider page: https://www.cdrcompare.au/brands/westpac
- CDR register entry: https://www.cdr.gov.au/find-a-provider?provider=000002

---

Source: [CDR Compare](https://www.cdrcompare.au/brands/westpac/products/TrChoice55) — product data published by Australian data holders under the Consumer Data Right. Not financial advice; no rankings, recommendations or affiliate relationships. Always confirm details with the provider.

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