Westpac 55+ and Retired
Westpac 55+ and Retired is a transaction account for eligible retirees aged 55 or over to deposit and withdraw funds by various channels including Debit Mastercard and also offers interest on account balances.
- 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–$9,999 | every 3 months |
| Variable Westpac 55+ Retired Standard Variable Rate | 1.7% | Above 9999 to 49999 | every 3 months |
| Variable Westpac 55+ Retired Standard Variable Rate | 2.05% | Above 49999 to 249999 | every 3 months |
| Variable Westpac 55+ Retired Standard Variable Rate | 2.65% | $250,000+ | every 3 months |
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 |
Features
- 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
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
Published by Westpac under the Consumer Data Right · Last updated 22 May 2026 · Product ID TrChoice55 · View on CDR.gov.au