WestpacWestpac 55+ and Retired
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
- 0.05%
- Monthly fee
- $0
Rates
Every rate Westpac publishes for this account, 5 in all.
| Type | Applies to | Term | Band | Rate | Comparison | Conditions |
|---|---|---|---|---|---|---|
| Penalty | - | - | - | 15.01% | - | 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… |
| Variable | - | - | up to $9,999 | 0.05% | - | paid every 1 mo; Westpac 55+ Retired Standard Variable Rate |
| Variable | - | - | $10,000–$49,999 | 1.95% | - | paid every 1 mo; Westpac 55+ Retired Standard Variable Rate |
| Variable | - | - | $250,000+ | 2.90% | - | paid every 1 mo; Westpac 55+ Retired Standard Variable Rate |
| Variable | - | - | $50,000–$249,999 | 2.30% | - | paid every 1 mo; Westpac 55+ Retired Standard Variable Rate |
Rate changes
3 changes logged, newest first.
| Date | Rate | Was | Now | Change |
|---|---|---|---|---|
| 9 Oct 2026 | Variable, $10,000–$49,999 | 1.70% | 1.95% | up 0.25 |
| 9 Oct 2026 | Variable, $250,000+ | 2.65% | 2.90% | up 0.25 |
| 9 Oct 2026 | Variable, $50,000–$249,999 | 2.05% | 2.30% | up 0.25 |
Each change is logged the night it appears in the rates Westpac publishes. See how every lender answered the RBA on the rate tracker.
Fees
17 fees published, grouped by when they're charged.
While you hold it1
- Account Keeping FeeNo fee
When you make a transaction13
- Direct Debit
A transfer of funds from your account drawn under a Direct Debit request you gave another person or company.
No fee - PayTo payment
A transfer of funds from your account in accordance with a Payment Agreement you have established with a merchant or Payment Initiator.
No fee - 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 I…
No fee - Point of Sale (POS) transactions
All transactions conducted at a POS terminal.
No fee - 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 Proc…
2.20% of transaction - 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 P…
3.00% of transaction - Branch staff assisted withdrawal
Includes any withdrawals conducted at a Westpac branch, including cashing of Westpac cheques.
No fee - Cheque Withdrawals
Withdrawals or payments made by cheque. Excludes cashing of a cheque. Only available to customers aged 18 years and over.
No fee - Overseas Withdrawal
Overseas Withdrawal Fee from a Global Alliance Partner ATM (for more information on Global Alliance Partners: Accessing your accounts overseas)
No fee - 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 w…
$5 - Telephone Banking (automated)
Automated Telephone Banking transfer withdrawals
No fee - Telephone Banking (staff assisted)
A Telephone Banking transfer withdrawal assisted by a staff member over the telephone
No fee - Westpac Group Branded ATM - Withdrawal
Any withdrawal made at a Westpac/St.George/Bank of Melbourne/BankSA branded ATM
No fee
When particular things happen3
- Online BankingNo fee
- Overdrawn Fee$15
- Westpac Group Branded ATM - Balance Inquiry
Any balance Inquiry made at a Westpac/St.George/Bank of Melbourne/BankSA branded ATM
No fee
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 m…
- Click to Pay - Online shopping made quick, simple and secure with Click to Pay.
- 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
Eligibility and limits
- Minimum age 55
- Residency: Those with an Australian residential address and who are currently in Australia.
- Employment: Eligible retirees aged 55
- The card must be linked to an eligible Westpac account
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Published by Westpac under the Consumer Data Right, last changed by them on 28 Oct 2026. Figures are shown as the institution publishes them and can change without notice; confirm on their site before applying. The Finance Algorithm earns nothing from any product listed here.