Bankwest began operations in 1895, in the form of the Agricultural Bank of Western Australia, which was set up by the government of Western Australia to service banking needs of its farmers. It became a savings bank in 1956, and joined the Commonwealth Bank Group in 2008.
Bankwest Savings Account Offer
0.01 %
p.a.
standard variable rate
Bankwest Savings Account Offer
Ongoing, variable 1.25% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
- Maximum Rate: 1.25% p.a.
- Standard Variable Rate: 0.01% p.a.
- Monthly deposit required: $200
- Monthly fees: $0
Rates accurate as at: July 11th, 2020
Awards that Bankwest has earned
- Financial Review Smart Investor Blue Ribbon Awards. Bank of the Year in 2010, 2011, and 2012
- Financial Review Smart Investor Blue Ribbon Awards. Business Bank of the Year in 2013 and 2014
Who is Bankwest?
Bankwest provides transaction accounts and savings accounts to suit different needs and you also get options in opening term deposits. This financial institution offers special products for students and retirees, it provides special solutions who people who prefer online banking, and it also provides accounts with unlimited over the counter transactions.
- Bankwest's SWIFT code: BKWAAU6P
Is Bankwest a safe choice for me?
- Bankwest is owned by CommBank, one of Australia's big four banks
- Bankwest currently holds a quarter of all bank advances and deposits in Western Union.
- Serves over 900,000 customers and offers online, telephone bank and branch access
What’s internet banking like for Bankwest?
You can access Bankwest’s online banking system using a computer, smartphone or tablet. Using your smartphone gives you the ability to keep track of your finances while allowing you to pay bills and transfer funds. Using a tablet or a computer brings added abilities of accessing your statements, transferring funds overseas and managing your credit and debit cards.
This bank uses 128-bit SSL encryption to provide secure connections. No Loss Security Guarantee offers protection against unauthorised transactions.
Notable features include:
- Access and pay bills using BPAY
- An SMS code verification code service is in place for online shopping as well as high value transactions
What sets Bankwest apart from the other banks?
- More ATMs at your disposal. Since CommBank acquired Bankwest, its ATM alliances joined. Both Bankwest and CommBank customers can now use its respective ATMs free of charge. Most 7/11 stores have a Bankwest ATM.
- A transaction account that offers interest. It's rare to find a transaction that offers a competitive interest rate. Yet, the Hero Transaction offers a competitive interest rate.
- Get a linked debit Mastercard. You have the option of linking a debit Mastercard, offered in three colours.
- Children and students can apply too. Bankwest offers a Kids Bonus Saver and a student account for TAFE, school or university students.
- Pensioners can benefit too. The Bankwest Reward Pension saver can help you protect your savings from changing financial situations.
What about the mobile app?
Image Source: App Store | Login Page | Create Savings Goals | Payments |
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Back to topWhat are the transaction accounts offered by Bankwest?
This award-winning account allows you to save and spend at the same time. With this account, you'll be able to earn a variable interest of 0.25% on balances up to $5,000. You won't even have to pay any monthly fees if you deposit at least $2,000 every month.
This unique transaction account enables you to earn Qantas reward points as per your spending on eligible purchases. You don’t have to pay any monthly fees if you deposit at least in your account each month.
With this account you get free access to over 10,000 ATMs across Australia, and you don’t have to pay monthly fees if you deposit at least in the account every month.
Meant especially for students, this account does not attract any monthly account keeping fees, and account holders can access all Bankwest and Commonwealth Bank ATMs across Australia for free. Through ‘Student Edge’, they can get discounts at popular establishments like Hoyts, Apple Store for Education, and McDonald’s.
You can open this account if you’re over 55 years of age. It does not charge any monthly fees, and comes with free unlimited domestic over the counter, cheque, and electronic withdrawals, as well as ATM access via the Bankwest and Commonwealth Bank network.
Setting up direct transfers from another Australian Bank
You can set up direct transfers from Bankwest transaction accounts. However, you can't set them up from its savings accounts. You will need to set up a linked bank accounts first for savings accounts.
What are the high interest savings accounts offered by Bankwest?
This account requires that you deposit at least $200 each month and don’t make any withdrawals, while enabling you to earn a variable Hero rate on balances up to $250,000. You don’t have to provide an opening deposit and you don’t have to pay any account keeping or transaction fees. Limit of one per person, whether it's jointly or solely owned.
We recommend that you look beyond the interest rate and see how the rate will be calculated. If there are bonus interest rate conditions, such as a required amount of deposits each month, or withdrawal conditions which see you not paid interest if you make a withdrawal, think long and hard about if you would be regularly withdrawing from your account, even if they are small amounts.
Equally, some accounts offer a high interest rate but will only offer it for a number of months, which might not be as useful in the long run if you plan to save for a home. There are some great rates being offered by both banks and credit unions/building societies, so as long as they fit your saving habits, and are with an institution you’re comfortable with you should be fine.
This account gives you easy access to your money, and you have to link it with a Bankwest transaction account. There is no minimum balance requirement, and you don’t have to pay ongoing account keeping fees.
You need to link this account to a Bankwest transaction account, and for each month that you don’t make any withdrawals, you earn a Smart rate. If you do end up making withdrawals in any month, you still earn a standard variable rate.
This account is designed to help set up your child's financial future. If your child is 15 years old or younger, this account could earn an interest of up to 1.25% p.a. depending on how much you deposit. With no account maintenance fees, this account can be linked with the Kids' Bonus Saver account to boost your child's savings.
Back to topWhat are the term deposits offered by Bankwest?
You can open an online term deposit with as little as $1,000, and you can invest up to $5 million. You get to choose from different terms and corresponding rates, and these term deposits don’t charge any account keeping fees.
You can apply for a gold term deposit by visiting any Bankwest branch. Tithe minimum you require to open this term deposit is $5,000, and the maximum is $2 million. This term deposit does not attract any ongoing account keeping fees.
Back to topWhat are the benefits and considerations of Bankwest accounts?
Benefits
- Choice. Bankwest has different transaction and savings accounts to suit specific requirements, like accounts for children, for retirees, and people who like banking online, as well as for people who prefer face to face banking.
- Wide presence. Bankwest has its presence felt in most Australian states, with branches in New South Wales, Victoria, South Australia, Western Australia, and Queensland.
- No or minimal fees. While a number of Bankwest accounts don’t attract any ongoing account keeping fees, with ones that do, you’ll have to pay fairly nominal fees.
Considerations
- Conditional fees. Some accounts require that you meet certain criteria to qualify for a monthly fee waiver, and this can work as a drawback for some.
- No SMSF products. At the time of writing, Bankwest only offers personal products.
- No affiliate ATMs overseas. Bankwest products may not be the best to bring overseas.
How do I apply for a Bankwest savings account online?
- Non resident. You can still apply for products from Bankwest, but you'll need to complete your application in person or over the phone.
- SMSF. At the time of writing, Bankwest doesn't offer any SMSF products.
Eligibility to apply online
If you wish to apply online, simply click on the ‘Go to Site' button, but make sure you meet the bank’s eligibility criteria to open an account.
- You meet prescribed age requirements
- You are an Australian resident for tax purposes
- You have an Australian residential address
Documentation
To complete the application prepare to provide the following.
- Personal details like your name, date of birth, residential address, phone number, and email address
- Documents that Bankwest requires to complete an ID check
While opening a Bankwest transaction or savings account can be a good idea, make sure you compare your options well before applying to ensure you're getting the best account for your individual needs.
Having issues with your application?
- Application not working? If you're currently applying through your work connection, there could be settings in place to prevent you from reaching the page. Try again at home to see if it makes a difference.
- Application says my TFN is wrong? It's best to speak to Bankwest directly as it's most likely an internal error on their end.
I am wanting to have access to my term deposit money which has matured 2x from the maturity. I would like to know what are the chances of withdrawing some of the funds as I am experiencing hardship . Need to buy a car from a private seller. I would like to know if I can access the funds within the week or so ?
Hello Emmy,
Thank you for your comment.
If you need to access your term deposit funds before it reaches its 3rd maturity, you will need to give the bank 31 days notice. If there are less than 31 days left until the account matures (3rd time), you will need to wait until it reaches maturity to access funds. Usually, you can just contact the bank as they can make exceptions on a case to case basis.
You may check our guide on how to withdraw funds from a Term Deposit. I hope this helps.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn