Bankwest Business High Interest Transaction Account

What are the features of the Bankwest Business High Interest Transaction Account?

• Two functions, one account. The Bankwest Business High Interest Transaction Account gives you the benefits of a high interest savings account and a business transaction account rolled into one. Earn a competitive rate of interest on your business account balance, make payments and manage your accounting from the Bankwest online banking facility.
• Interest. Bankwest rewards you with 1.00% p.a.. interest on your business account balance. There is no monthly deposit or minimum balance requirement. Interest is paid monthly to the Bankwest Business High Interest Transaction Account.
• Account access and facilities. Bankwest can issue a Mastercard debit so you can access the funds in your business transaction account. You can also make payments from the Bankwest business online banking facility to accounts in Australia and overseas. The application gives you the option of adding a cheque book and deposit book to your account. The cheque book can have up to 200 sleeves. Additional cheque books can be ordered through the Bankwest online banking facility.
• Account fees. You’ll pay a monthly account service fee of $20. This fee is charged regardless and can send your account into a negative balance. Negative balance fees such as overdrawn fees, honour and dishonour fees also apply as well as domestic and international transaction fees. For example, Bankwest charge $0.20 for each account transaction, $5 for overseas cash withdrawals and a $45 fee for transactions which overdraw your account and Bankwest have honoured to pay. Refer to the product disclosure statement for a full list of fees and charges.
• Account extras. Open a Bankwest overdraft facility attached to the Business High Interest Transaction Account. This option is subject to approval by Bankwest. You can also integrate bookkeeping software such as MYOB to the Bankwest internet banking facility to help you manage your business accounting tasks.
• Bankwest Online Business Banking. This suite of online tools helps simplify your business payments and accounting. Pay bills using BPAY, transfer funds to accounts in Australia and overseas, set up payment alerts when invoices are due, upload your payroll to streamline payments to employees and manage direct debit arrangements from customer’s accounts. Register for Bankwest Online Business Banking when you apply for the Bankwest Business High Interest Transaction Account. Bankwest Online Business Banking can be managed by your Business High Interest Transaction Account signatories so you can concentrate on other aspects of your business.
• Signatories. You can add up to four signatories to the Bankwest Business High Interest Transaction Account.