Bankwest Business High Interest Transaction Account
Get the benefits of a business transaction account while also earning interest in your balance.
The Bankwest Business High Interest Transaction Account is dual business transaction account and high interest savings account. This high interest transaction account allows you to consolidate your business banking so you earn interest and make payments from the one account.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Overseas transaction fee
of transaction value
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This everyday account is designed for your day-to-day business spending and money management. As well as having easy access to your business funds whenever you need it with a linked debit card, it also pays a small amount of interest on your balance, which isn’t very common for a business transaction account.
You have the option of adding a line of credit or overdraft facility (subject to the usual eligibility criteria) which can help with cash flow. You can also link your bank feeds to your accounting software like Xero or MYOB to help manage your business transactions and spending.
There is a $10 monthly account fee with this account, however this is fairly common with business transaction accounts.
ImportantThis product is no longer available for new customers.
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.
Bankwest rewards you with 0.05% 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.
You'll pay a monthly account service fee of $10. 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.
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.
You can add up to four signatories to the Bankwest Business High Interest Transaction Account.
How to applyYou can start an online application for the Bankwest Business High Interest Transaction Account by visiting Bankwest website.
You're eligible to apply for this account if you're over the age of 18 and you're authorised to open a business account on behalf of your business. The application takes less than 15 minutes to complete. Bankwest require some basic contact information to complete the application:
- Identification. Enter your name, address, contact number and email. Account signatories are required to visit a Bankwest branch or Australia Post retail outlet to verify their identity if they're not already Bankwest customers. For all business types, you need to provide your Tax File Number (TFN) and your Australian Business Number (ABN).
What happens after I submit my application?
The final step of the application is to print the application form, complete it and send it back to Bankwest by email, fax or registered mail. Bankwest then send you an email about what to do next. You can contact the Bankwest customer service team if you have any questions. Just quote your application reference number and the will be able to assist you with any questions.