Bankwest FeeSaver Basic Account
Not everyone can qualify for a Bankwest FeeSaver Basic Account, but if you do you can expect to pay minimal fees.
You can apply for the Bankwest FeeSaver Basic Account if you have a valid Government Health Care Card, Commonwealth Seniors Health Card or Pensioner Concession Card. This account does not attract any ongoing account keeping fees, and it lets you make six free withdrawals each month. It does not offer any interest.
Account keeping fee
ATM withdrawal fee
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This account is a basic transaction account that charges no monthly fees and allows you to make several transactions in branch for free each month. This includes withdrawing money from the account in branch with the assistance of a staff member, which usually attracts a small fee.
This account is only available to customers with a valid Government Health Care Card, Commonwealth Seniors Card or Pensioner Concession Card. so if you don’t qualify for this account but you’re looking for a Bankwest transaction account, you can take a look at the Bankwest Easy Transaction Account instead.
You don’t have to pay any monthly account keeping fees to maintain this account.
You get to make six fee-free withdrawals every month, of which three can be over-the-counter withdrawals. When you cross the fee-free limit every over-the-counter withdrawal attracts a fee and every electronic withdrawal incurs a fee of .
You can make two free operator assisted balance and transaction enquiries every month, and every enquiry over this limit attracts a fee of $1.00. Other fees that may apply in different circumstances include line of credit fee, honour fee and outward dishonour fee.
Access to funds
You can use this account to set up periodical payments and direct debits. You get a Bankwest debit card that you can use at ATMs and EFTPOS terminals. You can also make purchases and pay bills over the phone and over the Internet.
Electronic withdrawals include purchases and cash withdrawals made using EFTPOS terminals, making payments or debit transfers using the bank’s online or phone banking platforms, periodical payments, direct debits as well as cash withdrawals or debit transfers made at ATMs in Australia.
You can manage this account using Bankwest’s online banking platform. You can use this platform round-the-clock and you can access it using an internet enabled computer, tablet or smartphone. If you use the Bankwest app on your mobile phone you can view your account’s balance and transaction history, and you can also create payments. You can use this app on devices that run on iOS, Android and Windows.
Minimum balance requirement
You don’t have to worry about any minimum balance requirement when opening this account, and there is no ongoing minimum balance requirement either.
Financial Claims Scheme
The Australian Government’s Financial Claims Scheme applies to balances in this account, and it covers balances of up to $250,000 in all your Bankwest accounts combined.
You have the option of registering for eStatements that you can access via online banking. This helps you do your bit to reduce the use of paper and you can access statements of up to five preceding years.
No Loss Security Guarantee
As long as you use your account details in accordance to given account access conditions of use, a no loss security guarantee offers protection when your account details make it to the online world.
How to apply
You can apply for this account by visiting any Bankwest branch and you can get started over the phone. To locate the nearest Bankwest store, visit their website. To open this account you have to meet some basic eligibility criteria, as listed below:
- You are an Australian resident and have an Australian residential address
- You have a valid Pensioner Concession Card, Commonwealth Seniors Health Card or Government Health Care Card
Applying requires that you provide different types of information, so prepare to part with the following:
- Your name, residential address, email address and phone number
- Your date of birth and tax file number
- One form or primary ID such as your driver’s license or passport; or one form of primary ID without a photo such as your birth certificate or government benefits card along with one form of secondary ID such as a utility bill
What happens after I submit my application?
If you apply over the phone you may have to visit a Bankwest store or an Australia Post office to complete a legally mandated ID check. Once the bank opens your account you can expect to receive your Bankwest debit card via mail in the following seven to ten business days.