Product details
The award-winning Bankwest Hero Transaction Account earns interest on your balance while still giving you all of the flexibility and benefits that come with a transaction account.
Make unlimited transactions and take advantage of total access while paying no fees, so long as you meet their monthly deposit requirement.
- Product Name
- Bankwest Hero Transaction Account
- Monthly Account Fee
- $6
- Debit Card Access
- Mastercard
- ATM Withdrawal Fee
- $0
- Interest Rate p.a.
- 1.50%
- Details
- No monthly account fee when you deposit at least $2,000 per month.
- Joint Application
- Yes
- Fee Free Deposit p.m.
- $2,000
- Overseas ATM Withdrawal Fee
- $5
- Overseas Eftpos Fee
- 2.95%
- Phone Banking
- Yes
- Fees
- $6
- Internet Banking
- Yes
What are the features of the Bankwest Hero Transaction Account?
The award winning Bankwest has packed its Hero Transaction account with benefits that allow you to save and spend at the same time. Compare the following features with what other banks offer in their transaction accounts to see which one fits in best with your savings style. If you decide this account isn't right for you, take a look at the alternative accounts offered by Bankwest.
Deposit $2,000 monthly and pay no account keeping fees
So long as you are able to deposit at least $2000 monthly you will pay no monthly maintenance fees for the account. If your deposits do not add up to $2000 by the close of the last business day of the month, a $6 fee will be charged to your account on the first business day of the next month. A good way to meet this condition is by having your salary deposited into this account.
Interest rate of 1.50% p.a
You will earn a variable interest rate of 1.50% on balances of up to $5,000. Balances over this will earn no interest.
Interest calculated daily
Bankwest calculates interest daily and pays it into the account monthly. Interest payments are not included as a part of your monthly deposit requirement.
Linked debit card
You have the choice of a linked Mastercard debit card or Platinum Mastercard debit card. The Platinum Mastercard is only issued if you are able to deposit at least $4,000 into the account each month. You can also chose between a blue or pink debit card.
Unlimited transactions
With this account you are allowed an unlimited number of electronic and branch transactions for no charge. Electronic transactions include point of sale purchases made with the debit card in person, online or over the phone.
Free local ATM withdrawal options
You can use the linked debit card to make an unlimited number of transactions at any Bankwest or CommBank ATM in Australia.
Foreign transaction fee of 2.95%
There is a charge of 2.95% of the Australian dollar amount for any transaction that requires a conversion in currency.
Overseas ATM transaction fee of $5
For any transaction using an ATM overseas you will be charged $5 on the first day of the following month.
Pros
- Earn interest while enjoying the flexibility and benefits of a transaction account
- $0 Account keeping fees is you meet the deposit conditions
- Linked debit MasterCard
Cons
- Minimum $2,000 deposit required every month to get the $0 monthly fee
- Interest applies on balances of up to only $5,000
- 2.95% international transaction fees apply
- $5 Overseas ATM withdrawal fee
How do I apply for the Bankwest Hero Transaction Account?
Bankwest makes it fast and easy to apply for the Hero Transaction Account by allowing you to submit an application online. Existing customers can apply even faster if you are already signed up with their online banking. Before you begin your online application, make note of the following eligibility requirements and have the necessary documents handy.
Eligibility requirements:
- Minimum age. Applicants are only considered if they are at least 18 years of age.
- Residency requirements. This account is available to Australian citizens and permanent or temporary residents with a valid Australian residential address.
- Depository requirements. There is no minimum deposit requirement for opening the account, but do keep in mind the $2000 monthly deposit needed to avoid paying a monthly fee.
Documentation needed:
- Tax file number. With an interest earning account, providing your tax file number (TFN) or exemption code ensures that the correct withholding tax is being applied to any earnings.
- Identification. It is required that you are able to prove your identity with a photo ID such as a passport or driver’s licence.
What happens next?
After you have submitted your application online you will be sent an email confirming its receipt. If all of the needed information was included, your account will be opened immediately and your debit Mastercard mailed to you within seven to ten business days. If they need more information about your identity you will be asked to either visit Bankwest in person or go to a participating post office.
Hi finder.com.au,
Question regarding the interest on this account. Does interest start accruing on the same day the funds are transferred in or the next day?
For example, say my salary is put in on Thursday, will that money attract interest on the same day or will it start on Friday? Assume I don’t transfer any money out.
Also, I notice that with this account, funds being transferred in take much longer to appear in my account compared to other banks. Why might this be the case?
Thanks.
Hi Aran,
Thanks for your question.
The interest starts accruing on the day the funds appear in your account. So if your salary is deposited on the Thursday and it appears on your Bankwest account statement on the Thursday, the interest starts accruing then. If it appears on your statement on the Friday, the interest starts accruing on the Friday.
There could a few reasons – the time it takes to process a bank transfer depends on both the sender bank and recipient bank. Bankwest may be a bit slower in receiving transfers.