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.
Earn a competitive interest rate on your Bankwest Hero Transaction account.
What are the features of the Bankwest Hero Transaction Account?
- Monthly maintenance 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.
- Interest rate. You will earn a variable interest rate on balances of up to $5,000.
- Interest calculation. 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 card. You have the choice of 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.
- Transaction fees. 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.
- ATM withdrawals. 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. There is a charge of 2.95% of the Australian dollar amount for any transaction that requires a conversion in currency.
- Overseas ATM transactions. For any transaction using an ATM overseas you will be charged $5 on the first day of the following month.
- Unlimited online transactions.
- Monthly account fee is waived if at least $2,000 is deposited every month.
- No withdrawal fees for this account.
- Fees and charges may apply on foreign transaction fees.
- A fee of $5 for withdrawal on ATM overseas.
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:
- 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.
If you are able to meet all of those requirements, you should have the following documentation readily available to help in filling out the application:
- 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.
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.
How to transfer money Bankwest Telenet Saver to Bankwest Hero Transaction?
You can transfer money between your Bankwest accounts by logging onto your Bankwest online banking, and selecting ‘internal transfer’ or ‘linked account transfer’ depending on the way your accounts have been structured.