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Bankwest Hero Transaction Account

Alison Banney
Alison Banney
Last updated:  

The Bankwest Hero Transaction Account makes managing your money easy because you can spend and save from the same account.

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.

$2,000

Fee Free Deposit

$6

Account keeping fee

$0

ATM withdrawal fee

$5

Overseas ATM withdrawal fee

Details

Product NameBankwest Hero Transaction Account
Monthly account fee$6
Card accessMastercard
ATM Withdrawal Fee$0
Internatonal ATM Fee$5
International transaction fee2.95%
Monthly deposit required to waive account fee$2,000

Expert review

Alison Banney

Review by

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.

Expert review

This account acts as a day-to-day transaction account while also paying some interest on your money. You’ll earn 0.25% p.a. on balances of up to $5,000. Earning interest on a transaction account isn’t common, and could be a great way to make your money work a little bit harder while also having easy access to it whenever you need.

There is a $6 monthly account keeping fee for this account, which will be waived if you’re able to deposit $2,000 a month. This monthly deposit condition is higher than other accounts, so make sure you’re able to meet this before opening the account otherwise you’ll be charged the monthly fee.

If you don’t think you can meet the monthly deposit requirement, you could consider the Bankwest Easy Transaction Account instead. This account doesn’t offer any interest, however it charges no monthly fee and there’s no deposit conditions to meet, either.

Key features

Deposit $2,000 monthly and pay no account keeping fees

So long as you are able to deposit at least $2,000 monthly you will pay no monthly maintenance fees for the account. If your deposits do not add up to $2,000 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 0.25% p.a.

You will earn a variable interest rate of 0.25% p.a. on balances of up to $5,000. Balances over this will earn no interest.

Compare other Bankwest products

How to apply

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

  • 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.

FAQ

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2 Comments

  1. Default Gravatar
    Aran
    April 1, 2016

    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.

    Reply
    • Avatarfinder Customer Care
      Shirley
      April 1, 2016

      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.

      Reply
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