Bankwest Hero Transaction Account

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.

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Alison Banney

Last Updated Dec 31, 2020

$2,000

Fee Free Deposit

Account keeping fee

ATM withdrawal fee

Overseas ATM withdrawal fee

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Details

Product Name	Bankwest Hero Transaction Account
Monthly account fee	$6
Card access	Mastercard
ATM Withdrawal Fee	$0
International ATM Fee	$5 + 2.95%
International transaction fee	2.95%
Monthly deposit required to waive account fee	$2,000
Contactless Payments	Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay

Minimum Age	18
Joint account availability	Yes
Minimum opening deposit	N/A

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

Review by

Alison Banney

alison.banney@finder.com

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 0.1% 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 0.1% p.a.

You will earn a variable interest rate of 0.1% p.a. 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.

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.

Depository requirements. There is no minimum deposit requirement for opening the account, but do keep in mind the $2,000 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 after I submit my application?

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.

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2 Comments

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.

finder 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.

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Bankwest Hero Transaction Account