The Bankwest Lite Transaction Account charges a nominal monthly account keeping fee and lets you access funds in your account in different ways. You can use a debit MasterCard to shop and to withdraw money, you can transact by visiting Bankwest stores and you can also write cheques. You have the option of getting an overdraft facility linked to this account, which is subject to approval.
What are the features of the Bankwest Lite Transaction Account?
- Earn interest. The entire balance in this account earns variable interest that currently stands at 0.01% p.a. The bank pays interest quarterly, and calculates it up to and including the second last business day of March, June, September and December. It then credits the interest to your account on the last business day on the respective month.
- Select debit MasterCard colour. When applying for the account you get to chose between multiple colours for your debit MasterCard. These include black, red, pink, green, blue and orange.
- Using the debit MasterCard. You can use your debit MasterCard at over 34 million locations the world over, at ATMs and EFTPOS terminals alike. You can also use your card details to pay bills and shop over the Internet and over the phone. What helps is that you can use more than 4,000 Bankwest and Commonwealth bank ATM’s across Australia for free.
- Chequebook. This account lets you access funds in your account through a chequebook, which is particularly useful if you’re in the habit of writing cheques.
- Banking in person. People who like the old fashioned way banking in person can benefit by getting this account because it lets you carry out as many over the counter transactions as you like for free. Other than Bankwest stores, you can also turn Bank@Post outlets.
- Periodical payments. Making periodical payments with this account is easy, and you can also use this account to set up direct debits. You can make changes to these arrangements as per your requirements.
- Online banking. Account holders can access their account related information using the Bankwest online banking platform. Here, you can make changes to your personal details and you can view transactional history.
- Monthly fee. You have to pay an ongoing monthly fee of $5 to maintain this account.
- Other fees. You don’t have to pay any fees for electronic, cheque and over the counter withdrawals. Other fees that may apply from time to time include line of credit fees, honour fees, outward dishonour fees, foreign transaction fees and overseas ATM access fees.
- No minimum balance. There is no minimum account opening balance requirement and you don’t have to maintain any minimum ongoing balance.
- Tap & Go. This technology lets you use your debit MasterCard to make contactless payments for purchases less than $100.
- Card security. The chip enabled debit MasterCard offers increased protection against fraud when compared to cards that rely only on magnetic strips. When your card details make it to the Internet, you can trust MasterCard SecureCode, an online program, to provide added security.
- Unlimited transactions
- Linked Visa debit card access
- Access to one of Australia's largest ATM network
- Monthly fee applies
How do I apply for the Bankwest Lite Transaction Account?
You can apply for this account by visiting your nearest Bankwest store and you can also apply online. Applying online takes little time and the process can be even quicker if you’re an existing Bankwest customer who has access to its online banking platform. To apply now, simply click on the ‘Go to Site’ button, but remember that you have to meet some eligibility criteria, as listed below:
- Minimum age. You can open this account if you’re 18 years or older.
- Residency requirements. You should be a resident of Australia. To qualify for the debit MasterCard you should be an Australian citizen or a permanent or temporary resident of Australia.
- Depository requirements. There are no depository requirements in opening this account.
To complete the application successfully you’ll have to part with different types of information, which includes the following:
- Tax file number. This is not necessary, but providing it ensures that you don’t have to pay withholding tax on the money in your account.
- Identification. You’ll have to complete a legally required identification check for which you have to provide an acceptable form of ID such as your driver’s license or passport.
- Other information. You’ll have to provide a correspondence address, your phone number, your email address and your date of birth. If you wish to apply for the optional overdraft facility, you’ll have to provide details about your existing finances as well.
Once the bank receives your online application it sends you a confirmation email. If you’ve submitted all the required information the bank opens your account almost immediately. To receive your debit MasterCard, you may have to wait in between seven to 10 business days. If the bank requires you to complete an ID check in person it will notify you and you can complete the formalities by visiting a Bankwest store or a participating Australia Post office.