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.
This product is no longer exists
This product no longer exists and cannot be applied for by new customers, however the information on this page has been kept here for the benefit of existing account holders. Please refer to our Bankwest Comparison page for a list of other savings and transaction accounts offered by Bankwest. Existing account holders will not be affected by this change.
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 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 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.
As this account has been discontinued, new customers are unable to apply for this product. Take a look at the Bankwest Easy Transaction account instead.