Important information Bankwest Rewards Transaction Account is no longer available for new applications. Although the bank account cannot be applied for, the information on this page has been kept for the benefit of existing customers and for those who are interested. If you would like to compare other Bankwest savings accounts, please go through our Bankwest Savings Accounts Page.
Not only does Bankwest’s Rewards Transaction Account give you points for spending, you earn a point a day just for maintaining a balance. Points can then be used for vouchers at your favourite stores, flights, and merchandise offered through the Bankwest More Rewards site. This is the perfect setup for Australians who like the benefits of a rewards program, but don’t like the high fees and interest that typically come with them.
What are the features of the Bankwest Rewards Transaction Account?
The Bankwest Rewards Transaction Account gives you a lot to think about when comparing its features:
- No fees if you meet the deposit requirements. There are no monthly fees for this account if you are able to make at least $2,000 in deposits combined per month. This condition is waived for the first month that the account is open. If you don’t meet that requirement you will be charged $6 on the first day of the next month. Keep in mind that the deposit requirement does not include any interest earnings from the month prior.
- Bankwest rewards program. Points are earned through the account that can be used to redeem vouchers from Woolworths or Caltex, flights, iTunes vouchers and thousands of other items.
- Points earning. Earn one point each day for every $100 in your account. Five points can be earned every time you make a domestic purchase with your debit Mastercard and 10 points when you make eligible overseas transactions.
- Point splitting. If opening a joint account you have the option of splitting the points between the users.
- Debit Mastercard. The account is linked to either a debit Mastercard or debit Platinum Mastercard. In order to qualify for the Platinum Mastercard you must be able to deposit at least $4,000 into the account each month.
- Unlimited withdrawals. You can make an unlimited number of withdrawals online, over the counter or with a cheque without paying any fees. Having a cheque facility is an option you can choose when opening the account.
- Online purchases. There is no charge for making purchases at the point of sale, over the phone or online with your debit Mastercard.
- Commonwealth Bank and Bankwest ATM access. You can use your debit Mastercard at any Bankwest or Commonwealth ATM for free.
- Overseas withdrawals. There is no charge from Bankwest for using your debit Mastercard while overseas, but the issuing bank may impose a charge to the account.
- Foreign transaction fee. All foreign transactions are charged 2.95% of the Australian dollar amount.
- $0 monthly account keeping fee when you deposit at least $2000
- Ability to earn rewards points
- No overseas ATM fees charged by Bankwest
- Minimum monthly deposit required for no fee advantages
- Low interest rate
Bankwest Rewards Transaction Account is no longer available for new applications. Although the bank account cannot be applied for, the information on this page has been kept for the benefit of existing customers and for those who are interested. If you would like to compare other Bankwest savings accounts, please go through our Bankwest Savings Accounts Page.