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.
There's no monthly account fee when you deposit at least 2000 per month.
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
How do I apply for a Bankwest Rewards Transaction Account?
If you like the idea of earning points towards free stuff just for your banking habits, then you can apply online. Existing Bankwest customers can apply easier by going through online banking. Check the following eligibility requirements first before starting on filling out the application:
- Minimum age. You must be at least 18 years of age to be eligible for this rewards account.
- Residency requirements. This account is available for Australian permanent and temporary residents with a valid visa.
- Depository requirements. Although there is no initial minimum deposit requirement you must be able to meet a monthly deposit of at least $2,000.
If you are able to meet those eligibility requirements then you can continue on to the application. Have the following documentation handy to help make filling out the application easier:
- Tax file number. By providing your tax file number (TFN) or exemption code, you are ensuring that the correct withholding tax is being deducted from any interest earnings.
- Identification. Bankwest is obligated to confirm your identity before opening an account in your name. This is done using photo identification like your passport or driver’s licence. If you are new to Bankwest you may be asked to visit a branch or participating post office in person to complete the identification check.
You will be notified by email of receipt of your application after you have submitted it. Bankwest will then let you know if they have all the information they need, or if more verification is required. If they have all that is needed than the account will be opened immediately and your debit Mastercard mailed to the address you provided within seven to ten business days.