Bankwest began operating in 1895 in Western Australia (WA) to provide banking services to farmers.
Although it originated in WA, it's a national bank with branches in most major cities.
Bankwest has been owned by Commonwealth Bank since 2008.
Bankwest customers can also use Commonwealth Bank branches and ATMs.
It offers a range of different accounts, including accounts for retirees and students and has more than 900,000 customers.
When you open a new transaction account with Bankwest you can choose the colour of your debit card.
Different accounts offered by Bankwest
Bankwest offers many different bank accounts, savings accounts and term deposits which you can see listed in the table above. Here's a brief summary of a few of the main accounts Bankwest offers.
Bankwest Qantas Transaction Account
This unique transaction account allows you to earn Qantas reward points when you make eligible purchases. There is a monthly account keeping fee of $6, but this is waived if you deposit at least in your account each month.
This is Bankwest's simple, everyday bank account option. There's no monthly account fee and it comes with a linked Debit Mastercard in a colour of your choice which you can use at ATMs, online or in stores.
You can open an term deposit with as little as $1,000, and you can invest up to $10 million. You can choose from different term lengths and corresponding rates, with no account keeping fees.
Bankwest offers many different ways to do your banking.
Bankwest bank branches
Bankwest has roughly 100 bank branches across Australia, with the large majority in WA. Bankwest has less than 15 branches on the east coast, after closing down a large chunk of its east coast branches in 2018.
Bankwest ATM network
As Bankwest is owned by CommBank, Bankwest customers can use CommBank ATMs free of charge. CommBank has more than 1,000 ATMs across Australia, and you'll find that many 7/11 stores have a Bankwest ATM.
Bankwest customers can also use their Australian debit cards to withdraw cash for free at NAB, Westpac and ANZ ATMs throughout Australia.
Bank@Post
If you need to deposit cash into your Bankwest account, you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way.
Bankwest Internet and mobile banking
Bankwest Online Banking is available 24/7 to do all your standard banking. This includes to review transactions and balances, see more detailed transaction data, pay bills, transfer money between accounts and make BPAY payments. You can also view and download your statements and open new Bankwest accounts.
The Bankwest App is free to download, and has a 3.8 star rating in the App Store and a 4.4 star rating in the Google Play store. You can do your day-to-day digital banking using the app, and you can also set up personal savings goals with your Bankwest Hero Saver account and track your progress. And you can set up your PayID in the app to use instead of your BSB and Account Number.
Bankwest contactless payment options
Bankwest offers Apple Pay and Google Pay to customers with a Bankwest debit or credit card. The Bankwest Halo Payment Ring is a unique, wearable ring that you can link with your debit card to make payments by "fist bumping" or hovering the ring over the EFTPOS terminal.
Pros and cons of banking with Bankwest
Pros
Choice of accounts. Bankwest has different transaction and savings accounts to suit specific requirements, like accounts for retirees and students as well as multiple savings account options.
Backed by CommBank. Bankwest is part of the Commonwealth Bank group, so has the security backing and network of a Big Four bank.
Qantas Points. The Bankwest Qantas Transaction account allows you to earn Qantas Points on your everyday purchases.
Bankwest Halo Ring. As well as Google Pay and Apple Pay, Bankwest offers its own contactless Halo Ring which you can use to make tap and go purchases.
Cons
Account fees. Some transaction accounts require that you meet certain criteria to qualify for a monthly fee waiver.
Less competitive rates. Bankwest savings accounts offer less competitive interest rates than other accounts on the market.
No overseas networks. Bankwest doesn't have international ATMs or branches, which could be a consideration if you travel a lot.
How to apply for a Bankwest account online
You can apply for a new Bankwest account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.
Eligibility
You're over 18 years old
You're an Australian resident for tax purposes
You have an Australian phone number and residential address
Documentation
Personal details like your name, date of birth, residential address, phone number and email address
ID documents such as your driver's licence, Medicare card, passport or proof-of-age card
Are you looking for another Bankwest product instead?
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
While you can apply for a Bankwest term deposit from the comfort of your home or office, know that you can find this feature in certain term deposits offered by other banks as well, so compare a few before applying.
I am wanting to have access to my term deposit money which has matured 2x from the maturity. I would like to know what are the chances of withdrawing some of the funds as I am experiencing hardship . Need to buy a car from a private seller. I would like to know if I can access the funds within the week or so ?
If you need to access your term deposit funds before it reaches its 3rd maturity, you will need to give the bank 31 days’ notice. If there are less than 31 days left until the account matures (3rd time), you will need to wait until it reaches maturity to access funds. Usually, you can just contact the bank as they can make exceptions on a case-to-case basis.
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I am wanting to have access to my term deposit money which has matured 2x from the maturity. I would like to know what are the chances of withdrawing some of the funds as I am experiencing hardship . Need to buy a car from a private seller. I would like to know if I can access the funds within the week or so ?
Hello Emmy,
Thank you for your comment.
If you need to access your term deposit funds before it reaches its 3rd maturity, you will need to give the bank 31 days’ notice. If there are less than 31 days left until the account matures (3rd time), you will need to wait until it reaches maturity to access funds. Usually, you can just contact the bank as they can make exceptions on a case-to-case basis.
You may check our guide on how to access a term deposit early. I hope this helps.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Regards,
Jhezelyn