Bankwest Hero Transaction Account

Bankwest
Headline interest rate p.a.
3.25%
Monthly fee
$0
Account type
Transaction

Moneybuddy says

Most transaction bank accounts don't offer much of an interest rate. But the Bankwest Hero Transaction account is different because it rewards you for saving. The current interest rate is 3.25% p.a on balances up to $5,000. You need to deposit at least $2,000 per month eg a salary, to be on this account. There are no fees at over 4,000 Bankwest and Commonwealth Bank ATMs, you get the benefits of every day banking with the benefit of earning a competitive rate of interest!

The Basics

Interest paid Monthly

Interest calculated Daily

Headline interest rate p.a. 3.25%

Monthly fee $0

Account type Transaction

The cool stuff: features

ATM access Yes

EFTPOS access Yes

Branch access Yes

Internet Banking Yes

Age restrictions Yes

Cheque book facility Yes

Debit card Yes

BPAY No

GiroPost No

Phone access Yes

The Facts & Figures

Balance less than $1k (p.a.) 3.25%

Balance less than $5k (p.a.) 3.25%

Balance less than $25k (p.a.) 0%

Balance greater than $100k (p.a.) 0%

Min. balance $0

Min. opening deposit $0

Number of free elect transactions per month -

The ugly stuff: fees

Other bank ATM fee -

EFTPOS transaction fee $0

Branch assistance fee $0

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Warning: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Bankwest says

The Bankwest Hero account pays you 3.25% p.a. variable interest on balances up to $5,000, or in simple terms up to $225 into your account a year! Plus, you'll also get access to over 4,000 Bankwest and CBA ATMs free and pay no monthly account fees. That means if you save money, you'll earn interest, but you never lose out on the convenience of an everyday bank account.Get a little back from your banking and switch your everyday account to Hero today.

Key features

  • 3.25% p.a variable interest rate on balances up to $5,000
  • No monthly account fees if you deposit at least $2,000 per month eg a salary
  • No ATM fees at over 4,000 CBA and Bankwest ATMs.
  • Free counter transactions
  • Optional Bankwest Debit MasterCard access

Pros

  • Transaction account 3.25% p.a variable interest rate
  • ATM access at over 4,000 Bankwest and CBA machines
  • Unlimited electronic and counter transactions

Cons

  • You need to deposit at least $2,000 per month eg salary to be on this account
  • Over $5,000 doesn't attract interest
 

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