Thumbnail icon for Bankwest

Bankwest Hero Transaction Account

Account fee
$6.00
Payment options
Apple Pay, Google Pay, PayID, Payment Ring
Interest rate
0.25% p.a.

Mozo editorial review Bankwest Hero Transaction Account

Last updated: 3 April 2020.

binocular icon
What's hot
  • $0 monthly fee when you deposit $2,000 a month
  • 0.25% interest on balances up to $5,000
What's not
  • 2.95% foreign exchange commission
Mozo snapshot

Bankwest packs a heap of value into their Hero Transaction Account, with 0.25% interest on balances up to $5,000, unlimited free transactions online, over the phone, at network ATMs or with debit card purchases, plus no account fee as long as you deposit $2,000 each month. And it doesn’t stop there - you also get exclusive access to the Bankwest Lounge at Perth Arena and discounts on your food and drink while you’re there and have the option to upgrade to the platinum Mastercard debit card.

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Key features

If you’re sick of earning next to no interest on your bank account balance, then never fear: the Bankwest Hero Transaction account is here to save the day. With this Mozo Experts Choice Award winning bank account, you can earn 0.25% interest on balances up to $5,000. On balances higher than that you won’t earn any interest - which is all the more reason to set up automated payments into your savings account!

The Hero Transaction Account is fee free a long as you deposit at least $2,000 into it each month - for example, by having your salary paid into it (it’s $6 per month if you don’t meet this requirement). You’ll also enjoy unlimited fee free transactions online, over the phone, at CommBank or Bankwest ATMs, when using EFTPOS terminals, or when withdrawing over the counter.

The account also comes with a debit Mastercard which is fee free to use in Australia, but overseas you’ll attract a $5 ATM fee and a 2.95% foreign exchange commission.

If you deposit $4,000 each month, you can upgrade to the Platinum debit card. This gives you access to a bunch of cool features, including access to exclusive Platinum Mastercard offers through Priceless Sydney, a 24/7 Platinum concierge service, Worldwide Purchase Security Protection and Extended Warranty.

The Hero Transaction Account also comes with some perks of its own, including access to the Bankwest Lounge at Perth Arena. And while you’re there, you can snag a 10% discount on snacks and drinks as long as you’re carrying or paying with your Bankwest debit card.

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Who is it good for

Since it won a Mozo Experts Choice Award for Exceptional Everyday Account, we think it’s a pretty good pick for just about anyone With that said, the Bankwest Hero Transaction Account is particularly suited to someone who is using it as their main bank account, and so can deposit at least $2,000 each month.

If you’re into wearables, you’ll be pleased to hear that the Hero Transaction Account is available with Bankwest’s Halo ring - a wearable payment device that took out Mozo’s Experts Choice Everyday Banking Innovation Award this year.

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Any catches

If you don’t meet the $2,000 monthly deposit requirement, you’ll be knocked by a $6 monthly account fee. Plus, if you’ve got a big spend planned, keep an eye on the $1,000 daily withdrawal limit.

Details

Rates and fees information correct as at 25 September 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.25% p.a.
    Balances from $5,001: 0.00% p.a.

  • n/a

  • n/a

Fees
  • $6.00

  • $0 monthly account fee if you deposit min. $2,000 per month

  • Unlimited free domestic transactions from network ATMs, EFTPOS, cheque, counter withdrawals, phone, internet and MasterCard debit purchases

  • $0.00

  • Bankwest, Commonwealth

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $5.00

  • 2.95%

  • $0.00 monthly

Other financial bits
  • $0.00

  • $0.00

Features
  • $1,000.00

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • yes

  • none

  • Deposit $4000 per month to be eligible for Platinum Debit MasterCard with exclusive benefits.

Atm card
  • none

  • none

  • none

Debit card
  • $5.00

  • $0.00

  • 2.95%

Payment options

Apple Pay, Google Pay, PayID, Payment Ring

Customer Reviews

How are Bankwest bank accounts rated by the Mozo community?

Overall
8.0/10
Price
7.4/10
Features
6.9/10
Customer service
7.9/10
Convenience
7.9/10
Trust
7.9/10

Latest reviews of Bankwest Hero Transaction Account

  • Overall 10/10
    Best bank to bank with.

    I have banked with Bankwest for over 14 years and have never had one bit of confusion or troubles.

    Read full review

    I have banked with Bankwest for over 14 years and have never had one bit of confusion or troubles.

    Price
    8/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Vernice, Western Australia reviewed 5 months ago
  • Overall 0/10
    Poor service.

    Poor service, lack of help, no customer focus.

    Read full review

    Poor service, lack of help, no customer focus.

    Price
    0/10
    Features
    0/10
    Customer service
    0/10
    Convenience
    0/10
    Trust
    0/10
    Less
    Richard, Western Australia reviewed 7 months ago
  • Overall 7/10
    Amazing customer service.

    Customer service is important and every time I call the bank I receive fantastic service with a quick solution by a friendly staff member in Australia. Not having an overseas call centre is a huge bonus, and makes a big difference to me.

    Read full review

    Customer service is important and every time I call the bank I receive fantastic service with a quick solution by a friendly staff member in Australia. Not having an overseas call centre is a huge bonus, and makes a big difference to me.

    Price
    7/10
    Features
    2/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Hannah, New South Wales reviewed 7 months ago
  • Overall 10/10
    Best bank I've ever had.

    The app is really easy to use, I can do a lot of my banking on my phone instead of having to go into a branch.

    Read full review

    The app is really easy to use, I can do a lot of my banking on my phone instead of having to go into a branch.

    Price
    9/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Samantha, Western Australia reviewed 8 months ago
  • Overall 6/10
    Ok service.

    Not impressed they have closed the neighbourhood branches down.

    Read full review

    Not impressed they have closed the neighbourhood branches down.

    Price
    7/10
    Features
    5/10
    Customer service
    8/10
    Convenience
    3/10
    Trust
    5/10
    Less
    Debbie, Western Australia reviewed 10 months ago
Bankwest

About Bankwest

Bankwest is all about making your finances simple. Originally from Western Australia, Bankwest has attracted thousands of customers around the country with its competitively priced products such as the Hero Saver. In late 2008 the bank was bought by the Commonwealth Bank, which has promised to retain the Bankwest brand. So if you like the sound of simple banking, check out Bankwest's range of personal banking products including savings accounts, bank accounts, credit cards, home loans and more.

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