Bankwest Hero Transaction Account

$6.00$0 monthly account fee if you deposit min. $2,000 per month

Bankwest, Commonwealth

Debit Mastercard

Bankwest Hero Transaction Account Review

Rates and fees information correct as at 21 April 2018.

Review published: 26 February 2018

What's hot:

  • 1.50% interest on balances up to $5,000

  • $0 monthly fee when you deposit $2,000

  • Mozo Experts Choice Award winner

What's not:

  • 2.95% foreign exchange commission

Mozo snapshot:

Bankwest packs a heap of value into their Hero Transaction Account, with 1.50% 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. No wonder it was named a Mozo Experts Choice Award winner in 2018 for being an Exceptional Everyday Account.

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 1.50% 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.

Who it's 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, but 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.

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.

How are Bankwest bank accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.2

Based on 400
Bankwest bank accounts reviews

7.5 7.2 8.2 8.0 8.1

Read Bankwest bank account reviews by the Mozo community

Latest reviews of Bankwest Hero Transaction Account

Bankwest

Bankwest Hero Transaction Account bank account review

Overall rating   9 / 10

Good

Good bank, trustworthy, never had any problems with anything.

Full review

Good bank, trustworthy, never had any problems with anything.

    Price   8 / 10

    Features   7 / 10

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   8 / 10

Less

Nathan (WA), reviewed 18 days ago

Bankwest

Bankwest Hero Transaction Account bank account review

Overall rating   10 / 10

Excellent

Always happy to explain situations.

Full review

Always happy to explain situations.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Beverley (WA), reviewed about 1 month ago

Bankwest

Bankwest Hero Transaction Account bank account review

Overall rating   10 / 10

Good

Bankwest is good.

Full review

Bankwest is good.

    Price   8 / 10

    Features   9 / 10

    Customer service   8 / 10

    Convenience   9 / 10

    Trust   7 / 10

Less

Cassandra (WA), reviewed about 2 months ago

Bankwest

Bankwest Hero Transaction Account bank account review

Overall rating   10 / 10

I have no complaint about BankWest.

I have no complaints about BankWest .

Full review

I have no complaints about BankWest .

    Price   -1 / 10

    Features   -1 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Jenny (WA), reviewed 3 months ago

Bankwest

Bankwest Hero Transaction Account bank account review

Overall rating   10 / 10

Great service and excellent staff at the bank

Bank branches are convenient for us and have excellent staff. Great service and excellent staff at the bank

Full review

Bank branches are convenient for us and have excellent staff. Great service and excellent staff at the bank

    Price   -1 / 10

    Features   -1 / 10

    Customer service   9 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

William (WA), reviewed 4 months ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 1.50% p.a.
    Balances from $5,000: 0.00% p.a.

  • none

  • 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%

About Bankwest

Bankwest is the bank best known for Making Banking Easier, an initiative which aims to make banking a more positive experience. 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, who have promised to retain the Bankwest brand. So if you like the sound of Making Banking Easier, check out Bankwest's range of personal banking products including savings accounts, bank accounts, credit cards, home loans and more.

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