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 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.
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.