Bankwest

Bankwest Opened in 1895 as the Agricultural Bank of Western Australia.

It was set up by the WA State Government as a dedicated bank for the state’s farmers.

Over the years, the bank extended its reach beyond state borders and in 1985 opened its first branch in Sydney. In 1994, it began trading as Bank of Western Australia under the name Bankwest and in 2008, was acquired by the Commonwealth Bank of Australia, which has said will not change the bank’s name.

Bankwest serves over 900,000 customers, but still plays the role of a community bank.

This community-minded bank, whose mantra is ‘Making Banking Easier’ offers award-winning and consumer focused products including its competitively priced Hero Saver account.

Bankwest was awarded Money Magazines’ ‘Money Minder of the Year’ for seven out of eight years, highlighting the strength of its products.

Notably, Bankwest holds a quarter of all bank advances and deposits in Western Union and is currently Western Australia’s leading bank.

Bankwest's SWIFT code: BKWAAU6P

Bankwest

Bankwest Opened in 1895 as the Agricultural Bank of Western Australia.

It was set up by the WA State Government as a dedicated bank for the state’s farmers.

Over the years, the bank extended its reach beyond state borders and in 1985 opened its first branch in Sydney. In 1994, it began trading as Bank of Western Australia under the name Bankwest and in 2008, was acquired by the Commonwealth Bank of Australia, which has said will not change the bank’s name.

Bankwest serves over 900,000 customers, but still plays the role of a community bank.

This community-minded bank, whose mantra is ‘Making Banking Easier’ offers award-winning and consumer focused products including its competitively priced Hero Saver account.

Bankwest was awarded Money Magazines’ ‘Money Minder of the Year’ for seven out of eight years, highlighting the strength of its products.

Notably, Bankwest holds a quarter of all bank advances and deposits in Western Union and is currently Western Australia’s leading bank.

Bankwest's SWIFT code: BKWAAU6P

Complete Fixed Home Loan IO (Investment)

Variable
Rate
Comparison
Rate

Complete Variable Home Loan (Investment) - IO

Variable
Rate 4.05
Comparison
Rate 4.43

Complete Variable Home Loan (Investment) - P&I

Variable
Rate 3.92
Comparison
Rate 4.35

Complete Variable Home Loan (Owner Occupied) - IO

Variable
Rate 3.34
Comparison
Rate 3.73

Complete Variable Home Loan (Owner Occupied) - P&I

Variable
Rate 2.99
Comparison
Rate 3.44

Complete Variable Home Loan (Owner Occupied) - P&I

Variable
Rate 3.23
Comparison
Rate 3.67

Complete Variable Home Loan (Owner Occupied) - P&I

Variable
Rate 4.62
Comparison
Rate 5.03

Fixed Rate Home Loan - IO (Investment)

Variable
Rate
Comparison
Rate

Fixed Rate Home Loan (Investment)

Variable
Rate
Comparison
Rate

Mortgage Shredder Home Loan (Investment) P&I

Variable
Rate 5.40
Comparison
Rate 5.42

Mortgage Shredder Home Loan (Owner Occupied) P&I

Variable
Rate 4.75
Comparison
Rate 4.77

Premium Select Home Loan (Investor) - IO

Variable
Rate 4.15
Comparison
Rate 4.17

Premium Select Home Loan (Investor) - P&I

Variable
Rate 4.02
Comparison
Rate 4.04

Premium Select Home Loan (Owner Occupied) - IO

Variable
Rate 3.44
Comparison
Rate 3.46

Premium Select Home Loan (Owner Occupied) - P&I

Variable
Rate 3.09
Comparison
Rate 3.11

Regular Saver Home Loan (Investment) P&I

Variable
Rate 4.90
Comparison
Rate 4.92

Regular Saver Home Loan (Owner Occupied) P&I

Variable
Rate 4.25
Comparison
Rate 4.27

Bankwest Car Loan (borrow $10k - $100k)

1st year Fixed
Rate
Comparison
Rate.

Unsecured Personal Loan

1st year Fixed
Rate
Comparison
Rate.

Bankwest Easy Transaction Account ($0 ATM fees at major Aus bank ATMs)

Max Interest rate($10,000) Base Interest rate($10,000)

Bankwest Hero Transaction Account

Max Interest rate($10,000) Base Interest rate($10,000)

Bankwest Smart eSaver (Smart Rate if no withdrawals)

Max Interest rate($10,000) Base Interest rate($10,000) 0.01

Children’s Savings Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.50

Retirement Advantage Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.40

TeleNet Saver (4 month intro rate)

Max Interest rate($10,000) Base Interest rate($10,000) 0.05

Bankwest Online Term Deposit

90 Days

0.20
1 Yr Paid
Annually 0.50

Business TD Direct

90 Days

0.20
1 Yr Paid
Annually 0.40

Gold Term Deposit

90 Days

0.20
1 Yr Paid
Annually 0.50

Bank Accounts

Bankwest has a number of accounts to suit your needs.

1. Easy Transaction Account

Bankwest’s low fee bank account features no monthly maintenance fee and no minimum monthly deposit. Free ATM access at all of Bankwest’s ATMs is available Australia wide. Customers can open up to 10 accounts and use them as separate savings accounts to reach mini goals. Accounts can be set up in the Bankwest app. The only fees required for this account are Overseas ATM access fees, foreign transaction fees and a paper statement fee.

2. Retirement Advantage Account

The retirement Advantage Account is for over 55s who want to earn interest on their everyday account balance. Customers can combine their bank account and savings account and be rewarded with reduced fees. No monthly fees and no minimum monthly deposit is required. Money can be withdrawn online, via EFTPOS, over the counter or at Bankwest and CommBank ATM’s in Australia. The only fees payable are overseas ATM access fees, foreign transaction fees and a paper statement fee.

3. FeeSaver Basic Account

This account is specifically for concession card holders. It is suitable for those with a Commonwealth Seniors Health card, Commonwealth Pensioner Concession card or Commonwealth Health Care card. There are $0 monthly maintenance fees and no minimum deposits required. The account comes with free access to a Debit Mastercard and the only fees payable are Overseas ATM access fees and foreign transaction fees.

4. Offset Transaction Account

You can pair an Offset Transaction Account with your eligible home loan and open single or joint offset accounts in the Bankwest App. Offset amounts depend on the type of home loan you have. You can open up to 9 offset accounts per loan to split your money and help you manage your funds. Access your funds with a Debit Mastercard or Platinum Debit Mastercard.

5. Bankwest Qantas Transaction Account

Earn Qantas points on money in your account as well as your everyday banking.
Monthly maintenance fees are waived provided you deposit a minimum of $2000 per month. You can also go wallet-less, with a Halo ring that works as a contactless card.

Fees payable are foreign transaction fees and a paper statement fee.

6. Hero Transaction Account

With the Hero Transaction Account you can earn interest on balances up to $5000.99. Monthly maintenance fees are waived provided you deposit a minimum of $2000 per month. You can also Order a Halo ring and use it as a contactless card. Fees payable are overseas ATM access fees, foreign transaction fees and a paper statement fee.

Bankwest also has a range of savings accounts. These are:

  • Hero Saver
  • TeleNet Saver (online only)
  • Bankwest smart e-saver
  • Children’s Savings account

Term Deposits

Lock your money away on a fixed rate with terms from one month to five years with a Bankwest Term Deposit. You can open a Term deposit account with as little as $1000.

1. Online Term Deposit

This account is also known as ‘TD Direct’ and is set up entirely online. With this account you can enjoy a fixed interest rate as well as the convenience of online baking. It can be set up online and you can invest anywhere from $1000 to $5,000,000.

You must have a linked transaction account either with Bankwest or another financial institution. Once your term matures, you have 7 days to decide whether to reinvest or withdraw your funds. 31-days-notice is required if you would like to access your funds before maturity.

2. Gold term Deposit

This is for existing Bankwest customers and can be set up in a branch or over the phone.

A linked bank account is not required. You can invest between $5000 to $2,000,000 with terms from 1 month to 5 years. The Gold Term Deposit can be opened under a personal name or via a self-managed super fund. Once your term has matured you have 7 days to decide whether to reinvest or withdraw your funds.

Credit Cards

Bankwest has an extensive variety of credit cards to choose from.

1. Breeze Mastercard

If you are after a balance transfer, choose from two Breeze Mastercard option.

Breeze Classic Mastercard:

  • Minimum credit $1000
  • Annual fee waived for the first year. $49 thereafter
  • No complimentary overseas insurance
  • Foreign transaction fee applies

Breeze Platinum Mastercard

  • $6000 minimum credit limit
  • Annual fee waived for the first year. $69 thereafter
  • Complimentary overseas insurance included
  • Foreign transaction fee waived

2. No Annual Fee Cards

Again, there are two cards to choose from in this category.

Zero Classic Mastercard

  • Never pay an annual fee
  • $1000 minimum credit
  • Up to 55 interest free days on purchases
  • order a Bankwest Halo payment ring for contactless purchases.
  • No complimentary overseas insurance

Zero Platinum Mastercard

    Never pay an annual fee
  • $6000 minimum credit
  • Foreign transaction fee waived
  • Up to 55 interest free days on purchases
  • Complimentary overseas insurance included

3. Frequent Flyer Cards

Bankwest Qantas Platinum Mastercard

  • $160 annual fee
  • $3000 minimum credit
  • no foreign transaction fees
  • up to 44 interest free days on purchases
  • ability to earn bonus points
  • (0.75 Qantas Points per $1 on the first $2500 spent per month, and 0.3 points thereafter)
  • Complimentary overseas insurance included

Bankwest Qantas World Mastercard

  • $270 annual fee
  • $12,000 minimum credit
  • no foreign transaction fees
  • up to 44 interest free days on purchases
  • you cannot earn bonus points
  • earn 1 Qantas point per $1 spent on the first $5000 p/m and 0.5 Q points thereafter
  • complimentary overseas insurance included

4. Rewards Points

More Classic Mastercard

  • 19,500 annual bonus points
  • $100 annual fee
  • 0% intro balance transfer rate for initial 6 months
  • $1000 minimum credit
  • Foreign transaction fees apply
  • Up to 44 interest free days on purchases
  • complimentary overseas insurance not included

More Platinum Mastercard

  • 75,000 annual bonus points
  • $160 annual fee
  • 0% intro balance transfer rate for initial 6 months
  • $6000 minimum credit
  • no foreign transaction fees
  • up to 44 interest free days on purchases
  • complimentary overseas insurance included

More World Mastercard

  • 115,000 annual bonus points
  • $270 annual fee
  • 0% intro balance transfer rate for initial 6 months
  • $12,000 minimum credit
  • no foreign transaction fees
  • up to 44 interest free days on purchases
  • complimentary overseas insurance included

Home loans

Bankwest offers four types of home loans.

1. Complete Variable Home Loan Package

This home loan offers excellent variable rates and several features such as multiple 100% offsets and an eligible credit card. There is an annual package fee of $395.
Customers have the ability to split their loan between a variable and fixed rate and may switch between the two at any time without having to pay a transfer fee.
Unlimited extra repayments with no fee is also a benefit. This account offers a redraw facility so you can access your extra funds at any time.

2. Complete Fixed Home Loan Package

The Complete Fixed Home Loan Package is a fixed rate loan that still offers great features such as multiple 40% offsets and an eligible credit card. There is an annual package fee of $395 and you can lock in your rate from 1 to 5 years. You can select to make your payments weekly, fortnightly or monthly and can make extra repayments up to $10,000 per year without incurring a fee. Access your extra funds at any time with the redraw facility.
Pay nothing for your home loan application and property valuation fees.

3. Variable Rate Home Loan

This is Bankwest’s Premium Select home loan and doesn’t include a package or package fee.
This variable rate home loan has a $0 application fee and no account maintenance fees.
You can pay off your mortgage faster, by selecting to have an optional 100% offset account.
You can also access your extra funds online with the redraw facility.

4. Fixed Rate Home Loan

Lock in your rate from 1-5 years and be comfortable knowing your repayments won’t change throughout your term. There is a reduced home loan application fee of $295 (save $400). Manage your budget by selecting to make your payments weekly, fortnightly or monthly. Once your term is up, you may be able to fix a new rate for another term, or your home loan will revert to the standard variable rate. Break fees may apply if you decide to break your loan during your term.

Personal loans

1. Secured car loan

Use your car as security and borrow from $10,000 to $100,000 at a great fixed rate.
Choose a loan term of 3 to 7 years and choose how frequently you’d like to make repayments. Extra repayments can be made so you can pay off your loan faster.
Redraw is available. There is a $5 monthly maintenance fee and a $250 early repayment fee if you pay off the loan in under 24 months.

2. Unsecured Personal Loan

No security is needed for the Unsecured Personal loan, however your fixed interest rate will be higher than a secured loan. You can borrow from $3,000 to $50,000 and there is the ability to redraw on any surplus funds. Choose a loan term of 3 to 7 years and repayment frequency. This means you can pay off your loan faster, by making as many extra repayments as you like. A $5 monthly maintenance fee applies and a $250 early repayment fee if you pay off the loan in under 24 months.

Pros

  • The number of accounts, including specialist accounts, gives customers a great range of options to meet their financial needs. Children, retirees and those who prefer online banking only are all catered for.
  • Bankwest is backed by the Commonwealth Bank.
  • Bankwest has a wide national presence with online and in-person facilities.
  • There are few, if any, account keeping fees.
  • Halo payment ring.
  • Community minded bank.

Cons

  • Overseas banking can be limited or difficult with no affiliate overseas ATMs.
  • International money payments can be difficult.