Bankwest Zero Transaction Account

If you have more than one transaction account, or if you have a personal account and your partner has their own account, then now is your chance to consolidate your accounts and take control of your finances to save yourself time and money. The Bankwest Zero Transaction account is just one account encouraging you to make the switch to one account be offering you great deals on low or no fees if you deposit a certain minimum amount each month.

You may also want to consider opening a high interest savings account.

The Bankwest Zero Transaction account offers you:

Completely fee free banking.
The only condition of fee free banking is that you deposit a minimum of $2,000 a month into your account.
You can open a Zero Transaction account as a joint account to make up the minimum deposit amount.
You have free ATM access at any of the Big Four’s ATMs.
You have the option of a linked MasterCard Debit card.

Are the Features of a Bankwest Zero Transaction Account Right For You?

Fee free banking sounds like a very juicy carrot to most people, so you’re probably wondering what the stick is, and when it’s going to hit you. The only condition of Bankwest’s fee free banking is that you deposit a minimum of $2,000 in each calendar month to your account, and these are the rest of the features you can enjoy:

A fee free and interest free safety net. When seemingly fee free accounts can have any number of exception fees, the Bankwest Zero Transaction account will honour any over drawn transactions to the value of $100 without charging you an over drawn fee, or interest on the amount.
Anyone over 18 can open the account. This means that if you are just leaving school and heading into the workforce or beginning to study, you can start your adult banking life with an account which won’t penalise you as you learn how to use it. as a student you may not meet the minimum $2,000 monthly deposit amount but you can open the account with your partner, or take on part time work to fund your studies because you don’t have to worry about your casual earnings being eaten away by bank fees.
Free Bankwest and Big Four ATM access. You will not be charged any ATM fees to access your account at a Bankwest ATM, or at a Commonwealth Bank, Westpac, NAB or ANZ ATM either. With the choice of ATMs from the four largest banks in Australia, that’s over 10,000 ATMs Australia-wide, there is little chance you won’t be able to find a fee free ATM.
Free EFTPOS transactions. Included in your unlimited fee free transactions are your EFTPOS purchases, plus if you really can’t find a friendly ATM, you can choose the cash out option during your EFTPOS transaction to withdraw money.
A linked MasterCard Debit Card. to give you the security and peace of mind to make phone and online purchases you can also link a MasterCard Debit Card to your transaction account. This means you can enjoy all the convenience of a credit card, but you don’t have to pay interest on your purchases or remember to make monthly repayments.
A minimum $2,000 monthly deposit and a two month grace period. A $2,000 a month deposit amount is not hard for most people to find if you have a regular job, and even part time work, that’s just a take home pay of $500 a week. If you make less than $500 a week, you are able to open a Zero Transaction account as a joint account so that yours and your partner’s monthly wages can make up the $2,000 minimum. If you don’t make it to the $2,000 deposit minimum in one month don’t worry, you won’t be charged a hidden fee, if you fall under the minimum deposit for two consecutive months then Bankwest will transfer you to their Lite Transaction Account, Direct Option.
The Lite Transaction Account has a set low monthly fee for all the same features. You can use your Lite Transaction account in the same way you were using your Zero Transaction account and pay a $3.99 monthly fee for all electronic transactions, debit card access and inclusive ATM use. For a monthly fee of just $5 you can upgrade your Lite Transaction account to include branch access.