Bank West’s Hero transaction account is a very good transaction account. It charge no monthly while offering 5% interest. Normally transaction account gives less than 1% interest. The other transaction account with high interest is AMP’s First which gives 5.15% interest, but it comes with $5 monthly fee.
The drawback of Hero is the requirement to deposit $2000 every month, otherwise it will be converted to Lite transaction account which charges $3.99 monthly fee. In addition, Hero doesn’t have a two level authentication of its online banking security via sms or via token. Overall it is a highly recommended transaction account that can avoid the need to transfer the cash back and forth between transaction account and online saving account.
No monthly fee
Very competitive interest rate
Have to deposit $2000 per month
Doesn’t have two level authentication of online banking security via sms or token
The best of Bankwest's transaction accounts, and one of the best fee-free accounts anywhere., especially as you can earn interest. But other fee free accounts offer as much (except interest) and you don't have to deposit a minimum amount. A classic case of the "old" Bankwest coming up with a good idea, but the "new" Bankwest not moving with the times and making a small change to keep it competitive.
Fee free if you deposit your salary (or at least $2000 a month) and pays interest on any balance up to $5000, which is unusual.
You need to deposit your salary (or $2000) otherwise you'll be charged fees.
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