Bankwest Hero Transaction Account

[Jonchilds]

Saw an ad on the bankwest site today for their new transaction account which is fee free(ish) and pays 5% interest on what's in the account. Catch: $2000/month must be deposited into the account (no minimum balance), either by yourself or your employer, or another sentient being.

Read the fine print yourselves, but seems good for me.
Just gonna be a pain having to remember a new account number.

Bankwest Hero Transactor

[mark_r]

Would $100 in and out 20 times each month count?

I don't earn $2000 a month yet

[likefry]

why don't you get an ING account they have 5 something percent and no minimum amount to put in and no need for monthly deposits

[Stoneville]

why don't you get an ING account they have 5 something percent and no minimum amount to put in and no need for monthly deposits

Who's ING?? Bankwest do not compare the Hero account with them, was going to suggest this account to De as an option to her current one

[Taylor]

"No interest is paid on balances over $5,000."

Pass.

[Jonchilds]

Bankwest has 6.5% & 8% accounts (better than ING), but if you're getting 5% on stuff in a transaction account, it's better than nothing.

[Jonchilds]

"No interest is paid on balances over $5,000."

Pass.

I don't recall the last time I had $5k in my transaction account for an extended period.
Their telenet saver pays higher interest and has no limit (for mere mortals anyway)

[Taylor]

But can you link them without incurring fees for transfers or the like?

[Jonchilds]

As far as I know.

Never been charged for an transfer between my bankwest accounts (Student & Telenet)

[Stoneville]

I'm sure I have been charged for the moving of money between the Saver accounts (MAD chocs) and my Equity account

[TORQ]

Have/had an ING account; best rates at the time I joined, simple, easy to use. No brainer. Only issue(?) was transaction time between them (ING) and other bank; not an issue if you can wait a day or two, otherwise all good. Great online facilities.