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Bankwest Zero - unlimited free ATM transactions Australia-wide

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Bankwest Zero - unlimited free ATM transactions Australia-wide
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oziboi on 20/03/2009 - 13:58 bankwest.com.au (465 clicks)
Last edited 20/03/2009 - 14:06 by 1 other user

I just joined up with Bankwest and although I'm not really sure whether you would consider it a bargain… it is for me, as it will save me about $20 per month in 'other banks' ATM fees.

Its the Bankwest Zero transaction account…

There's no monthly charges, unlimited phone/internet banking, free chequebook access and best of all… no ATM charges, irrespective of the bank or ATM you use. I was previously with Citibank and was restricted to using Citi or Westpac ATM's after the new ATM legislation came into effect.

As far as I am aware (and I would be interested if anyone could prove otherwise), its the only transaction account still avaliable post-March 2 that has unlimited free transactions on any ATM in the country. And its owned by the Commonwealth Bank.

  • Pay no ATM fees Australia wide.
  • Deposit a minimum of $2,000 per month (eg. your salary).
  • Unlimited transactions and no monthly maintenance fees.
  • No account fees.
  • Bankwest or MasterCard Debit Card access.
  • Cheque book access.
  • Online Banking.
  • Phone Banking

Interested in your comments…

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  • Turd on 20/03/2009 - 14:05
    -1

    You will still get charged ATM fees by the ATM provider.

    • oziboi on 20/03/2009 - 14:08
      +2

      You still get the prompt on the screen telling you its $X.XX , but its covered by Bankwest

      • winter on 20/03/2009 - 18:43

        I wonder how Bankwest could possibly cover this cost. This could be a big expense.

    • M27 on 20/03/2009 - 14:39

      BankWest will pay this fee for you.

    • twig on 20/03/2009 - 19:08

      no they dont
      bankwest will pay for it
      it shows up on your statement as "paid by bankwest"

      theyve sent a letter about it, and i've tested it out to confirm that its still all free!

      they can afford it because commonwealth bank has bought them out some time ago

      • WaywardOne on 20/03/2009 - 20:50

        "they can afford it because commonwealth bank has bought them out some time ago"

        They had the Bankwest Zero account type long before the commonwealth bank took over.

  • dumkaze on 20/03/2009 - 14:30

    i was lookinf for it… currently i m with citi bank.. but i m moving soon to bank west…

    good one…

  • OzbargainerSteve on 20/03/2009 - 14:41

    I have compared this with Bank West Hero Transaction Account. Isn't Hero Account better off with a 3% interest?

    I have checked the fees. See Hero has major transaction fee as long as I use BankWest/CommonWealth ATM only. A trade off, but if I get 3% off my money.

    4.1 Maintenance Fee
    There is no maintenance fee applicable to this account.
    4.2 Withdrawal Fee
    There are no electronic, cheque or counter withdrawal fees applicable to this account.
    An electronic transaction is:
    • any cash withdrawal or purchase made at or using any EFTPOS terminal, except where a MasterCard Debit Card is used and the "Credit" button is selected;
    • any debit transfer or payment made using Bankwest Online Banking or Phone Banking;
    • any Direct Debit or Periodical Payment; or
    • any cash withdrawal or debit transfer made at or using any ATM in Australia except where a MasterCard Debit Card is used and the "Credit" button is selected.
    A cheque withdrawal is any withdrawal made using a personal cheque to withdraw funds from this account.
    A counter withdrawal is any withdrawal or debit transfer made at a Bankwest Service Centre, Bankwest Agent, Neighbourhood Bank or using Bank@Post.

    • oziboi on 20/03/2009 - 17:33

      you are better opening a Telesaver account (currently 4.25%pa) and transferring from your Zero account.
      Although $2000 needs to be deposited a month, its doesnt have to sit in the account

  • totom on 20/03/2009 - 14:42

    Really, bankwest is owned by commonwealth bank?

    • winter on 20/03/2009 - 18:45

      They were owned by the bank of scotland, but I know there were trying to flog it off at one point.

    • sash213 on 20/03/2009 - 18:50

      they are owned by CBA

  • archiver on 20/03/2009 - 14:45

    I've had this account for a few months now and have never been charged a fee for ATM access. I save around $15-20 a month not having to pay other bank ATM fees. Highly recommended.

    • renan on 20/03/2009 - 15:03

      Changes to the ATM changing was only changed recently. Have you withdrawing money from other ATMs during the past weeks?

      I get prompted that a fee will be charged and I backed out. Dont want to take the risk.

      • guohao on 20/03/2009 - 15:08

        There's a BankWest FAQ regarding this on their website - it is still free for Zero accounts.

        http://www.bankwest.com.au/library/scripts/objectifyMedia.as…

      • G0bbo on 20/03/2009 - 15:09
        +1

        I've got the exact setup as the subby here, and it works fine.

        You still get prompted at ATMs "do you want to get charged $x for this transaction?", but you don't get charged on your statement (they do appear on there, but with a cost of $0 and "CCS ATM OPERATOR FEE OF $2.00 PAID BY B/WEST").

        Dunno that it's a bargain given it's what they've always offered, but I'll give it a thumbs up anyways :)

      • archiver on 20/03/2009 - 17:56

        Yeah I've taken out money from ATM's a few times since the change and Bankwest definitely pays the fee for you. In your statement it says "OPERATOR FEE OF $X.XX PAID BY B/WEST"

  • bargs12 on 20/03/2009 - 15:18

    Check out nab gold banking.. can use any atm in australia and any NAB atm overseas and no foreign exchange fees. Exchange rate is also awesome compared to travellers cheques/cashpassports

    its $10 per month BUT this is waived if u deposit ur salary of $5000 a month

    http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_…

    • seanbaussie on 20/03/2009 - 21:07

      Will you make up the difference between my salary & $5000 per month if I take this up ;-)
      And while you're at it, maybe you'll pay for me to travel o/s to find an NAB atm there :-()

  • mjs on 20/03/2009 - 16:07
    +1

    NAB Gold: "ATM Direct Charges from other ATM owners within Australia still apply"

  • Ecstatic on 20/03/2009 - 17:01

    So does BankWest pay other banks fees? - I mean, the $2 fee if you use their ATM.

    What I usually do is just buy something cheap, usually a packet of chips from a supermarket, then just get cash out.

  • Turd on 20/03/2009 - 17:26

    Pretty good! Thanks for the clarification!

  • pliukit on 20/03/2009 - 17:51

    NAB Gold: Charges/fees by ATM owner may be charged to user…. considering to switch to Bankwest Zero/Hero. My opinion: If you plan to use our Visa Debit locally only, go with Bankwest. If you uses it when overseas, NAB Gold visa is the way to gold - dont withdraw from non NAB ATMs though.

  • Crownie on 21/03/2009 - 03:30

    The BankWest Zero is great.
    Also works if you transfer $2,000 from another account, leave it for a day and return the money.

    The only thing I dont know is that if you have to innitially have the ATM fee in your account.
    Lets say you have $51 in your account, will they let you withdraw $50 knowing that there is a $2 fee?

    • twig on 21/03/2009 - 09:12
      +1

      it should be fine, they allow for a $100 overdraft without charge

      • Crownie on 21/03/2009 - 14:28

        Forgot about the overdraft coz if you do, it seems that there's $100 more in your account.

  • qiang on 21/03/2009 - 10:44

    which day do we need to transfer $2k?

    what happens if i just transfer $2k at the beginning of each month from another account (st george)
    and take it out once it hits the account?

    how long does the $2k have to be in there?

    im thinking of combining a high interest online savings account and just transferring the money in and out each month

    • Crownie on 21/03/2009 - 14:30

      It needs to be sometime during the calendar month but you can miss one month and they will send you a reminder.
      Miss 2 months and the account becomes the $3.95 per month one.

  • BargainHunterV on 28/03/2009 - 14:08

    Switched over to Bankwest Zero few weeks ago after hearing about the direct charging introduction.

    All fees paid = Happy customer

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