I've known about the bankwest Hero account for a while now, but dismissed it quickly because I don't have an ongoing salary of $2000 a month to avoid the monthly account keeping fee. Just reading the product disclosure statement though, I couldn't see anything that stops people from just doing a regular, end-of-month automatic transfer from their Telenet saver (or similar) of $2000 to their Hero account, and transferring it back immediately.
If this is possible, then anyone with $2000 in savings parked away in a Telenet account earning 7.75% interest can have a Hero account as well for all their everyday transactions.
What do you reckon? Better still - can anyone with a Hero account verify this?
Oh, and another question for those of you who have this Hero account - I've heard that "fee-free" banking with Bankwest is NOT free, because they charge $0.25 everytime you do a BPAY or Pay Anyone transaction using online banking. Is this true with Hero as well?
Not having the account but reading the T&Cs
the money being deposited doesn't need to be from income, so you can bring it in from where ever.,
as for fees they state
Withdrawal Fee
Except as stated in clauses 4.3, 4.10 and 4.11, there are no further electronic, cheque or counter
withdrawal fees applicable to this account.
An electronic withdrawal is any cash withdrawal or debit transfer made at or using BankWest Online
Banking, Phone Banking, Direct Debit, Periodical Payment, or a BankWest ATM, EFTPOS terminal
or selected Other Bank ATM (NSW, TAS, ACT and NT – Commonwealth Bank, VIC – Westpac, QLD
– Bank of Queensland and SA – BankSA) where the “Savings” or “Cheque” button was selected.
However, any cash withdrawal or debit transfer made with the MasterCard Debit Card at a BankWest
ATM, EFTPOS terminal or selected Other Bank ATM where the “Credit” button was selected is not
an electronic withdrawal. The fees stated in clauses 4.3 and 4.11 may apply to these transactions.
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.
The Bpay fee on standard accounts is 20c per transaction - but I read the "debit transfer made at or using BankWest Online
Banking" in the above, as covering this, so no charge. You can also call their 13 number and ask to be sure
as for end of month transfer you will lose the interest for the time the money is transfered - or you can transfer in - the out $500 each week for to give you a deposit of $2000 for the month.