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How we picked these
How the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
We currently don't have that product, but here are others to consider:
How we picked these
Finder Score for term deposits
Finder Score assigns Term Deposit products a score out of 10, comparing interest rates and features, to make comparison easier. We assess over 150 products from more than 90 providers, assessing products across different terms to determine an average score per product.
We currently don't have that product, but here are others to consider:
How we picked these
How the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
Bankwest began operating in 1895 in Western Australia (WA) to provide banking services to farmers.
Bankwest has been owned by Commonwealth Bank since 2008.
Bankwest customers can also use Commonwealth Bank branches and ATMs.
It offers a range of different accounts, including accounts for retirees and students and has more than 1,150,000 customers.
When you open a new transaction account with Bankwest you can choose the colour of your debit card.
Different accounts offered by Bankwest
Bankwest offers many different bank accounts, savings accounts and term deposits which you can see listed in the table above. Here's a brief summary of a few of the main accounts Bankwest offers.
Easy Transaction Account
This is Bankwest's simple, everyday bank account option. There's no monthly account fee and it comes with a linked Debit Mastercard in a colour of your choice which you can use at ATMs, online or in stores.
You can open an term deposit with as little as $1,000, and you can invest up to $10 million. You can choose from different term lengths and corresponding rates, with no account keeping fees.
Bankwest offers many different ways to do your banking.
Bankwest ATM network
As Bankwest is owned by CommBank, Bankwest customers can use CommBank ATMs free of charge. CommBank has more than 1,000 ATMs across Australia, and you'll find that many 7/11 stores have a Bankwest ATM.
Bankwest customers can also use their Australian debit cards to withdraw cash for free at NAB, Westpac and ANZ ATMs throughout Australia.
Bank@Post
If you need to deposit cash into your Bankwest account, you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way.
Bankwest Internet and mobile banking
Bankwest Online Banking is available 24/7 to do all your standard banking. This includes to review transactions and balances, see more detailed transaction data, pay bills, transfer money between accounts and make BPAY payments. You can also view and download your statements and open new Bankwest accounts.
The Bankwest App is free to download, and has a 3.8 star rating in the App Store and a 4.4 star rating in the Google Play store. You can do your day-to-day digital banking using the app, and you can also set up personal savings goals with your Bankwest Hero Saver account and track your progress. And you can set up your PayID in the app to use instead of your BSB and Account Number.
Bankwest contactless payment options
Bankwest offers Apple Pay and Google Pay to customers with a Bankwest debit or credit card.
Pros and cons of banking with Bankwest
Pros
Choice of accounts. Bankwest has different transaction and savings accounts to suit specific requirements, like accounts for retirees and students as well as multiple savings account options.
Backed by CommBank. Bankwest is part of the Commonwealth Bank group, so has the security backing and network of a Big Four bank.
Cons
Account fees. Some transaction accounts require that you meet certain criteria to qualify for a monthly fee waiver.
Less competitive rates. Bankwest savings accounts offer less competitive interest rates than other accounts on the market.
No overseas networks. Bankwest doesn't have international ATMs or branches, which could be a consideration if you travel a lot.
How to apply for a Bankwest account online
You can apply for a new Bankwest account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.
Eligibility
You're over 18 years old
You're an Australian resident for tax purposes
You have an Australian phone number and residential address
Documentation
Personal details like your name, date of birth, residential address, phone number and email address
ID documents such as your driver's licence, Medicare card, passport or proof-of-age card
Are you looking for another Bankwest product instead?
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio
Alison's expertise
Alison has written 651 Finder guides across topics including:
I am wanting to have access to my term deposit money which has matured 2x from the maturity. I would like to know what are the chances of withdrawing some of the funds as I am experiencing hardship . Need to buy a car from a private seller. I would like to know if I can access the funds within the week or so ?
Finder
JhezelynOctober 4, 2018Finder
Hello Emmy,
Thank you for your comment.
If you need to access your term deposit funds before it reaches its 3rd maturity, you will need to give the bank 31 days’ notice. If there are less than 31 days left until the account matures (3rd time), you will need to wait until it reaches maturity to access funds. Usually, you can just contact the bank as they can make exceptions on a case-to-case basis.
While you can apply for a Bankwest Term Deposit from the comfort of your home or office, know that you can find this feature in certain term deposits offered by other banks as well, so compare a few before applying.
If you have a specific savings goal that you want to meet fast, the competitive interest rate and no fees make the Hero Saver worth considering.
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We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
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Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
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I am wanting to have access to my term deposit money which has matured 2x from the maturity. I would like to know what are the chances of withdrawing some of the funds as I am experiencing hardship . Need to buy a car from a private seller. I would like to know if I can access the funds within the week or so ?
Hello Emmy,
Thank you for your comment.
If you need to access your term deposit funds before it reaches its 3rd maturity, you will need to give the bank 31 days’ notice. If there are less than 31 days left until the account matures (3rd time), you will need to wait until it reaches maturity to access funds. Usually, you can just contact the bank as they can make exceptions on a case-to-case basis.
You may check our guide on how to access a term deposit early. I hope this helps.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Regards,
Jhezelyn