BankWest has introduced yet another market-leading product with the launch of the BankWest Zero Transaction Account offering customers no transaction fees including other bank ATM fees and no monthly maintenance fee.
BankWest's Zero Transaction Account is the second product to launch under the bank's new Happy Banking campaign, aimed at changing customers' perception of banking and making banking a more enjoyable, positive experience.
The BankWest Zero Transaction Account is the second new transaction account BankWest has added to its portfolio in the last year after the launch of the BankWest Hero Transaction Account in October 2007.
BankWest's Chief Executive Retail, Ian Corfield said BankWest was giving customers a reason to look at their current bank offer and compare this with what they could be getting at BankWest.
"ATM fees are something that no customer really wants to pay and we decided to do something about that by offering this account," Mr Corfield said.
"The BankWest Zero Transaction Account is a simple account, and is fantastic for customers who use ATMs regularly and hate getting charged a fee for it."
Mr Corfield said the bank's new Happy Banking campaign was making a difference and showing customers that competitive, relevant banking products are available.
"We launched our BankWest Hero Transaction Account that offers 5% p.a. interest on an everyday transaction account and we launched our BankWest Rate Tracker which offers a home loan interest rate 1% p.a. lower than the average standard variable rate of the Big Four. Now we've launched our BankWest Zero Transaction Account with no ATM fees - these are incredible products that our customers love," he said.
"All these products are designed with the Australian bank customer in mind - we are serious about increasing competition in banking and serious about giving our customers what they want."
Features of the account are:
BankWest offers a range of market leading deposit products including the BankWest Hero Transaction Account offering 5% p.a. on balances up to $5,000, the BankWest Regular Saver, offering 9% p.a. when account conditions are met and the BankWest TeleNet Saver offering a 12-month variable introductory rate of 7.75% p.a.
"We are now on track to changing the way banking is done in Australia and the market is responding," Mr Corfield said.
"Our customers are coming to us and telling us how much they like our products, our staff and our new stores - this is what happy banking is about and tells me that we are getting it right."
For more information on the BankWest Zero Transaction Account visit www.bankwest.com.au/zerotran or www.happybanking.com.au.
BankWest Zero Transaction Account
* No monthly maintenance fee
* No transaction fees including other-bank ATM fees (Overseas ATM and foreign transaction fees may apply)
* Fee-free and interest-free Safety Net Facility (overdraft) of $100 (mandatory on all BankWest Zero Transaction Accounts)
* MasterCard Debit Card option (available to Australian citizens and permanent residents only)
* No credit interest is paid
* To be eligible for this account, customers must deposit at least $2,000 per calendar month to the account. If a deposit of $2,000 is not made to the account for two consecutive calendar months (excluding the month during which the account was opened), the product will automatically roll to a Lite Transaction Account (Direct Option)
* Account holders must be 18 years or older and satisfy BankWest's lending criteria
How the BankWest Hero Transaction Account works
* No monthly maintenance fee
* No transaction fees (except for other-bank ATM and overseas transaction fees)
* Fee-free and interest-free Safety Net Facility (overdraft) of $100 (mandatory on all BankWest Hero Transaction Accounts)
* MasterCard Debit Card option (available to Australian citizens and permanent residents only)
* 5% pa interest on balances up to $5,000 (No interest is paid on balances over $5,000).
* To be eligible for this account, customers must deposit at least $2,000 per calendar month to the account. If a deposit of $2,000 is not made to the account for two consecutive calendar months (excluding the month during which the account was opened), the product will automatically roll to a Lite Transaction Account (Direct Option).
* Account holders must be 18 years or older and satisfy BankWest's lending criteria
How the BankWest TeleNet Saver works
* The BankWest TeleNet Saver offers a variable 12 month introductory rate of 7.75% p.a. for new TeleNet customers for savings.
How the BankWest Regular Saver works
* Customers receive 9% p.a. interest on the Regular Saver account, paid monthly, when they deposit between $50 and $500 in that month and make no withdrawals during that month.
* Maximum deposits of $500 per month.
* No interest is paid in a month where the customer makes a deposit of less than $50 and/or makes a withdrawal.
* The account must be linked to another eligible BankWest account and the balance will be transferred to that account on each anniversary of account opening.
How the BankWest Rate Tracker home loan works
* The BankWest Rate Tracker Home Loan Rate is an introductory rate for 24 months. It offers a discount of 1.0% p.a. on the average of the standard variable rates of the Big Four banks.
* The average of the big four banks' standard variable rates is calculated monthly by BankWest.
* At the end of the introductory period the rate will revert to BankWest's Lite Home Loan Rate.
* This is the first rate tracker home loan of its kind in Australia and currently offers an introductory rate of 8.29% p.a.
* The Rate Tracker can save thousands each year off the average standard variable rate home loan.
* Minimum loan of $100,000 with no maximum, $700 application fee with no deferred establishment fees.
About BankWest
BankWest is a wholly owned subsidiary of HBOS plc, one of the world's largest financial services groups, with assets of about AUD$800 billion (£380 billion). BankWest is a full service bank which originated in Western Australia in 1895 and services more than 860,000 customers. Nationally, BankWest promotes a range of products using cost-effective direct and third party distribution channels, including 24-hour telephone and internet services and mortgage brokers. In WA, BankWest is a market leader with about one quarter of all bank advances and deposits and an extensive network of branches. Standard & Poors short-term credit rating for BankWest is "A-1+" and "AA-" for the long term, providing customers with investment grade security.
