Bankwest rewards everyday transactions – CANSTAR Innovation Excellence Awards

Bankwest Rewards Transaction Account

Awarded by Canstar Research on March 2013

Credit card rewards programs are a popular and well entrenched feature of the Australian credit market now, but Bankwest has introduced a game-changer with the launch of Australia?s first rewards-linked everyday bank account.The Bankwest Rewards Transaction Account gives customers reward points for their everyday banking and these points can be redeemed online, with a choice of more than 3,000 reward options.

What are the main features?

Account holders are rewarded in two ways; for the daily balance that they hold in their account, and every time they make a purchase both in Australia and overseas. The higher the daily balance of their account and the more purchases they make, the more points they earn.

Account holders:

• Earn one point for every $100 they hold in their account at the end of every day.
• Earn 5 points for every eligible domestic purchase.
• Earn 10 points for every eligible overseas transaction (including online and ATM?s).
• Attract no maintenance fee when a minimum of $2,000 is deposited each month.
• Have free unlimited electronic, counter and cheque withdrawals.
• Have free unlimited access to Bankwest and CBA ATM?s

Who does the product suit?

The product is suited to the reward-savvy segment of the market who want to earn rewards for their everyday banking. Given the high ($2,000 per month) minimum deposit required in order to avoid fees, the account would suit consumers who are happy for their salary payments to be directed to the account.

CANSTAR’s verdict

Bankwest?s Rewards Transaction Account is the first of its kind in Australia and is ideal for those who don?t wish to use a credit card to accrue rewards points as well as those who wish to maximise the points they earn across their total spend. We believe the product is a trend setter and will be expecting to see the introduction of similar rewards programs across other institutions over the next twelve months.
Rating: 5 Canstar Stars
Award: Canstar Innovation Excellence 2013