The Hero Transaction account has been around for quite a while but many people may have chosen not to upgrade to this account because of the need to change account numbers. That would affect direct debit arrangements with credit cards, utility providers and health insurance etc.
The Hero account allows you to have an interest bearing transaction account (5% interest for balances up to $5000 at time of post) with no monthly fees. Now if you are an existing Bankwest customer, you can switch to the Hero account without changing your account number.
There are also no over the counter withdrawal fees. In the first month, rather than paying $3.99 instead I have received $16 in interest. Not a bad turnaround.
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