Bank of Western Australia

By: EconomyWatch Content   Date: 31 October 2009

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Bank of Western Australia or Bankwest is regulated by the Australian Prudential Regulatory Authority (APRA). It was incorporated as the Agricultural Bank of Western Australia in 1985. It aimed at facilitating rural lending by supporting the State's farming industries. The bank was a subsidiary of HBOS plc until it was sold to the Commonwealth Bank of Australia in 2008.

Bankwest caters to a variety of market segments, such as personal loans, business, housing and rural. It serves around 900,000 customers across Australia. The deposit guarantee of the Federal Government covers all the deposits that the bank holds.

Bank of Western Australia: Credit Cards

The bank offers the following credit cards:

Low Rate Credit Cards: This category includes Bankwest Lite MasterCard, which features a 9.99% annual purchase rate (lowest in Australia on MasterCard purchases) and enables the holder to manage credit card debt. One can choose from Bankwest Lite Gold MasterCard and Bankwest Lite Platinum MasterCard at a low $59 annual fee.

No Annual Fee Credit Cards: Bankwest Zero MasterCard holders enjoy a low rate of 4.99% per year on their spending and nine months balance transfer. The card is available in gold and platinum categories, and features zero annual fees. One can access one’s account through the bank’s online banking facility 24/7.

Rewards Credit Cards: For people who want to enjoy more rewards, flexibility and choice, Bankwest More MasterCard is the best choice. The activation of card credits 5,000 Bonus Points in favor of the cardholder. The card is acceptable at more than 28 million outlets globally.

Bankwest RewardMe Credit Card Rewards: Bankwest MasterCard credit card holders can signup for RewardMe option to leverage on various exclusive savings and offers. These offers are available to various restaurants, cinemas and retail outlets with Lite, More or Zero MasterCard offered by the bank.

Bank of Western Australia: Awards

Bank of Western Australia’s commitment to excel in quality services is apparent in the following achievements: 

  • Won ‘Bank of the Year’ in 2008 at the AFR Smart Investor Blue Ribbon Awards.

  • Achieved gold in the Best of the Best awards given by Money Magazine in 2008.

  • Regional Bank of the Year award in 2008 at the Australian Banking & Finance Magazine Awards.

  • Lender of the Year in 2008 at the Mortgage and Finance Association of Australia (MFAA) Excellence Awards


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