The Bankwest Hero Saver could be a welcome addition for savers looking to bulk up their savings balance thanks to the maximum ongoing interest rate of 4.60% when you make a deposit of at least $200 (excludes interest) or more per month and don't make any withdrawals. Savers will also be happy to learn that they can set specific savings goals and automatic transfers all in the Bankwest app.
The Bankwest Hero Saver is a savings account which is designed to help reach your savings goals sooner by incentivising you to save each month. You'll need to make a deposit of at least $200 per month (excluding interest) and make no withdrawals in the month to get the maximum 4.60% ongoing rate. There is no minimum account balance required, but the maximum rate is only available for deposits up to $250,000.99. For balances between $250,000.99 and $5,000,000.99 the rate sits at 1.00%.
If you make a withdrawal or don't meet the monthly deposit conditions you'll only receive the standard variable rate of 1.00%, so it's really an account designed for savers who are willing to keep their hands off their savings and keep growing their balance.
However, if you do need to make a withdrawal or you don't quite hit that $200 threshold, don't worry. The next month that you meet the conditions your rate will jump back up again to the maximum interest rate of 4.60%!
You can also set up your own personalised savings goals as well as automatic payments through the Bankwest app, plus you'll also be able to access your account online or via phone banking which is available 24/7.
The Bankwest Hero Saver could be a great account for those who want an incentive not to dip into their savings and know that they are getting rewarded with a solid ongoing rate each month they stick to their savings goals.
With no fees and a reasonable rate, there is not much to fault the Bankwest Hero Saver on. However, the maximum rate only applies on balances up to $250,000.99, so if you have some serious cash to put away you may be better off looking for an alternative.
Balances from $0: 1.00% p.a. |
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Balances from $0: 4.60% p.a. |
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Minimum deposit of $200 and no withdrawals in the month. |
$0.00 |
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n/a |
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Unlimited free transactions from phone and internet. |
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$0.00 |
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$0.00 |
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n/a |
$0.00 |
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$0.00 |
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Monthly |
no |
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no |
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no |
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no |
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yes |
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no |
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yes |
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yes |
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no |
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I have been loyal to Bankwest (when they were a different name in the 50's" I have never been disappointed with the service etc
Read full reviewI have been loyal to Bankwest (when they were a different name in the 50's" I have never been disappointed with the service etc
I first joined bankwest when i was in primary school, my mum used to top up my savings account with all the house work i did around the house. Once i was old enough and working, i opened up a high interest savings account and started saving. Once i built up a decent deposit i bought a house. Bankwest were so helpful and easy to deal with for the process. I visit once a year to have my interest rates adjusted.
Read full reviewI first joined bankwest when i was in primary school, my mum used to top up my savings account with all the house work i did around the house. Once i was old enough and working, i opened up a high interest savings account and started saving. Once i built up a decent deposit i bought a house. Bankwest were so helpful and easy to deal with for the process. I visit once a year to have my interest rates adjusted.
Bank west has always been willing to answer my questions and not in jargon I don't understand. The staff are helpful and very friendly. When you get older it's nice not to feel intimated.
Read full reviewBank west has always been willing to answer my questions and not in jargon I don't understand. The staff are helpful and very friendly. When you get older it's nice not to feel intimated.
Opened joint savings account with them early this year. Bank employees were so friendly and welcoming. Loving interest rates. Great customer service too when I called them before with an enquiry. Only con is limited branches/ATMs around, but it's savings account anyway.
Read full reviewOpened joint savings account with them early this year. Bank employees were so friendly and welcoming. Loving interest rates. Great customer service too when I called them before with an enquiry. Only con is limited branches/ATMs around, but it's savings account anyway.
They have always been good for me they dont pay much interest then again non of them do
Read full reviewThey have always been good for me they dont pay much interest then again non of them do
Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Hero Saver
4.60% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $5,000,001)
Yes up to $250,000
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
Life - 18-29 years old
5.20% p.a. (for $0 to $30,000)
2.00% p.a.(for $0 and over)
Yes up to $250,000
Savings Account
5.35% p.a. (for $0 to $250,000)
Yes up to $250,000
4.75% p.a.(for $0 to $1,000,000)
Save Account
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
0.10% p.a.(for $0 and over)
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
0% p.a.(for $0 and over)
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
Yes up to $250,000
4.40% p.a.(for $0 to $250,001)
Hero Saver
4.60% p.a. (for $0 to $250,001)
Yes up to $250,000
1.00% p.a.(for $0 to $5,000,001)
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
0.05% p.a.(for $0 and over)
Life - 18-29 years old
5.20% p.a. (for $0 to $30,000)
Yes up to $250,000
2.00% p.a.(for $0 and over)
Reward Saver Account
0% p.a.(for $0 and over)
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
Save Account
0.10% p.a.(for $0 and over)
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Bonus Saver Account
0.05% p.a.(for $0 and over)
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
Reward Saver
0.30% p.a.(for $0 and over)
5.25% p.a. (for $0 to $100,000)
Yes up to $250,000
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
3.01% p.a. (for $0 and over)
Yes up to $250,000
Mighty Saver Account
0.01% p.a.(for $0 and over)
1.20% p.a. (for $0 and over)
Yes up to $250,000
Mighty Saver Account
0.10% p.a.(for $0 and over)
1.20% p.a. (for $0 and over)
Yes up to $250,000
Progress Saver
0.01% p.a.(for $0 and over)
4.25% p.a. (for $0 and over)
Yes up to $250,000