Do Aussie savers have a new hero? The Bankwest Hero Saver swoops into town.

Just like Bonnie Tyler in her classic hit, Aussie savers are in need of a hero. Over the past 12 months, interest rates on savings accounts have plummeted, making it tougher to reach savings goals like a home deposit or a family holiday.

And now, the latest tactic from some banks to make savings bonus rates conditional on having a linked same bank transaction account, savers are screaming out “where have all the good rates gone?”

Swooping in with a hero’s welcome is the new Hero Saver account from Bankwest. Unlike many savings accounts on the market right now with high bonus rates that expire after a couple of months, the Bankwest Hero Saver has a variable 4.00% p.a interest rate as long as you make a deposit of $200 in the month and no withdrawals up to balances of $250,000. If you make a withdrawal or don’t meet the deposit conditions for that month you will receive the standard interest rate of 0.01%. But as soon as you meet the conditions again you’ll earn the Hero Rate again.

Interest is calculated daily and paid monthly into your account. There are no account maintenance or transaction fees and 24/7 online and phone banking means you can top up that balance night and day, seven days a week.

The Bankwest Hero Saver isn’t the only savings account in the market that offers a high ongoing rate with monthly deposit conditions according to the Mozo savings account database. Here’s how it compares to other bank offers:

Bank / Account
Rate
Conditions

Rams Saver

4.11%

Min $200 monthly deposit, no withdrawals. Balance up to $500,000.

Bankwest Hero Saver

4.00%

Min $200 monthly deposit, no withdrawals. Balance up to $250,000.

Commonwealth Bank Goal Saver

4.00%

Min $200 monthly deposit, no more than 1 withdrawal. Balance up to $100,000.

CUA eSaver Plus

4.00%

Min. $200 monthly deposit, no withdrawals. No maximum balance requirements

Easy Street Bonus Saver

3.93%

Min $50 monthly deposit, no withdrawals. No maximum balance requirements

 

We look forward to reading your reviews of the Bankwest Hero Saver in the coming months – want to review your bank now? See here, your review could score you a $2000 Aussie holiday!

Do Aussie savers have a new hero? The Bankwest Hero Saver swoops into town. was last modified: September 2, 2014 by Mozo

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