7.7 / 10

based on 5894 Bankwest reviews as rated by Mozo community

Bankwest savings accounts

Bankwest can help you reach your monetary goals with their selection of savings accounts. From kids' accounts that help them learn about saving through to a TeleNet Saver designed for phone and internet banking, their range can cater to your needs. Alternatively, you can view a range of savings accounts with our savings account comparison tools by visiting this page.

Bankwest offers the following savings accounts

Rates and fees verified as correct at 23 June, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate Maximum rate Govt deposit guarantee  
Children's Savings Account

0.05% p.a.(for $3,000 to $10,000)

No Current Offer

Yes up to $250,000

Hero Saver

0.01% p.a.(for $0 to $5,000,000)

0.70% p.a. (for $0 to $250,001)

Yes up to $250,000

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Smart eSaver

0.01% p.a.(for $0 to $5,000,000)

0.40% p.a. (for $0 to $500,001)

Yes up to $250,000

TeleNet Saver

0.05% p.a.(for $0 and over)

0.40% p.a. (for $0 to $5,000,000)

Yes up to $250,000

How are Bankwest savings accounts rated?

Mozo users have rated Bankwest savings accounts on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of savings-accounts
Bankwest savings accounts
Overall
8.0/10
Price
Features
Customer service
Convenience
Trust

1372 Reviews

Recent Bankwest savings account reviews

Bankwest Savings Account review
Overall 1/10
Closed our accounts without warning.

My wife and I had savings accounts with BankWest. My wife's accounts was only used to receive dividends and I had one which I only used occasionally. Both accounts were automatically closed by the bank without any advice to us. It appears they do this with zero balance accounts that have not been used for several months. The first we knew was when we got a letter from the share registry saying crediting of a dividend to my wife's account had been unsuccessful. The account had been automatically closed a day or so before the dividend was due to be credited. Normally dividends are credited about every 6 months, but due to the covid downturn there had been no dividend 6 months ago and it was just on a year since the last account activity. The accounts did have zero balance, but I am staggered the closed them without attempting to provide some sort of advice to us (our physical and email addresses have not changed so no excuse for Bankwest there). My account had been closed not much more than 6 months after the last activity, so not sure why the differing periods. We had done a fair amount of banking with Bankwest in the past, and the accounts were a legacy from that time. No great loss to us now, but we will never be opening BankWest accounts again (share registry charges $25 to reprocess the dividend credit to a different account!).

Read full review

My wife and I had savings accounts with BankWest. My wife's accounts was only used to receive dividends and I had one which I only used occasionally. Both accounts were automatically closed by the bank without any advice to us. It appears they do this with zero balance accounts that have not been used for several months. The first we knew was when we got a letter from the share registry saying crediting of a dividend to my wife's account had been unsuccessful. The account had been automatically closed a day or so before the dividend was due to be credited. Normally dividends are credited about every 6 months, but due to the covid downturn there had been no dividend 6 months ago and it was just on a year since the last account activity. The accounts did have zero balance, but I am staggered the closed them without attempting to provide some sort of advice to us (our physical and email addresses have not changed so no excuse for Bankwest there). My account had been closed not much more than 6 months after the last activity, so not sure why the differing periods. We had done a fair amount of banking with Bankwest in the past, and the accounts were a legacy from that time. No great loss to us now, but we will never be opening BankWest accounts again (share registry charges $25 to reprocess the dividend credit to a different account!).

Customer service
1/10
Trust
1/10
Less
David, New South Wales, reviewed about 2 months ago
Bankwest Hero Saver review
Overall 8/10
fine for me

They have always been good for me they dont pay much interest then again non of them do

Read full review

They have always been good for me they dont pay much interest then again non of them do

Price
2/10
Features
5/10
Customer service
9/10
Convenience
7/10
Trust
10/10
Less
Michael, Western Australia, reviewed 3 months ago
Bankwest Hero Saver review
Overall 9/10
Bankwest is a great bank.

Bankwest is an easy to deal with and reliable bank. I use Bankwest for my general savings account and they have already been readily available to sort out any issues. They are also quick to notify of any suspicious activity and check in to make sure that everything is in order.

Read full review

Bankwest is an easy to deal with and reliable bank. I use Bankwest for my general savings account and they have already been readily available to sort out any issues. They are also quick to notify of any suspicious activity and check in to make sure that everything is in order.

Price
8/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
9/10
Less
Alicia, Western Australia, reviewed 5 months ago
Bankwest Hero Saver review
Overall 8/10
Bankwest Hero.

I have used Bankwest from a very early age. I am always greeted and experience lovely customer service when I am in the bank. Staff will also look into better options to increase savings and other alternatives to save money. The Hero account is the one I use mostly. By depositing $2000 a month, account keeping fees are waived which is important to me otherwise I would look elsewhere. The deposited amount can include your salary. I like that I have a choice of using Bankwest and Commonwealth ATMs, it makes life so much easier as well as no withdrawal fees. Also the interest rate applied to the balance is 0.1% up until $5000.99

Read full review

I have used Bankwest from a very early age. I am always greeted and experience lovely customer service when I am in the bank. Staff will also look into better options to increase savings and other alternatives to save money. The Hero account is the one I use mostly. By depositing $2000 a month, account keeping fees are waived which is important to me otherwise I would look elsewhere. The deposited amount can include your salary. I like that I have a choice of using Bankwest and Commonwealth ATMs, it makes life so much easier as well as no withdrawal fees. Also the interest rate applied to the balance is 0.1% up until $5000.99

Price
8/10
Features
3/10
Customer service
8/10
Convenience
10/10
Trust
10/10
Less
Mel, Western Australia, reviewed 5 months ago

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