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 0.70% 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 0.70% 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 0.10%.
If you make a withdrawal or don't meet the monthly deposit conditions you'll only receive the standard variable rate of 0.01%, 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 0.70%!
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.
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Balances from $0: 0.01% p.a. |
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Balances from $0: 0.70% p.a. |
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Minimum deposit of $200 and no withdrawals in the month. |
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$0.00 |
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n/a |
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Unlimited free transactions from phone and internet. |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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none |
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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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no |
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none |
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none |
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none |
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
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 reviewBankwest 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.
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 reviewI 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
I rate Bankwest very highly. I have been with them for over 20 years with my Savings (Transaction) Account, Home loan, Personal loan & Credit Card. They are always easy to deal with. Staff at the bank have been there a long time and remember you so it's a happy, friendly interaction. They keep in contact if I haven't told them I'm travelling and I get a call if I have made a big transaction overseas. When I asked for an interest rate cut rather than go to another bank - they obliged. The online banking is very user-friendly also.
Read full reviewI rate Bankwest very highly. I have been with them for over 20 years with my Savings (Transaction) Account, Home loan, Personal loan & Credit Card. They are always easy to deal with. Staff at the bank have been there a long time and remember you so it's a happy, friendly interaction. They keep in contact if I haven't told them I'm travelling and I get a call if I have made a big transaction overseas. When I asked for an interest rate cut rather than go to another bank - they obliged. The online banking is very user-friendly also.
Westpac
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2.00% p.a. (for $0 to $30,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
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1.15% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
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1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.25% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000