Bankwest Hero Saver

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

2.60% p.a. (for $0 to $250,000)

 

Bankwest Hero Saver Review

Rates and fees information correct as at 21 August 2018.

Review published: 3 September 2014

What's hot:

  • 2.6% p.a. bonus variable Hero Rate

  • No account maintenance or transaction fees

What's not:

  • Bonus Hero Rate only applicable for balances up to $250,000

Mozo snapshot:

The Bankwest Hero Saver is a welcome addition to the market for Australia's savers with its ongoing variable bonus Hero Rate of 2.6% p.a if you make a deposit of at least $200 (excludes interest) or more a month and don't make any withdrawals. Savers will also be happy to learn that the Hero Saver has no account maintenance or transaction fees.

Key features:

The Bankwest Hero Saver is an online only 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 a month (excludes interest) and make no withdrawals in the month to get the variable 2.6% p.a. Hero Rate. There is no minimum account balance but the bonus rate is only available for deposits up to $250,000. 

If you make a withdrawal or don't meet the monthly deposit conditions you'll receive the standard variable rate of 0.01% but it doesn't mean the end of the bonus Hero Rate forever. The next month you meet the conditions your rate will jump up again to the bonus rate of 2.6% p.a. to get your savings back on track.

You can set up automatic payments into this account and use the online and phone banking which is available 24/7 to access and manage your money.

Who it's good for:

The Bankwest Hero Saver is a great account for those who want an incentive to not dip into their savings and know that they are getting rewarded with a high variable rate each month they stick to their savings goals. 

Any catches?

With no fees and a top rate, there is not much to find at fault with the Bankwest Hero Saver other than the bonus rate cap of $250,000 if you have some serious cash to put away.

How are Bankwest savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.3

Based on 417
Bankwest savings accounts reviews

7.7 7.4 8.5 8.2 8.3

Read Bankwest savings account reviews by the Mozo community

Latest reviews of Bankwest Hero Saver

Bankwest

Bankwest Hero Saver savings account review

Overall rating   7 / 10

Great customer service and decent rates

I like this bank because the customer service is very good. However in terms of interests rates on my savings accounts, while the standard rate is a bit higher than other banks, It would be more beneficial for me to jump around different savings...

Full review

I like this bank because the customer service is very good. However in terms of interests rates on my savings accounts, while the standard rate is a bit higher than other banks, It would be more beneficial for me to jump around different savings accounts that have high introductory interest rates. Joining Bankwest guarantees that you will get amazing customer service if that is what you really value from a bank.

    Price   6 / 10

    Features   4 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

Wylie (NSW), reviewed 14 days ago

Bankwest

Bankwest Hero Saver savings account review

Overall rating   10 / 10

Excellent!!

An excellent company to deal with. Friendly staff and quick service....Will be sticking with them

Full review

An excellent company to deal with. Friendly staff and quick service....Will be sticking with them

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Justin (QLD), reviewed about 2 years ago

Bankwest

Bankwest Hero Saver savings account review

Overall rating   9 / 10

Customer service to be applauded. Great service.

Bankwest have always been very helpful, and their staff are efficient and friendly. They make you feel very comfortable and not just another customer. Thank you.

Full review

Bankwest have always been very helpful, and their staff are efficient and friendly. They make you feel very comfortable and not just another customer. Thank you.

    Price   9 / 10

    Features   7 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Julie (WA), reviewed over 2 years ago

Bankwest

Bankwest Hero Saver savings account review

Overall rating   10 / 10

Best bank

Best bank I have ever been with

Full review

Best bank I have ever been with

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

James (WA), reviewed over 2 years ago

Bankwest

Bankwest Hero Saver savings account review

Overall rating   6 / 10

They can get better

They're ok

Full review

They're ok

    Price   5 / 10

    Features   6 / 10

    Customer service   6 / 10

    Convenience   3 / 10

    Trust   6 / 10

Less

Adeian (WA), reviewed over 2 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 0.01% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Balances from $0: 2.60% p.a.
    Balances from $250,000: 0.01% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Minimum deposit of $200 excluding interest and no withdrawals in the month

Fees

  • $0.00

  • none

  • Unlimited free transactions from phone and internet.

  • none

  • none

  • none

  • none

  • none

  • none

  • $0.00

  • $0.00

  • none

Other financial bits

  • $0.00

  • $0.00

  • Monthly

Features

  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • none

  • none

  • none

About Bankwest

Bankwest is the bank best known for Making Banking Easier, an initiative which aims to make banking a more positive experience. Originally from Western Australia, Bankwest has attracted thousands of customers around the country with its competitively priced products such as the Hero Saver. In late 2008 the bank was bought by the Commonwealth Bank, who have promised to retain the Bankwest brand. So if you like the sound of Making Banking Easier, check out Bankwest's range of personal banking products including savings accounts, bank accounts, credit cards, home loans and more.

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