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Bankwest Hero Saver

Interest rate
0.01% p.a.(for $0 to $5,000,000)
Maximum rate
1.25% p.a. (for $0 to $250,000)
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Mozo editorial review Bankwest Hero Saver

Last updated: 3 April 2020.

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What's hot
  • Automatic payment feature
  • No account maintenance or transaction fees
  • Unlimited phone and internet transactions
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 Australian savers with its ongoing variable bonus Hero Rate of 1.25% p.a if 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 the Hero Saver has no ongoing account maintenance or transaction fees.

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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 per month (excludes interest) and make no withdrawals in the month to get the variable 1.25% p.a. Hero Rate. There is no minimum account balance required 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% p.a. but it doesn't mean the end of the bonus Hero Rate forever. The next month that you meet the conditions your rate will jump back up again to the bonus rate of 1.25% 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.

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Who is it good for

The Bankwest Hero Saver is 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 variable-rate each month they stick to their savings goals.

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Any catches

With no fees and a competitive 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.

Details

Rates and fees information correct as at 12 July 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.01% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Balances from $0: 1.25% p.a.
    Balances from $250,000: 0.01% p.a.
    Balances from $5,000,000: 0.00% p.a.

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

Fees
  • $0.00

  • n/a

  • Unlimited free transactions from phone and internet.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • none

  • none

  • none

Customer Reviews

How are Bankwest savings accounts rated by the Mozo community?

Overall customer rating
8.0/10
Price
7.7/10
Features
6.8/10
Customer service
8.1/10
Convenience
8.1/10
Trust
8.0/10

Latest reviews of Bankwest Hero Saver

  • Overall 8/10
    Safe bank.

    Easy sign up, convenient online service. Qantas alliance!

    Read full review

    Easy sign up, convenient online service. Qantas alliance!

    Price
    6/10
    Features
    6/10
    Customer service
    7/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Sandra, Victoria reviewed 3 months ago
  • Overall 9/10
    Top interest rates.

    Great rates with no frills.

    Read full review

    Great rates with no frills.

    Price
    9/10
    Features
    8/10
    Customer service
    9/10
    Convenience
    10/10
    Trust
    9/10
    Less
    Christiane, Victoria reviewed 7 months ago
  • Overall 5/10
    Easy to set-up but no physical branches.

    It was easy to set up online, but Bankwest has closed many of its NSW branches, so that limits customer service.

    Read full review

    It was easy to set up online, but Bankwest has closed many of its NSW branches, so that limits customer service.

    Price
    8/10
    Features
    8/10
    Customer service
    2/10
    Convenience
    7/10
    Trust
    7/10
    Less
    Sheree, New South Wales reviewed 8 months ago
  • Overall 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 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.

    Read 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
    Ryk, New South Wales reviewed almost 2 years ago
  • Overall 10/10
    Excellent banking

    excellent bank

    Read full review

    excellent bank

    Price
    10/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -
    Less
    David, New South Wales reviewed about 3 years ago
Bankwest

About Bankwest

Bankwest is all about making your finances simple. 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, which has promised to retain the Bankwest brand. So if you like the sound of simple banking, check out Bankwest's range of personal banking products including savings accounts, bank accounts, credit cards, home loans and more.

See Bankwest savings accounts

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Yesup to $250,000

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Westpac

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3.00% p.a. (for $0 to $30,000)

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Yesup to $250,000

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2.05% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

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1.25% p.a. (for $0 to $250,000)

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

Yesup to $250,000

Promoted

Rabobank

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2.25% p.a. (for $0 to $250,001)

0.80% p.a.(for $0 to $250,001)

Yesup to $250,000

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Heritage Bank

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2.20% p.a. (for $1 to $100,000)

0.80% p.a.(for $1 to $250,000)

Yesup to $250,000

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Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.85% p.a. (for $1 to $250,000)

0.20% p.a.(for $1 and over)

Yesup to $250,000

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HSBC

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Flexi Saver

1.25% p.a. (for $0 to $5,000,000)

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

Yesup to $250,000

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HSBC

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

2.10% p.a. (for $0 to $1,000,000)

Promoted

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

2.00% p.a. (for $0 and over)