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.
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.