The Bankwest Hero Saver could be a welcome addition for savers looking to bulk up their savings balance thanks to the ongoing bonus rate of 0.80% 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 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 (excluding interest) and make no withdrawals in the month to get the maximum 0.80% ongoing rate. There is no minimum account balance required, but the bonus rate is only available for deposits up to $250,000.99.
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 bonus rate of 0.80%!
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 bonus 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.
Balances from $0: 0.01% p.a.
Balances from $5,000,000: 0.00% p.a.
Balances from $0: 0.80% p.a.
Balances from $250,001: 0.01% p.a.
Balances from $5,000,000: 0.00% p.a.
Minimum deposit of $200 and no withdrawals in the month.
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Unlimited free transactions from phone and internet.
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$0.00
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Monthly
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yes
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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.
Staff have no basic knowledge of tax.
Read full reviewStaff have no basic knowledge of tax.
Easy sign up, convenient online service. Qantas alliance!
Read full reviewEasy sign up, convenient online service. Qantas alliance!
Great rates with no frills.
Read full reviewGreat rates with no frills.
It was easy to set up online, but Bankwest has closed many of its NSW branches, so that limits customer service.
Read full reviewIt was easy to set up online, but Bankwest has closed many of its NSW branches, so that limits customer service.
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.
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.90% p.a. (for $0 to $1,000,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Up
Saver Account
1.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.85% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.90% p.a. (for $0 to $1,000,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Up
Saver Account
1.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.85% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Suncorp
Everyday Options Sub-account
No Current Offer
0.05% p.a.(for $0 and over)
Yes up to $250,000
Up
Saver Account
0% p.a.(for $0 and over)
1.10% p.a. (for $0 to $1,000,000)
Yes up to $250,000
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.55% p.a. (for $0 and over)
Yes up to $250,000
