Bankwest Hero Saver

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

1.85% p.a. (for $0 to $250,000)

Bankwest Hero Saver

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

1.85% p.a. (for $0 to $250,000)

Mozo Review   Bankwest Hero Saver Review

Last updated: 16 October 2019.

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 Australia's savers with its ongoing variable bonus Hero Rate of 1.85% 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 1.85% 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 1.85% 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.

Details

Rates and fees information correct as at 17 February 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: 1.85% 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 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 2 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 3 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 over 1 year 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 over 2 years ago
  • Overall 10/10
    Excellent!!

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

    Read 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, Queensland reviewed over 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.

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