Thumbnail icon for Bankwest

Bankwest Hero Saver

Interest rate
0.01% p.a.(for $0 to $5,000,000)
Maximum rate
1.15% p.a. (for $0 to $250,000)
Govt deposit guarantee
Yes up to $250,000
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Mozo editorial review Bankwest Hero Saver

Last updated: 17 September 2020.

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What's hot
  • 1.15% maximum interest rate
  • Create goals and set up automatic payments
What's not
  • Low 0.01% base rate if conditions aren't met
Mozo snapshot

The Bankwest Hero Saver could be a welcome addition for savers looking to bulk up their savings balance thanks to the competitive ongoing bonus rate of 1.15% 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.

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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 (excluding interest) and make no withdrawals in the month to get the maximum 1.15% ongoing 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 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 1.15%!

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.

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Who is it good for

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.

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Any catches

With no fees and a competitive rate, there is not much to fault the Bankwest Hero Saver on. However, the bonus rate only applies on balances up to $250,000, so if you have some serious cash to put away you may be better off looking for an alternative.

Details

Rates and fees information correct as at 22 October 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: 1.15% 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
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 1/10
    Not professional

    Staff have no basic knowledge of tax.

    Read full review

    Staff have no basic knowledge of tax.

    Price
    2/10
    Features
    2/10
    Customer service
    1/10
    Convenience
    1/10
    Trust
    1/10
    Less
    Anonymous, Victoria reviewed about 2 months ago
  • 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 7 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 11 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 12 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 about 2 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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Yes up to $250,000

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Yes up to $250,000