Interest rate
0.01% p.a.(for $0 to $250,001)
Maximum rate
0.60% p.a. (for $0 to $250,001)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bankwest Hero Saver - last updated: 18 August 2021

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What's hot
  • 0.60% 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 maximum ongoing interest rate of 0.60% 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 a 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 0.60% ongoing rate. There is no minimum account balance required, but the maximum rate is only available for deposits up to $250,000.99. For balances between $250,000.99 and $5,000,000.99 the rate sits at 0.10%. 

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 maximum interest rate of 0.60%!

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 reasonable rate, there is not much to fault the Bankwest Hero Saver on. However, the maximum 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.

Details

Rates and fees information correct as at 26 October 2021. 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 $250,001: 0.10% p.a.
Balances from $5,000,001: 0.00% p.a.

Balances from $0: 0.60% p.a.
Balances from $250,001: 0.10% p.a.
Balances from $5,000,000: 0.00% p.a.

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

Fees

$0.00

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Unlimited free transactions from phone and internet.

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$0.00

$0.00

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Other financial bits

$0.00

$0.00

Monthly

Features

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