Interest rate
0.01% p.a.(for $0 to $5,000,000)
Maximum rate
0.40% p.a. (for $0 to $500,001)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bankwest Smart eSaver

Last updated: 28 May 2021.

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What's hot
  • No account keeping fees
  • No monthly deposit requirement
What's not
  • Variable rate only applicable for balances up to $500,000
Mozo snapshot

If you’re looking for an account that rewards your smart saving habits, it’s hard to look past the Bankwest Smart eSaver. With no account keeping fees and no monthly deposit requirements, there's no pressure to put away money, you can do it as often as you like (you'll just need to leave you savings be to get the highest interest rate). 

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Key features

The Bankwest Smart eSaver account is an exclusively online savings account designed to get you serious about saving. The ongoing variable interest rate on balances up to $500,000 is 0.40% p.a. providing you don’t touch your savings. While there are no monthly deposit conditions to be met, should you choose to go on an impromptu spending frenzy and make a withdrawal the rate will drop to the standard variable rate of 0.01% p.a for that month. If you have a balance of more than $500k you will receive a lower variable interest rate of 0.10% p.a.

The Bankwest Smart eSaver account doesn’t have any account maintenance or transaction fees meaning all your interest goes to maximising your precious savings. Although there is no branch or ATM access, you’ll still have 24/7 access to your money via phone, online banking or the Bankwest app which allows you to check your account balances and pay your bills. And remember, you'll need to already hold a Bankwest transaction account (which may come with various fees) to link to the Smart eSaver. 

And watch out multimillionaires, there is a $2 million daily transaction limit for withdrawals and the maximum you can have in your account is $5 million.

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Who is it good for

The Bankwest Smart eSaver account is good for any Aussies needing a little extra incentive to focus on saving by not dipping into your nest egg.

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Any catches

You will need a Bankwest transaction account in your name to open and link to the Smart eSaver, and this everyday banking option could come with some fees. 

Details

Rates and fees information correct as at 15 June 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 $5,000,000: 0.00% p.a.

  • Balances from $0: 0.40% p.a.
    Balances from $500,001: 0.10% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • 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

  • Must link to a Bankwest transaction account; maximum deposit $5 million.

  • 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 Smart eSaver

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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.

See Bankwest savings accounts