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 2.05% 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 1.7% 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 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.
Who it's good for:
The Bankwest Smart eSaver account is good for any Aussies needing a little extra incentive to save on a regular basis but it requires you to have a linked Bankwest transaction account.
The variable rate of 2.05% p.a. is only applicable on balances up to $500,000 which means that for balances above this limit the variable interest rate will revert to 1.7% p.a.