Bankwest Smart eSaver

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

1.15% p.a. (for $0 to $500,000)

Bankwest Smart eSaver

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

1.15% p.a. (for $0 to $500,000)

Mozo Review   Bankwest Smart eSaver Review

Last updated: 16 October 2019.

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, theres no pressure to put away money, you can do it as often as you like. 

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 1.15% 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 0.75% 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.

Any catches?

The variable rate of 1.15% 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 0.75% p.a.

Details

Rates and fees information correct as at 15 November 2019. 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 $500,000: 0.75% 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 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 Smart eSaver

  • Overall
    10/10
    Good customer service

    They have never caused any issues, customer service is wonderful.

    They have never caused any issues, customer service is wonderful.

    Price
    -1/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Beth | Western Australia

    reviewed over 2 years ago

  • Overall
    10/10
    Great service

    Very friendly staff and the products are wonderful.

    Very friendly staff and the products are wonderful.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Keith | Western Australia

    reviewed about 3 years ago

  • Overall
    10/10
    A very convenient, cheap and reliable service.

    A very convenient and excellent service

    A very convenient and excellent service

    Price
    10/10
    Features
    10/10
    Customer service
    9/10
    Convenience
    10/10
    Trust
    10/10

    Clare | Queensland

    reviewed over 3 years ago

  • Overall
    8/10
    Much better service

    Much better than the leading banks..i.e CBA, rates are much lower and when visiting bank service...

    Much better than the leading banks..i.e CBA, rates are much lower and when visiting bank service is fantastic!!

    Price
    8/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    5/10
    Trust
    8/10

    Joanna | New South Wales

    reviewed over 3 years ago

  • Overall
    5/10
    Can't wait to win lotto

    BankWest have always given me the opportunity to rectify my defaults but always clashed with my...

    BankWest have always given me the opportunity to rectify my defaults but always clashed with my income coming in and they have penalised me severely with bank fees.

    Price
    3/10
    Features
    3/10
    Customer service
    6/10
    Convenience
    1/10
    Trust
    1/10

    Jeff | Western Australia

    reviewed over 3 years ago

Bankwest

About Bankwest

Bankwest is the bank best known for Making Banking Easier, an initiative which aims to make banking a more positive experience. 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, who have promised to retain the Bankwest brand. So if you like the sound of Making Banking Easier, check out Bankwest's range of personal banking products including savings accounts, bank accounts, credit cards, home loans and more.

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2.25% p.a. (for $0 to $150,000)

0.55% p.a.(for $0 and over)

$0.00

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Suncorp

Suncorp

Growth Saver Account

1.95% p.a. (for $0 and over)

0.20% p.a.(for $0 and over)

$0.00

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Rabobank

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High Interest Savings Account

2.50% p.a. (for $0 to $250,001)

1.05% p.a.(for $0 to $250,001)

$0.00

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ANZ

ANZ

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1.60% p.a. (for $0 and over)

0.10% p.a.(for $0 and over)

$0.00

Promoted

Citi

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Online Saver

2.30% p.a. (for $0 to $500,000)

0.85% p.a.(for $0 and over)

$0.00

Promoted

CUA

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No Current Offer

1.30% p.a.(for $0 and over)

$0.00

Promoted

UBank

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USaver with Ultra Transaction Account

2.10% p.a. (for $0 to $200,000)

1.04% p.a.(for $0 to $5,000,000)

Promoted

MyState Bank

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Bonus Saver Account

2.25% p.a. (for $0 to $150,000)

0.55% p.a.(for $0 and over)

Promoted

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2.36% p.a. (for $0 to $250,000)

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Promoted

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