Bankwest Smart eSaver

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

1.90% p.a. (for $0 to $500,000)

 

Bankwest Smart eSaver Review

Rates and fees information correct as at 20 July 2018.

Review published: 1 June 2015

What's hot:

  • 1.90% variable rate as long as no withdrawals in the month

  • 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 its ongoing variable rate of 1.90% p.a. on balances up to $500,000 so long as no withdrawals are made in the month. Plus, you’ll receive this competitive smart rate without the pressure of having to meet any monthly deposit requirements.

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 1.90% 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 1.50% 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 1.90% 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 1.50% p.a.

How are Bankwest savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.3

Based on 417
Bankwest savings accounts reviews

7.7 7.4 8.5 8.2 8.3

Read Bankwest savings account reviews by the Mozo community

Latest reviews of Bankwest Smart eSaver

Bankwest

Bankwest Smart eSaver savings account review

Overall rating   10 / 10

Good customer service

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

Full review

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

    Price   -1 / 10

    Features   / 10

    Customer service   / 10

    Convenience   / 10

    Trust   / 10

Less

Beth (WA), reviewed over 1 year ago

Bankwest

Bankwest Smart eSaver savings account review

Overall rating   10 / 10

Great service

Very friendly staff and the products are wonderful.

Full review

Very friendly staff and the products are wonderful.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Keith (WA), reviewed over 1 year ago

Bankwest

Bankwest Smart eSaver savings account review

Overall rating   10 / 10

A very convenient, cheap and reliable service.

A very convenient and excellent service

Full review

A very convenient and excellent service

    Price   10 / 10

    Features   10 / 10

    Customer service   9 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Clare (QLD), reviewed almost 2 years ago

Bankwest

Bankwest Smart eSaver savings account review

Overall rating   8 / 10

Much better service

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

Full review

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

Less

Joanna (NSW), reviewed about 2 years ago

Bankwest

Bankwest Smart eSaver savings account review

Overall rating   5 / 10

Can't wait to win lotto

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.

Full review

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

Less

Jeff (WA), reviewed over 2 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 0.01% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Balances from $0: 1.90% p.a.
    Balances from $500,000: 1.50% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • No withdrawals in the month

Fees

  • $0.00

  • none

  • Unlimited free transactions from phone and internet.

  • none

  • none

  • none

  • none

  • none

  • none

  • $0.00

  • $0.00

  • none

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

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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