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).
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 2.45% 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 1.00% p.a for that month. If you have a balance of more than $500k you will receive a lower variable interest rate of 1.75% 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 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.
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.
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.
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Balances from $0: 1.00% p.a. |
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Balances from $0: 2.45% p.a. |
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No withdrawals in the month |
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$0.00 |
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n/a |
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Unlimited free transactions from phone and internet. |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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n/a |
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no |
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no |
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no |
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no |
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no |
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yes |
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yes |
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no |
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no |
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Must link to a Bankwest transaction account; maximum deposit $5 million. |
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none |
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none |
Pretty easy to work with bank and moderately reasonable rates , sometimes wish the online banking and app was easier to use.
Read full reviewPretty easy to work with bank and moderately reasonable rates , sometimes wish the online banking and app was easier to use.
Good account wish the interest was higher to match cpi otherwise it’s ok
Read full reviewGood account wish the interest was higher to match cpi otherwise it’s ok
Overcharged, too many fees, don’t assist when clients need it
Read full reviewOvercharged, too many fees, don’t assist when clients need it
They have always answered my enquiries and handled card fraud as well.
Read full reviewThey have always answered my enquiries and handled card fraud as well.
Great customer service. Not a lot of ATMs which mean additional fee costs when needing to withdraw money.
Read full reviewGreat customer service. Not a lot of ATMs which mean additional fee costs when needing to withdraw money.
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
Yes up to $250,000
4.40% p.a.(for $0 to $250,001)
Savings Account
5.35% p.a. (for $0 to $250,000)
Yes up to $250,000
4.75% p.a.(for $0 to $1,000,000)
Save Account
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
0.10% p.a.(for $0 and over)
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
1.20% p.a.(for $0 to $5,000,000)
Savings+Bonus
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
2.00% p.a.(for $0 to $250,000)
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
0% p.a.(for $0 and over)
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
0.05% p.a.(for $0 and over)
Reward Saver Account
0% p.a.(for $0 and over)
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
Save Account
0.10% p.a.(for $0 and over)
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Bonus Saver Account
0.05% p.a.(for $0 and over)
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
Reward Saver
0.30% p.a.(for $0 and over)
5.25% p.a. (for $0 to $100,000)
Yes up to $250,000
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
3.01% p.a. (for $0 and over)
Yes up to $250,000
Progress Saver
0.01% p.a.(for $0 and over)
4.25% p.a. (for $0 and over)
Yes up to $250,000
