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Our verdict

Make your money work harder and reach your savings goals with a Bankwest Hero Saver savings account.

This account offers an ongoing bonus rate of 4.6% p.a. when you deposit $200 a month and make no withdrawals. Make sure you can meet these conditions before opening the account, because if you don’t meet the conditions you’ll earn the very low standard variable interest rate of just 1% p.a.The $200 monthly deposit requirement is lower than some other bonus savings accounts in the market, however the bonus interest rate is also a bit lower.

If you like to know you’re able to withdraw from the account when needed while still earning interest, you could be better off with a different account if you can meet the deposit conditions. But if you find yourself regularly dipping into your savings and need more motivation to save, the strict withdrawal restrictions with this account could help you leave your savings untouched.

This account could also be suited if you’ve already got another bank account with Bankwest, as you’ll be able to easily see your savings sitting alongside your everyday banking via the mobile app or Internet banking.

Pros

$0 service fee
$0 minimum opening balance
Incentive to save
No linked account required

Cons

At least $200 should be deposited and make no withdrawals each month to get the bonus rate

Be encouraged to save with an account that rewards you with bonus interest for making monthly deposits and no withdrawals – save even more with $0 account maintenance or transaction fees. With features like these, you can reach your saving goal quicker and go on that holiday or purchase that car.

Details

Key details

Product Name	Bankwest Hero Saver
Maximum Variable Rate	4.60% p.a.
Standard Variable Rate	1.00% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	12

Key features

Earn up to 4.6% p.a. interest if you deposit $200

When you make a monthly deposit of at least $200 – not including earned interest – and have no withdrawals, an interest rate of 4.6% p.a. is applied to your balance.

If you aren't able to make your deposit for a month, or need to pull out money from your savings, an interest rate of 1% p.a. will be applied. This is determined on a month to month basis, so if you miss the Hero Saver rate one month, you can still earn it the next.

The 4.6% p.a. is available on balances up to $250,000.99 and the 1% rate for balances $250,001 to $5,000,000.99.

How is the interest rate calculated?

Interest is calculated daily and added to your account on the first day of the following month. It is a variable interest rate, so will most likely move along the RBA cash rate.

Initial deposit requirements

You do not need to open your account with a deposit.

How easy is it to access my account?

You have continual 24/7 access to your savings account using online or phone banking through Bankwest's app.

Account maintenance fees

There are no monthly fees with the Hero Saver account.

Transaction fees

There are no transaction fees on the Hero Saver account.

Linked account

The Bankwest Hero Saver is a standalone account and does not require you to link to any account. Simply deposit money from any Australian bank account straight into the Hero Saver.

Special conditions

You are only allowed to have one Hero Saver account open at any time.

Direct credit

You can ensure that you don't forget to make your $200 monthly deposit by setting up a direct credit into the account from your transaction account, or organise directly with your payroll officer.

Direct debit

Bankwest does not permit any periodic payments or direct debits to be made from the Hero Saver.

Account purpose

The Hero Saver is meant for personal use only. Joint accounts are available, though if you're applying online you'll need to add the joint holder as a signatory. You can also take a look at other Bankwest products here.

Launch savings calculator

How to apply

Eligibility

Check first to make sure that you are able to meet the eligibility requirements:

Age. Only applicants aged 12 years or older will be considered to open the Hero Saver account.
Address. You must have a valid Australian residential address to open a Hero Saver account.

Existing account. If you already have a Hero Saver account, you will not be permitted to open another, even if you are listed as a joint account holder on the first.

Documentation needed

Once you determine that these requirements can be met, you can continue to the secure application page with the following documentation:

Identification. You will need at least two forms of identification in order for the account to be opened. This could include a driver's licence, passport, Medicare card, or Australian birth certificate.
Personal information. You are going to be asked for your full name, date of birth, and physical Australian address.
Account information. If you are an existing Bankwest customer, you may be asked to provide account numbers for the other products that you are using.
Tax File Number (TFN). While providing your TFN is optional, it will help you ensure you're not being taxed at the maximum marginal tax rate.

What happens after I submit my application?

You'll receive an email confirming your application. If Bankwest has all the information they need, your account will be opened straight away and the interest period will start from then. You may be asked to complete a few ID checks which will involve visiting your local Bankwest branch or Post Office. For new customers to Bankwest, you may be asked to complete an ID check online, at a branch or at a postal office.

What if I already hold an account with Bankwest?

If you do already have an account with Bankwest, applying online will take just a few minutes. Click on "Go to Site" and log in with your Bankwest credentials.

It doesn't look like I'm eligible to apply online. What can I do?

In most cases you can still apply by visiting your local Bankwest branch.

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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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Geoff

May 03, 2020

Is there any fees for closing A Bankwest Hero account?

Jackie Jacalne Finder

May 04, 2020

Hi Geoff,

Thanks for your inquiry.

When you close your Bankwest Hero Saver account, you won’t incur any charges. However, you won’t receive the bonus interest for the month that you close the account.

You may also read the Product Disclosure Statements/Terms and Conditions before making a decision and consider whether it is right for you.

Hope this helps.

Regards,

Jackie

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Kailah

May 18, 2019

So I can transfer money from my Commonwealth account to Bankwest savings. I want one that I can not touch for at lease a year so wanting to know. I want to open a savings account that I cannot touch and be able to transfer money from my Commonwealth account.

Mai Finder

May 19, 2019

Hi Kailah,

Thank you for reaching out.

Although Bankwest is owned by Commonwealth Bank, you can still choose to transfer your money/savings to any bank you wish. With Bankwest Hero Saver, you can still withdraw your money anytime you want, however, if you do, you will not be eligible to get the 2.60% p.a Maximum Variable Rate and will only gain the Standard Variable Rate of 0.01%.

Usually, users are getting a high-interest savings account or bonus saver account to help them avoid touching the money from the bank.

If you want an account where you are unable to withdraw your money, you may want to open a term deposit account as it will lock your money away for a certain period of time, from one month to five years, while earning a fixed interest rate.

Hope this helps! 😊

Kind Regards,

Mai

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Sunny

January 12, 2019

I’d like it to get into compounding interest this year and start off early. I’m just wondering if this would be an account that offers this possibility?

Jhezelyn Finder

January 14, 2019

Hi Sunny,

Thank you for your comment.

With the Bankwest Hero Saver saving’s account, yes, they can calculate your interest in a compounding way. You must discuss this with Bankwest so they can provide you options regarding compounding interest.

You may also want to check our guide about compound interest on savings accounts. This explains more about compounding interest.

Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.

Regards,

Jhezelyn

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Shannon

January 07, 2019

I would like advice on the best high interest savings account to open. I will be depositing approx $3000 initially and then would like to deposit $500 per month (while also transferring more when I can). Advice is appreciated. Shannon

John Basanes Finder

January 07, 2019

Hi Shannon,

Thank you for reaching out to Finder.

You may refer to our list of high-interest savings account. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!

Cheers,

Reggie

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Adam

September 16, 2018

Hi,

Is the interest only penalised for that single month if you make a withdrawal or don’t make the min deposits, so then the next month will revert back to the Higher Interest rate if you meet the criteria?

Thanks.

Jeni Finder

September 16, 2018

Hi Adam,

Thank you for getting in touch with finder.

You are not charged/penalised if you don’t meet the monthly deposit requirement of $200(excluding the interest) or if you make a withdrawal. Basically, you will earn an interest rate of 0.01% p.a. instead of 2.60% p.a. if you don’t meet the criteria. Please note that this is determined on a month to month basis, so if you miss the Hero Saver rate one month, you can still earn it the next.

I hope this helps.

Please feel free to reach out to us if you have any other enquiries.

Thank you and have a wonderful day!

Cheers,

Jeni

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Bankwest Hero Saver savings account

Pros

Cons

Key features

Earn up to 4.6% p.a. interest if you deposit $200

How is the interest rate calculated?

Initial deposit requirements

How easy is it to access my account?

Account maintenance fees

Transaction fees

Linked account

Special conditions

Direct credit

Direct debit

Account purpose

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

What if I already hold an account with Bankwest?

It doesn't look like I'm eligible to apply online. What can I do?

Sources

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