Compare Bankwest Savings Accounts

Choose from an array of transaction accounts, savings accounts, and term deposits when you bank with Bankwest.

Bankwest began operations in 1895, in the form of the Agricultural Bank of Western Australia, which was set up by the government of Western Australia to service banking needs of its farmers. It became a savings bank in 1956, and joined the Commonwealth Bank Group in 2008.

Bankwest Saving Account Offer

Bankwest Hero Saver

2.65 % p.a.

max rate

0.01 % p.a.

standard variable rate

Bankwest Saving Account Offer

The Bankwest Hero Saver offers an ongoing, high variable interest rate when you deposit at least $200 and make no withdrawals per month (excluding interest).

  • Maximum Rate: 2.65% p.a.
  • Standard Variable Rate: 0.01% p.a.
  • Monthly deposit required: $200.00
  • Monthly fees: $0.00
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Rates last updated June 28th, 2017
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
Bankwest Qantas Transaction Account
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
Mastercard $0 $2,000 $0 account keeping fees when you deposit at least $2,000 into your account each month. Otherwise, a $6 monthly fee applies. Unlimited Free withdrawals at Bankwest and CommBank ATMs in Australia. Go to site More
Bankwest Easy Transaction Account
Get up to $50 cash back per month for new customers (conditions apply).
Click on "More" to see full conditions.
Mastercard $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $6 monthly fee applies. Unlimited free withdrawals at CommBank, NAB, ANZ, Westpac, St.George, Bank of Melbourne and BankSA ATMs. More
Bankwest Student Account
Get discounts from a range of brands like McDonalds, Hoyts and City Beach.
Mastercard $0 $0 $0 ATM fees at over 4,000 Bankwest and CommBank ATMs, $0 monthly fees. More
Bankwest Hero Transaction Account
Earn a competitive interest rate.
You can also enjoy unlimited withdrawals and no monthly fees.
Mastercard $0 $2,000 No monthly account fee when you deposit at least $2,000 per month. More
Bankwest Retirement Advantage Account
An account that has great benefits for anyone aged 55 or above.
Mastercard $0 $0 No monthly account fees and $0 electronic transactions. More
Bankwest Rewards Transaction Account
Earn points on your balances and every time you use your debit card. Plus no overseas ATM withdrawal fees
Mastercard $0 $2,000 No overseas ATM fees charged by Bankwest, No monthly account fee when you deposit at least $2,000 per month. More
Bankwest Lite Direct Account
Unlimited online, phone, overseas, EFTPOS and Bankwest and CBA ATM transactions.
Mastercard $0 $0 There are no free cheque withdrawals or counter withdrawals with this account, but electronic withdrawals are free. More
Bankwest Children's Savings Account
Ongoing, variable 2.50% p.a. when you link to Kids’ Bonus Saver from Bankwest. Available on balances $20,000 and over
N/A $0 $0 No monthly fees, fee-free banking for children. More
Rates last updated June 28th, 2017
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Bankwest Hero Saver
Ongoing, variable 2.65% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
2.65% 0.01% 2.64% $0 $0 / $0 Go to site More
Bankwest TeleNet Saver
Introductory rate of 2.75% p.a. for 4 months, reverting to a rate of 1.50% p.a. Available up to balance of $5,000,000.
2.75% 1.50% 1.25% $0 $0 / $1 More
Bankwest Smart eSaver
Ongoing, variable 2.10% p.a. when you link to a Bankwest transaction account and make no withdrawals. Available on balances up to $500,000.
2.10% 0.01% 2.09% $0 $0 / $1 More
Bankwest Kids' Bonus Saver
Ongoing, variable 4.75% p.a. when linked to a Bankwest Children's Savings Account and you deposit $25-$250 each month. Available for children under the age of 15.
4.75% 0.01% 4.74% $0 $0 / $0 More

Rates last updated June 27th, 2017
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
Bankwest Online Term Deposit
2.35%
1.50%
2.55%
2.55%
2.60%
2.60%
2.65%
2.65%
$1,000
Bankwest Gold Term Deposit
1.50%
2.30%
1.50%
2.50%
2.60%
2.60%
2.65%
2.65%
$5,000
Bankwest Business Term Deposit Direct
2.35%
1.50%
2.55%
2.55%
2.60%
2.60%
2.65%
2.65%
$10,000

Compare up to 4 providers

Rates last updated June 28th, 2017
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
Bankwest Qantas Transaction Account
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
Mastercard $0 $2,000 $0 account keeping fees when you deposit at least $2,000 into your account each month. Otherwise, a $6 monthly fee applies. Unlimited Free withdrawals at Bankwest and CommBank ATMs in Australia. Go to site More
Bankwest Easy Transaction Account
Get up to $50 cash back per month for new customers (conditions apply).
Click on "More" to see full conditions.
Mastercard $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $6 monthly fee applies. Unlimited free withdrawals at CommBank, NAB, ANZ, Westpac, St.George, Bank of Melbourne and BankSA ATMs. More
Bankwest Student Account
Get discounts from a range of brands like McDonalds, Hoyts and City Beach.
Mastercard $0 $0 $0 ATM fees at over 4,000 Bankwest and CommBank ATMs, $0 monthly fees. More
Bankwest Hero Transaction Account
Earn a competitive interest rate.
You can also enjoy unlimited withdrawals and no monthly fees.
Mastercard $0 $2,000 No monthly account fee when you deposit at least $2,000 per month. More
Bankwest Retirement Advantage Account
An account that has great benefits for anyone aged 55 or above.
Mastercard $0 $0 No monthly account fees and $0 electronic transactions. More
Bankwest Rewards Transaction Account
Earn points on your balances and every time you use your debit card. Plus no overseas ATM withdrawal fees
Mastercard $0 $2,000 No overseas ATM fees charged by Bankwest, No monthly account fee when you deposit at least $2,000 per month. More
Bankwest Lite Direct Account
Unlimited online, phone, overseas, EFTPOS and Bankwest and CBA ATM transactions.
Mastercard $0 $0 There are no free cheque withdrawals or counter withdrawals with this account, but electronic withdrawals are free. More
Bankwest Children's Savings Account
Ongoing, variable 2.50% p.a. when you link to Kids’ Bonus Saver from Bankwest. Available on balances $20,000 and over
N/A $0 $0 No monthly fees, fee-free banking for children. More
Rates last updated June 28th, 2017
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Bankwest Hero Saver
Ongoing, variable 2.65% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
2.65% 0.01% 2.64% $0 $0 / $0 Go to site More
Bankwest TeleNet Saver
Introductory rate of 2.75% p.a. for 4 months, reverting to a rate of 1.50% p.a. Available up to balance of $5,000,000.
2.75% 1.50% 1.25% $0 $0 / $1 More
Bankwest Smart eSaver
Ongoing, variable 2.10% p.a. when you link to a Bankwest transaction account and make no withdrawals. Available on balances up to $500,000.
2.10% 0.01% 2.09% $0 $0 / $1 More
Bankwest Kids' Bonus Saver
Ongoing, variable 4.75% p.a. when linked to a Bankwest Children's Savings Account and you deposit $25-$250 each month. Available for children under the age of 15.
4.75% 0.01% 4.74% $0 $0 / $0 More

Rates last updated June 27th, 2017
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
Bankwest Online Term Deposit
2.35%
1.50%
2.55%
2.55%
2.60%
2.60%
2.65%
2.65%
$1,000
Bankwest Gold Term Deposit
1.50%
2.30%
1.50%
2.50%
2.60%
2.60%
2.65%
2.65%
$5,000
Bankwest Business Term Deposit Direct
2.35%
1.50%
2.55%
2.55%
2.60%
2.60%
2.65%
2.65%
$10,000

Compare up to 4 providers

Rates accurate as at: June 28th, 2017 Learn about our information service
Awards that Bankwest has earned
  • Financial Review Smart Investor Blue Ribbon Awards. Bank of the Year in 2010, 2011, and 2012
  • Financial Review Smart Investor Blue Ribbon Awards. Business Bank of the Year in 2013 and 2014

Who is Bankwest?

Bankwest provides transaction accounts and savings accounts to suit different needs and you also get options in opening term deposits. This financial institution offers special products for students and retirees, it provides special solutions who people who prefer online banking, and it also provides accounts with unlimited over the counter transactions.

Is Bankwest a safe choice for me?

  • Bankwest is owned by CommBank, one of Australia's big four banks
  • Bankwest currently holds a quarter of all bank advances and deposits in Western Union.
  • Serves over 900,000 customers and offers online, telephone bank and branch access

What’s internet banking like for Bankwest?

You can access Bankwest’s online banking system using a computer, smartphone or  tablet. Using your smartphone gives you the ability to keep track of your finances while allowing you to pay bills and transfer funds. Using a tablet or a computer brings added abilities of accessing your statements, transferring funds overseas and managing your credit and debit cards.

This bank uses 128-bit SSL encryption to provide secure connections. No Loss Security Guarantee offers protection against unauthorised transactions.

Notable features include:
  • Access and pay bills using BPAY
  • An SMS code verification code service is in place for online shopping as well as high value transactions

What sets Bankwest apart from the other banks?

  • More ATMs at your disposal. Since CommBank acquired Bankwest, its ATM alliances joined. Both Bankwest and CommBank customers can now use its respective ATMs free of charge. Most 7/11 stores have a Bankwest ATM.
  • A transaction account that offers interest. It's rare to find a transaction that offers a competitive interest rate. Yet, the Hero Transaction offers a competitive interest rate.
  • Get a linked debit MasterCard. You have the option of linking a debit MasterCard, offered in three colours.
  • Children and students can apply too. Bankwest offers a Kids Bonus Saver and a student account for TAFE, school or university students.
  • Pensioners can benefit too. The Bankwest Reward Pension saver can help you protect your savings from changing financial situations.

What about the mobile app?

Image Source: App Store
 
Login pageAccount balanceLocating the near ATMTransfer and overseas transfers
bankwest logbankwest-balatm-bankwestbankwest-transfers
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What are the transaction accounts offered by Bankwest?

This unique transaction account enables you to earn Qantas reward points as per your spending on eligible purchases. You don’t have to pay any monthly fees if you deposit at least $2,000 in your account each month.

  • Easy Transaction Account

With this account you get free access to over 10,000 ATMs across Australia, and you don’t have to pay monthly fees if you deposit at least $2,000 in the account every month.

  • Student Account

Meant especially for students, this account does not attract any monthly account keeping fees, and account holders can access all Bankwest and Commonwealth Bank ATMs across Australia for free. Through ‘Student Edge’, they can get discounts at popular establishments like Hoyts, Apple Store for Education, and McDonald’s.

  • Lite Direct Account

This account is ideal for people who prefer online banking, given that if offers unlimited electronic transactions and does not require any minimum deposit. This account attracts a nominal monthly fee, and account holders can access all Bankwest and Commonwealth Bank ATMs in Australia for free.

  • Rewards Transaction Account

This account gives you the ability to earn reward points for everyday banking, and you can redeem your reward points for flight tickets, gift vouchers, and a range of merchandise. The account does not attract any monthly fees if you deposit at least $2,000 every month.

  • Retirement Advantage Account

You can open this account if you’re over 55 years of age. It does not charge any monthly fees, and comes with free unlimited domestic over the counter, cheque, and electronic withdrawals, as well as ATM access via the Bankwest and Commonwealth Bank network.

Setting up direct transfers from another Australian Bank

You can set up direct transfers from Bankwest transaction accounts. However, you can't set them up from its savings accounts. You will need to set up a linked bank accounts first for savings accounts.

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What are the high interest savings accounts offered by Bankwest?

This account requires that you deposit at least $200 each month and don’t make any withdrawals, while enabling you to earn a variable Hero rate on balances up to $250,000. You don’t have to provide an opening deposit and you don’t have to pay any account keeping or transaction fees. Limit of one per person, whether it's jointly or solely owned.

Considering the Hero Saver as a first home saver account?

We recommend that you look beyond the interest rate and see how the rate will be calculated. If there are bonus interest rate conditions, such as a required amount of deposits each month, or withdrawal conditions which see you not paid interest if you make a withdrawal, think long and hard about if you would be regularly withdrawing from your account, even if they are small amounts.

Equally, some accounts offer a high interest rate but will only offer it for a number of months, which might not be as useful in the long run if you plan to save for a home. There are some great rates being offered by both banks and credit unions/building societies, so as long as they fit your saving habits, and are with an institution you’re comfortable with you should be fine.

  • Telenet Saver

This account gives you easy access to your money, and you have to link it with a Bankwest transaction account. There is no minimum balance requirement, and you don’t have to pay ongoing account keeping fees.

  • Kids’ Bonus Saver

You should deposit in between $0 to  in this account each month and make no withdrawals to earn a competitive variable interest rate. This account comes linked to a children’s savings account, and does not attract any ongoing account keeping fees.

  • Smart eSaver

You need to link this account to a Bankwest transaction account, and for each month that you don’t make any withdrawals, you earn a Smart rate. If you do end up making withdrawals in any month, you still earn a standard variable rate.

  • Retirement Advantage Account

This account is for those over 55 years of age, and account holders get MasterCard debit cards for easy access to their funds. This account does not attract any account keeping fees, or cheque and electronic withdrawal fees.

Are Bankwest interest rates fixed?

For Bankwest savings accounts and transaction accounts, the interest rates are variable, meaning it can change anytime up to Bankwest's discretion. Bankwest will send you a notification should rates change. For term deposits, these rates are fixed.

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What are the term deposits offered by Bankwest?

  • Online Term Deposit

You can open an online term deposit with as little as , and you can invest up to $5 million. You get to choose from different terms and corresponding rates, and these term deposits don’t charge any account keeping fees.

  • Gold term deposit

You can apply for a gold term deposit by visiting any Bankwest branch. Tithe minimum you require to open this term deposit is $5,000, and the maximum is $2 million. This term deposit does not attract any ongoing account keeping fees.

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What are the benefits and considerations of Bankwest accounts?

Benefits

  • Choice. Bankwest has different transaction and savings accounts to suit specific requirements, like accounts for children, for retirees, and people who like banking online, as well as for people who prefer face to face banking.
  • Wide presence. Bankwest has its presence felt in most Australian states, with branches in New South Wales, Victoria, South Australia, Western Australia, and Queensland.
  • No or minimal fees. While a number of Bankwest accounts don’t attract any ongoing account keeping fees, with ones that do, you’ll have to pay fairly nominal fees.

Considerations

  • Conditional fees. Some accounts require that you meet certain criteria to qualify for a monthly fee waiver, and this can work as a drawback for some.
  • No SMSF products. At the time of writing, Bankwest only offers personal products.
  • No affiliate ATMs overseas. Bankwest products may not be the best to bring overseas.
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How do I apply for a Bankwest savings account online?

Are you a non-resident or applying for a SMSF?
  • Non resident. You can still apply for products from Bankwest, but you'll need to complete your application in person or over the phone.
  • SMSF. At the time of writing, Bankwest doesn't offer any SMSF products.

Eligibility to apply online

If you wish to apply online, simply click on the ‘Go to Site' button, but make sure you meet the bank’s eligibility criteria to open an account.

  • You meet prescribed age requirements
  • You are an Australian resident for tax purposes
  • You have an Australian residential address

Documentation

To complete the application prepare to provide the following.

  • Personal details like your name, date of birth, residential address, phone number, and email address
  • Documents that Bankwest requires to complete an ID check

While opening a Bankwest transaction or savings account can be a good idea, make sure you compare your options well before applying to ensure you're getting the best account for your individual needs.

Having issues with your application?

  • Application not working? If you're currently applying through your work connection, there could be settings in place to prevent you from reaching the page. Try again at home to see if it makes a difference.
  • Application says my TFN is wrong? It's best to speak to Bankwest directly as it's most likely an internal error on their end.
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Read more on this topic

Savings Account Offers

Learn about our information service
Bankwest Hero Saver

Maximum Variable Rate

2.65

Standard Variable Rate

0.01
ANZ Progress Saver

Maximum Variable Rate

1.81

Standard Variable Rate

0.01

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