In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own.

Bankwest Hero Saver savings account

  • Avatar
Bankwest Hero Saver

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

Compare other options
Maximum variable rate
4.60% p.a.
Base interest rate
1%p.a.
Minimum deposit
$200

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

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

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.

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.

Compare other savings accounts

1 - 12 of 184
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Bank of Queensland Future Saver Account - 14 to 35 years
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
Go to siteView details
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Westpac Life (18-29 year olds only)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance
  • 5 debit card purchases
Go to siteView details
Bendigo Bank Reward Saver
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.30%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance
  • Requires Bendigo transaction account
Go to siteView details
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Bank of Queensland Simple Saver Account
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
St.George Maxi Saver
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.10%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
AMP Saver Account
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
1.20%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1000 in previous month
Go to siteView details
First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
Go to siteView details
loading
Showing 12 of 14 results

Your reviews

No reviews yet. Write a review

Ask a question

Ask a question
Avatar

Alison Finder

Editor

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

Error label

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Avatar

Geoff

May 03, 2020

Is there any fees for closing A Bankwest Hero account?


Avatar

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


Show more Show less
Avatar

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.


Avatar

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


Show more Show less
Avatar

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?


Avatar

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


Show more Show less
Avatar

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


Avatar

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


Show more Show less
Avatar

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.


Avatar

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


Show more Show less
Go to site