Bankwest Hero Saver

Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
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Make your money work harder and reach your savings goals with a Bankwest Hero Saver savings account.

  • Ongoing, variable 2.60% p.a. when you deposit at least $200 and make no withdrawals
  • $0 account maintenance fees or transaction fees
  • Funds available 24/7 at-call via online and phone banking
  • No linked account required

Product details

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.

For every month that you dip into your savings or deposit less than $200, you'll only receive 0.01% p.a.

Product Name
Bankwest Hero Saver
Maximum Variable Rate
2.60% p.a.
Standard Variable Rate
0.01% p.a.
Bonus Variable Rate
2.59% p.a.
Introductory / Bonus Offer Conditions
Earn up to 2.60% p.a. if you deposit at least $200 (excluding interest) into the account and make no withdrawals each month. Rate available on balances up to $250,000.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$200
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Maximum Deposit
$0
Joint application?
Yes
Minimum Age Requirement
12
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Bankwest Hero Saver?

Competitive interest rate up to 2.60% p.a. 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 2.60% p.a. is applied to the 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 0.01% 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.

Balances over $250,000

The 2.60% p.a. is only available on balances of $250,000 or less. Any balance that exceeds this amount will have the 0.01% p.a. interest rate applied to it. You can compare savings accounts that award the maximum rate on balances >$250,000 here.

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. These are to be made through your linked bank account.

Account purpose

The Hero Saver is meant for personal use only. Business customers should look at the Bankwest Business TeleNet Saver if you want to set money aside in a savings account. 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

Pros

  • $0 service fee
  • $0 minimum opening balance
  • Incentive to save
  • Competitive interest rate (if you meet the conditions)
  • No linked account required

Cons

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

How do I apply for the Bankwest Hero Saver?

If you like the bonus interest rate and no fees of the Hero Saver, click ‘go to site’ to be redirected to a secure application page on Bankwest’s website.

Online application requirements

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.

Online verification requirements

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.

What happens after I apply online?

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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66 Responses

  1. Default Gravatar
    DaveDecember 5, 2017

    You lose the interest if you withdraw funds, what happens at the end when you withdraw the total amount – do you lose interest from the previous month or is the drop in interest rate only for one month after you withdraw?

    • Staff
      LouDecember 5, 2017Staff

      Hi Dave,

      Thanks for your question.

      The interest rate for this account is determined on a month to month basis. If you withdraw money for a particular month, you will not be able to get the bonus rate of 2.59% p.a. for that month only (not the previous month) but your balance will earn 0.01% interest p.a. If in the next month, you are able to meet the deposit requirement and you did not make any withdrawals, your balance for that month will earn 2.60% p.a.

      Kindly note that the bonus interest rate is only available on balances up to $250,000.

      Cheers,
      Anndy

    • Default Gravatar
      December 10, 2017

      Hi Anndy,
      So if I close the account and withdraw all funds on the 30th of the month, I lose the interest for the previous 30 days?
      Dave

    • Staff
      LouDecember 20, 2017Staff

      HI Dave,

      Thanks for getting back.

      If you aren’t able to meet the withdrawal and deposit requirements, an interest rate of 0.01% p.a. will be applied and this is determined on a month to month basis. So if you get all your funds and close the account on the 30th, your balances the previous 30 days (before closure) will earn an interest rate of 0.01% p.a.

      Cheers,
      Anndy

  2. Default Gravatar
    stellaMay 4, 2017

    are you in california

    • Staff
      LouMay 4, 2017Staff

      Hi Stella,

      Thanks for your question.

      Bankwest Hero Saver is an online account available only to Australian residents.

      Unfortunately, we currently don’t have a comparison page for savings accounts for US residents but our savings account guide here may help.

      Cheers,
      Anndy

  3. Default Gravatar
    VeronicaFebruary 16, 2017

    Is HeroSaver account able to be used for a club account? If not, what type of account, without a linked account would you suggest?
    Thanks.

    • Staff
      LouFebruary 17, 2017Staff

      Hi Veronica,

      Thanks for your question.

      The Bankwest Hero Saver Savings is only for individuals, ages 12 and above.

      On this page, we feature savings accounts that don’t need a linked transaction account, unfortunately, they are for individual applications only.

      For businesses and organizations, you can check your savings account options here.

      Cheers,
      Anndy

  4. Default Gravatar
    JoelFebruary 2, 2017

    How do you deposit cash into this account??

    • Staff
      MayFebruary 3, 2017Staff

      Hi Joel,

      Thanks for your question.

      Since this Bankwest Hero Saver is a standalone account and does not require you to link to any account, you can simply deposit cash from any Australian bank account straight into the Hero Saver.

      Cheers,
      May

  5. Default Gravatar
    DEEOctober 26, 2016

    I have just opened this account and want to know if I will get the 2.65% starting immediately or if I still have to add a further $200. the same month, on top of the bulk sum I am initially putting in? I understand I have to put in $200/month but just want to know about the first month. thanks, Dee

    • Staff
      ClarizzaOctober 27, 2016Staff

      Hi Dee,

      Thanks for your question.

      The maximum variable interest rate of 2.65% is applied if you meet the conditions of depositing $200 a month and make no withdrawals. For the first month, you would need to make your initial deposit of $200 or more and make no withdrawals during that month. Interest is calculated daily and paid on the first business day of the month. So if you open your account on the 16th of the month, deposit $200 and make no withdrawals until the end of the month, you will be paid interest on the first business day of the following month.

      Hope this has helped.

      Clarizza

  6. Default Gravatar
    TraceyOctober 5, 2016

    Hi there, when does the bonus interest rate apply as all information appears to only reference the maximum interest rate. Thank You.

    • Staff
      ClarizzaOctober 5, 2016Staff

      Hi Tracey,

      Thanks for your question.

      The bonus interest rate of 2.64% is applied to the standard interest rate of 0.01% when you make monthly deposit of at least $200 and make no withdrawals. This brings the maximum interest rate up to 2.65% p.a.

      Hope that has helped.

      Clarizza

  7. Default Gravatar
    DonnaAugust 19, 2016

    Can a joint application be made online instead of in store?

    • Staff
      MayAugust 19, 2016Staff

      Hi Donna,

      Thank you for your inquiry.

      Unfortunately, for the Bankwest Hero Saver, if you are going to open the account jointly, you’ll need to submit and process your application at the nearest Bankwest store. This is required for identification purposes unless you have an existing joint home loan account with Bankwest.

      Cheers,
      May

  8. Default Gravatar
    JeanAugust 18, 2016

    If I make an initial deposit will I also get interest on that?

    • Staff
      ShirleyAugust 18, 2016Staff

      Hi Jean,

      Thanks for your question.

      Yes, if you make an initial deposit you will also get interest on that. Interest is calculated daily and paid monthly.

      Please also be mindful of the bonus interest conditions as stated on this page.

  9. Default Gravatar
    ElayarajaJune 13, 2016

    Hi there, is there any lock in period ?and how long the non-withdrawal period and also, If we do the withdrawal can I make another new Hero Saver account.? Thank you:)

    • Staff
      ClarizzaJune 14, 2016Staff

      Hi Elayaraja,

      Thanks for your question.

      The Hero Saver account is an interest-bearing savings account and currently has no lock in period. You can make withdrawals, however as per the minimum deposit requirements, to get the interest rate of 2.90% p.a, you need to deposit at least $200 per month as well as make no withdrawals. If you do make withdrawals, you’ll continue to gain interest at a lower rate of 0.01% p.a (the standard variable rate) and you can keep your account. If you’re able to meet the minimum deposit requirements the following month, you’ll be able to earn the 2.90% interest.

      Hope that helps.

      Clarizza

  10. Default Gravatar
    TarunMay 18, 2016

    Can we open as joint account?

    • Staff
      ShirleyMay 18, 2016Staff

      Hi Tarun,

      Thanks for your question.

      Yes you can open the Bankwest Hero Saver as a joint account.

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