Bankwest Hero Saver savings account

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

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.

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0.6% p.a.

Maximum variable rate

0.01%p.a.

Base interest rate

$200

Minimum deposit

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Details

Product NameBankwest Hero Saver
Maximum Variable Rate0.6% p.a.
Standard Variable Rate0.01%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age12

Review by


Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This account offers an ongoing bonus rate of 0.6% 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 0.01% 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.

Key features

Earn up to 0.6% 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 0.6% 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 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.

The 0.6% p.a. is available on balances up to $250,000.99 and the 0.01% rate for balances $250,001 to $5,000,000.99.

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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.

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80 Comments

    Default Gravatar
    Geoff
    May 3, 2020

    Is there any fees for closing A Bankwest Hero account?

      Avatarfinder Customer Care
      Jackie
      May 5, 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

    Default Gravatar
    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.

      Avatarfinder Customer Care
      Mai
      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

    Default Gravatar
    Sunny
    January 13, 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?

      Avatarfinder Customer Care
      Jhez
      January 15, 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

    Default Gravatar
    Shannon
    January 7, 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

      Avatarfinder Customer Care
      John
      January 7, 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

    Default Gravatar
    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.

      Avatarfinder Customer Care
      Jeni
      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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