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.
What are the features of the Bankwest Hero Saver?
Competitive interest rate up to 1.85% 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 1.85% 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 1.85% 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.
There are no transaction fees on the Hero Saver 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.
You are only allowed to have one Hero Saver account open at any time.
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.
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.
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.
- $0 service fee
- $0 minimum opening balance
- Incentive to save
- Competitive interest rate (if you meet the conditions)
- No linked account required
- 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.
- 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 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.