Bankwest Hero Saver

Bankwest Hero Saver

Maximum Variable Rate


Standard Variable Rate

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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
Minimum Opening Deposit
Minimum monthly deposit for bonus interest rate
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Maximum Deposit
Joint application?
Minimum Age Requirement
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.

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  • $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.

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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72 Responses

  1. Default Gravatar
    AdamSeptember 16, 2018


    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?


    • finder Customer Care
      JeniSeptember 16, 2018Staff

      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!


  2. Default Gravatar
    May 23, 2018

    Hi. If I deposit $200000 and the interest I earn and the money I deposit takes my money over $250000, does that drop the interest rate back to 00.1% ? Or will it still continue to earn the 2.60%. It says that rate is available up to $250000, what happens when I go over that amount?

    • finder Customer Care
      AshMay 23, 2018Staff

      Hi Wayne,

      Thank you for visiting finder.

      Yes, the maximum interest rate of 2.60% is only applicable to balances up to $250,000. If you will exceed $250,000, the interest rate will revert back to 0.01% which is the Standard.

      I hope this helps.

      Let us know if there is anything else that we may assist you with.


  3. Default Gravatar
    SiobhanMarch 14, 2018

    Is Bankwest Hero Saver account covered by Government guarantee

    • finder Customer Care
      JeniMarch 14, 2018Staff

      Hi Siobhan,

      Thanks for getting in touch with finder. Upon checking about government guarantee, YES Bankwest Hero Saver is covered because the Australian Government guarantees deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as banks, building societies or credit unions. You may also refer to this link for your further enquiry about Australian Government guarantee.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  4. 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?

    • finder Customer Care
      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.


    • 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?

    • finder Customer Care
      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.


  5. Default Gravatar
    stellaMay 4, 2017

    are you in california

    • finder Customer Care
      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.


  6. 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?

    • finder Customer Care
      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.


  7. Default Gravatar
    JoelFebruary 2, 2017

    How do you deposit cash into this account??

    • finder Customer Care
      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.


  8. 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

    • finder Customer Care
      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.


  9. 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.

    • finder Customer Care
      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.


  10. Default Gravatar
    DonnaAugust 19, 2016

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

    • finder Customer Care
      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.


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