Bankwest Hero Saver savings account

Last updated: Oct 1, 2020

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.

1.15% p.a.

Maximum variable rate

0.01% p.a.

Base interest rate

1.14% p.a.

Bonus interest rate

$200

Minimum deposit

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Product Name	Bankwest Hero Saver
Maximum Variable Rate	1.15% p.a.
Standard Variable Rate	0.01%
Bonus Variable Rate	1.14%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	12

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

Go to site More info

Expert review

Review by

Alison Banney

alison.banney@finder.com

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 1.15% 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

Competitive interest rate up to 1.15% 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 1.15% 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 1.15% 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

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.

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.

Documentation needed

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 submit my application?

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.

Go to site More info

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80 Comments

Geoff
May 3, 2020

Is there any fees for closing A Bankwest Hero account?

Reply
- finder 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
  
  Reply
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.

Reply
- finder 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 from 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
  
  Reply
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?

Reply
- finder Customer Care
  
  Jhez
  January 15, 2019
  
  Hello 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 how compound interest can affect your savings account. This explains more about compounding interest.
  
  Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
  
  Regards,
  Jhezelyn
  
  Reply
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

Reply
- finder Customer Care
  
  John
  January 7, 2019
  
  Hi Shannon,
  
  Thank you for reaching out to finder.
  
  Please click on this link to be routed to our page that gives you a selection on banks that offer high interest savings. 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
  
  Reply
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.

Reply
- finder 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
  
  Reply
Wayne Greene
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?

Reply
- Ash Munoz
  May 23, 2018
  
  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.
  
  Cheers,
  Ash
  
  Reply
Siobhan
March 14, 2018

Is Bankwest Hero Saver account covered by Government guarantee

Reply
- finder Customer Care
  
  Jeni
  March 14, 2018
  
  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 https://www.finder.com.au/bank-protect-money 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!
  
  Cheers,
  Jeni
  
  Reply
Dave
December 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?

Reply
- finder Customer Care
  
  Dee
  December 5, 2017
  
  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
  
  Reply
- Dave
  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
  
  Reply
- finder Customer Care
  
  Dee
  December 20, 2017
  
  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
  
  Reply
stella
May 4, 2017

are you in california

Reply
- finder Customer Care
  
  Dee
  May 4, 2017
  
  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
  
  Reply
Veronica
February 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.

Reply
- finder Customer Care
  
  Dee
  February 17, 2017
  
  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
  
  Reply

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