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 2.65% 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
2.65% p.a.
Standard Variable Rate
0.01% p.a.
Bonus Variable Rate
2.64% p.a.
Introductory / Bonus Offer Conditions
Earn up to 2.65% 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 2.65% 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 2.65% 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 2.65% 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.

How often is the bonus interest reviewed and how the customers are informed about the changes?

For the Bankwest Hero Saver account, the interest is calculated daily. Your account will be credited when applicable on the first business day of each month. You can visit the Bankwest website to review changes to their rates.

Can we deposit $200 from current Mortgage account with Bankwest?

With the Bankwest Hero Saver, there is no linked account requirement so you can transfer money in and out of your Hero Saver account from any external account.

If I open a Bankwest Hero Saver account, can I transfer funds from my CBA Transaction account?

It is possible for you to transfer funds into your Hero Saver account from another financial institution, but please remember that this transfer may take up to 3 working days.

Can companies apply?

As Hero Saver is a personal product, you will need to browse under Small Business or Other Business Products on the Bankwest website. If you have any other questions regarding their products, we suggest you get in contact with Bankwest directly.

Can I deposit fund directly into the Hero Saver account via a direct credit from another bank? If I fail to make the minimum monthly deposit will the interest paid for that month only be at base interest rate?

It is possible for you to deposit from another financial institution, but please remember that this transfer may take up to three working days. Yes, if you don't make the deposit requirements in the calendar month, you will be paid at base interest rate.

If I sign up for this Hero Savings Account, and agree to a withdrawal every week, and therefore go over my debit/withdrawal limit, will I be charged a fee? Bearing in mind, this is not to another bank, but from my Bankwest account, to another Bankwest account?

As is an online comparison service, we do not represent Bankwest. There will be no charge to make withdrawals from your account, but your interest for the month will at base interest rate.

What happens when i decide to close the account? Do I have to incur any charges for closing my account?

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.

Why can’t I link the Hero Saver account I just set up to an external account? Another site indicates that it can be linked to an account of any institution. If the latter is incorrect, I’ve no real interest in continuing with Hero Saver.

There is no linked account requirement for this account, you can transfer money in and out of your Hero Saver account from any account.

Can a Hero Saver account be opened in a company name?

Unfortunately the Bankwest Hero Saver can only be opened under personal names.

Is the Bankwest Hero Saver for new customers only?

The Bankwest Hero is available for existing Bankwest customers, though there is a limit of one per customer.

Once a withdrawal is made from this account, it will revert to the standard rate – Is this then for the remaining life of the account?

No, this won’t be the case for the remaining life of the account, just for that particular month. Once you’ve met the conditions for the next month, you will still be eligible for the bonus interest.

Is the maximum interest rate on the Hero saver account an introductory offer or is it on-going as long as the $200 is deposited? Do I have to deposit the funds at a branch or can I transfer the funds from another account? Can I deposit funds from a BankWest account?

At the moment this rate is ongoing, though it is subject to change up to Bankwest’s discretion.

Do I have to deposit the funds at a branch or can I transfer the funds from another account? Can I deposit funds from a BankWest account?

You can transfer the funds from another bank account. You can deposit the funds from another Bankwest account.

Can i open this account if i am not an Australian resident, i am currently applying for permanent residency and hold a bank account with nab bank.

To be eligible for this account you must have an Australian residential address and you must be able to supply two of either: a Medicare card, Passport, Australian Birth Certificate or a Driver’s Licence.

Will Bankwest let me know if the interest rate drops from the current rate of interest. Do you let your customers know by email, facebook, or do you place an add in a newspaper hoping it will be read?

Bankwest usually advertises their rate changes in the West Australian once a week with their other current rates. Your statement will also usually show this rate change.

Could you please explain the maximum variable rate . Does it mean the maximum rate can change to a lower rate at any time or will it be constant as long as I deposit $200 per month and don’t withdraw money?

A variable rate means that at Bankwest’s discretion, the rate could be moved up or down. The opposite of this is a fixed rate, as in the case of a term deposit, where the interest rate is locked in for an agreed period of time. So to answer your question, this means that the rate is not constant, and even if you do follow the conditions for the bonus interest, rates could still be moved by Bankwest.

How do I transfer money into Bankwest account and are there limits on the amt I can transfer per day?

You can do a direct bank transfer online, you will need the BSB and account number of your Bankwest Hero Saver. Upon application you can also choose to transfer funds across. The limits on the amounts you can transfer is set by the bank that holds the account you’re transferring from. Your remaining daily transfer limit is usually stated before you conduct the transfer. Otherwise you can contact your bank to enquire what the limit is.

Can you please tell me if it is possible to direct debit amounts from a St.George account into a Bankwest Hero Saver?

Yes it possible to direct debit amounts from a St.George transaction account into the Bankwest Hero Saver.

In your Hero Saver account, can I deposit money of my SMSF? When you say, never tough your money, do you mean forever, or per month? When does the standard variable rate apply, as opposed to the maximum variable rate?

Unfortunately this account is not able to be used for SMSFs. To earn the maximum interest rate for this account you can’t make a withdrawal in a month, otherwise you won’t earn bonus interest for that month.

What happens when I withdraw?

If you make a withdrawal the standard variable rate will apply to your balance for that particular month.

What exactly is meant by a “variable” interest rate. If I invest for 24 months do i receive an amount – 4%-as indicated by your own calculator for the full 24 months?

A variable interest rate means the rate fluctuates according to the Reserve Bank of Australia’s official cash rate. There is no guarantee that the maximum interest rate will remain at that amount for the full 24 months. While this rate is currently ongoing, it can change up to Bankwest’s discretion.

Is it easy to switch from the Bankwest online savings account to the Bankwest Hero Saver?

You can easily apply for other Bankwest products online by logging into your online banking. Once you’re logged in, click ‘apply online’, which can be found on the top right of the screen. This allows you to apply for a range of Bankwest products, including the Hero Saver. You can also call Bankwest directly.

Is the Hero account available for investment by Self Managed Super funds?

The Hero Saver is only available for personal use and can’t be used for investment.

Whilst opening joint account we entered by mistake the wrong town for birthplace on wife passport can we go back and change it if not on the printed form for post office your instructions say sign the form but there is no place on form for signature?

If your account has already been set up online, you can change your address by logging into Bankwest Online Banking to Update your details. However, if your account hasn’t been set up yet it’s best to get in touch with the customer service team at Bankwest to change your address.

Could SMSF open a “Bankwest Hero Saver” account?

Unfortunately this account is only available for personal use.

After reading this article I understand that this account doesn’t require another linked Bankwest account, so I assume that funds can be direct deposited into the Hero Saver account via direct deposit from another bank. Is this correct? My other question is, how do you withdraw or transfer funds from the Hero Saver account? Can you transfer funds out of the Hero Saver account into another non-Bankwest bank account via direct deposit too?

Yes the funds can be direct deposited from another bank. To withdraw or transfer funds from the Hero Saver, you’ll need to transfer the funds to a transaction account, and from there you can use the funds. You can transfer the funds out of the Hero Saver account into another non-Bankwest bank account through direct deposit. However, please keep in mind that you will penalised on your interest if/when you do a withdrawal from your Hero Saver.

If I open up this account, how long will I get the maximum rate of interest, and how often is this rate reviewed?

At the time of writing this rate is ongoing. Bankwest will send you a notification if it’s about to change. Please note that there is an eligibility criteria to receive the maximum rate p.a.

What can I do if my son is only 3 ½ years old?

Bankwest have a children’s account that you may be interested in, more information is available on their official website.

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60 Responses to Bankwest Hero Saver Savings Account

  1. Default Gravatar
    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?

    • Staff
      Anndy | 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.


  2. Default Gravatar
    Joel | February 2, 2017

    How do you deposit cash into this account??

    • Staff
      May | February 3, 2017

      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.


  3. Default Gravatar
    DEE | October 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
      Clarizza | October 27, 2016

      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.


  4. Default Gravatar
    Tracey | October 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
      Clarizza | October 5, 2016

      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.


  5. Default Gravatar
    Donna | August 19, 2016

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

    • Staff
      May | August 19, 2016

      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.


  6. Default Gravatar
    Jean | August 18, 2016

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

    • Staff
      Shirley | August 18, 2016

      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.

  7. Default Gravatar
    Elayaraja | June 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
      Clarizza | June 14, 2016

      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.


  8. Default Gravatar
    Tarun | May 18, 2016

    Can we open as joint account?

    • Staff
      Shirley | May 18, 2016

      Hi Tarun,

      Thanks for your question.

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

  9. Default Gravatar
    Edward | April 25, 2016

    With the Hero Saver account,
    a: can I deposit cash to this account without using a linked day to day account ?b; if I withdraw only the earned interest at the teller every six months will I get the standard variable rate for that month? Thanks.

    • Default Gravatar
      | April 26, 2016

      With the Hero Saver A/C, when I withdraw (only) the interest earned and (not the capital investment), will I get credited with the MVR of 3.15% or the SVR 0.01% for that particular month of withdrawal?

    • Staff
      Shirley | April 27, 2016

      Hi Edward & Lilian Mikhail,

      Thanks for your question.

      You will still only get 0.01%, it is a compounding savings account that cannot have any withdrawal of any kind.

    • Staff
      Shirley | April 26, 2016

      Hi Edward & Lilian Mikhail,

      Thanks for your question.

      Yes you can deposit cash into this account without using a linked everyday account. You can also withdraw only the earned interest rate every six month and receive the SVR for that particular month. Please note that staff-assisted withdrawals may incur a fee.

      Hope this helps.

  10. Default Gravatar
    Hilary | April 18, 2016

    if I decide to open a Hero Saver account, do I need to have a transaction account with Bankwest as well or any other bank will be fine?
    Also I would like to know the costs for closing the account.

    • Staff
      Shirley | April 19, 2016

      Hi Hilary,

      Thanks for your question.

      There is no linked account required for this account, you can transfer money in and out of your Hero Saver account from any account.

      There are no closing costs for the account.

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