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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
1.50% p.a.
Standard Variable Rate
0.01% p.a.
Bonus Variable Rate
1.49% p.a.
Introductory / Bonus Offer Conditions
Earn up to 1.50% 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.
Competitive interest rate up to 1.50% 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 1.50% 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.
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.
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
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.
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.
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.
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.
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.
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.
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.
As finder.com.au 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.
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.
There is no linked account requirement for this account, you can transfer money in and out of your Hero Saver account from any account.
Unfortunately the Bankwest Hero Saver can only be opened under personal names.
The Bankwest Hero is available for existing Bankwest customers, though there is a limit of one per customer.
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.
At the moment this rate is ongoing, though it is subject to change up to Bankwest’s discretion.
You can transfer the funds from another bank account. You can deposit the funds from another Bankwest account.
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.
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.
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.
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.
Yes it possible to direct debit amounts from a St.George transaction account into the Bankwest Hero Saver.
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.
If you make a withdrawal the standard variable rate will apply to your balance for that particular month.
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.
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.
The Hero Saver is only available for personal use and can’t be used for investment.
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.
Unfortunately this account is only available for personal use.
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.
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.
Bankwest have a children’s account that you may be interested in, more information is available on their official website.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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.
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.
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?
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.
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
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!
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?
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.
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?
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.
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.
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?
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.
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.
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.
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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.
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
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?
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
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
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
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.
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
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?
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
Is Bankwest Hero Saver account covered by Government guarantee
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
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?
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
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
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
are you in california
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
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.
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
How do you deposit cash into this account??
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.
Cheers,
May