Bankwest Hero Saver savings account
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.
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.
This account offers an ongoing bonus rate of 0.8% 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.
Earn up to 0.8% p.a. interest 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 0.8% p.a. is applied to your 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.
The 0.8% p.a. is available on balances up to $250,000 and the 0.01% rate for balances up to $5 million.
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.
How to apply
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.
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.