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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.
$200
Minimum deposit
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Product Name | Bankwest Hero Saver |
---|---|
Maximum Variable Rate | 0.8% p.a. |
Standard Variable Rate | 0.01% |
Monthly Account Fee | $0 |
Minimum Opening Deposit | $0 |
Minimum Age | 12 |
Review by
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.