Bankwest Smart eSaver

Maintain your savings balance and be rewarded with a bonus interest rate.

The Smart eSaver account gives you a real incentive to save by paying you a bonus interest rate just for making no withdrawals each month. You have to link your savings with a Bankwest transaction account, which will then make managing your savings and making transfers as easy as logging into your account online. With no fees to pay, you can feel confident that your savings are growing at a steady rate.

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Shirley Liu

Last Updated Dec 30, 2020

0.4% p.a.

Maximum variable rate

0.01%p.a.

Base interest rate

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Product Name	Bankwest Smart eSaver
Maximum Variable Rate	0.4% p.a.
Standard Variable Rate	0.01%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	12

Pros

Earn a competitive interest rate of 0.4% p.a. if conditions are met
$0 Account keeping fees
Phone and internet banking available

Cons

You'll lose the bonus interest if you make a withdrawal
Need to link to Bankwest transaction account
Bonus interest rate applies up to balances of $500,000.99

Review by

Shirley Liu

shirley@finder.com.au

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.

Expert review

You must link your Bankwest Smart eSaver account to a Bankwest transaction account to receive the bonus interest.

Key features

No monthly account keeping fees

You will not be charged any monthly fees for your savings account, but you may have to pay a fee for the linked account depending on which you choose.

Maximum bonus interest rate of 0.4%

Each month you don't make any withdrawals from the Smart eSaver account you will receive the maximum variable interest rate of 0.4%. A standard variable interest rate of 0.01% is applied to your balance for those months where you make a withdrawal from your savings.

Earn bonus interest on balances up to $500,000.99

When you don't make any withdrawals from the account in a calendar month, you are rewarded with a variable competitive interest rate on balances of up to $500,000.99.

Interest calculated daily

The interest is calculated daily and paid into your account on the first day of the subsequent month.

No monthly deposit requirement

There is no minimum deposit requirement for each month.

Must have linked Bankwest account

You need to have an active Bankwest transaction account to link to your Smart eSaver.

Phone and internet banking

You can transfer money in and out of your savings account over the phone or online.

Mobile app available

Bankwest offers an app for iPhone and Android mobile devices that gives you the same access to your savings account as online banking does.

Direct credit available

This account allows for direct credits via electronic deposit.

Launch savings calculator

How to apply

If you have found that this account has the features you need to meet your savings needs, you can apply easily online in under 15 minutes. Before you will be able to begin, make sure you meet the following eligibility requirements and have the necessary documents handy. You should also note that this account requires that you have a transaction account with Bankwest first, so you may have to open that type of account before you can apply for the Smart eSaver.

Eligibility

Minimum age. Applicants can be as young as 12 years of age, but those under 18 will need the assistance of an adult to complete the application.
Residency requirements. Australian citizens and permanent residents are welcome to apply, as well as temporary residents with valid visas. Temporary residents should keep in mind that there may be additional requirements that need to be met in order to qualify for this account.

Documentation needed

Tax file number. As this is an interest earning account, you will want to provide your tax file number (TFN) or exemption code. If not, Bankwest is obligated to withhold tax on your interest earnings at the highest marginal rate.
Identification. Photo identification such as your passport or driver's licence will be required in order to confirm your identity.
Linked account. You will need to be able to provide your Bankwest transaction account details including the BSB and account number that you will be using as the linked account.

What happens after I submit my application?

You will receive a confirmation email after applying and your account will be opened immediately if you have provided all of the necessary information. If not, you will be informed of the next steps you need to take in order for Bankwest to issue the account in your name.

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2 Comments

Sue
October 18, 2019

I want to try very hard to save money to buy a car within 7 months for myself and I have trouble saving money, after I have to pay bills.

Nikki
October 19, 2019

Hi Sue,

Thanks for your comment. It’s good to know that you are looking for ways to save money. If you are interested in applying for the Bankwest Smart eSaver, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

You can find the Bankwest’s requirements when you click the tab above that says How To Apply. When you are ready, visit their main website to start the application.

Hope this helps and feel free to reach out to us again for further assistance.

Best,
Nikki

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