Bankwest Smart eSaver

Bankwest Smart eSaver

Maximum Variable Rate


Standard Variable Rate


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

  • Ongoing, variable 2.05% p.a. when you link to a Bankwest transaction account and make no withdrawals
  • Available on balances up to $500,000
  • No minimum balance
  • $0 account keeping fees

Product details

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.

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

Product Name
Bankwest Smart eSaver
Maximum Variable Rate
2.05% p.a.
Standard Variable Rate
0.01% p.a.
Bonus Variable Rate
2.04% p.a.
Introductory / Bonus Offer Conditions
2.05% p.a. is valid only if you make no withdrawals each month, otherwise base rate of 0.01% p.a. applies. Exclusive to balances up to $500,000 and customers with a Bankwest transaction account.
Monthly Fee
Minimum Opening Deposit
Minimum monthly deposit for bonus interest rate
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
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 Smart eSaver savings account?

The award winning Bankwest has packed its Smart eSaver account with benefits that make reaching a savings goal easy. Compare the following features with what other banks offer in their online savings products to see which one fits in best with your savings style. If you decide this account isn't right for you, take a look at the alternative accounts offered by Bankwest.

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 2.05%

Each month you don't make any withdrawals from the Smart eSaver account you will receive the maximum variable interest rate of 2.05%. 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

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.

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


  • Earn a competitive interest rate of 2.05% p.a. if conditions are met
  • $0 Account keeping fees
  • Phone and internet banking available


  • 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

How do I apply for the Bankwest Smart eSaver Savings Account?

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.


  • 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 next?

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.

The eSaver account has two applicable interest rates, a Smart Rate and a Standard Rate. The Smart Rate is earned on your balance each month you don't make a withdrawal. If you do need to make a withdrawal from your eSaver, you'll only earn the lower interest rate for that entire month.

The Smart Rate is a variable rate and is subject to change at any time, at Bankwest's discretion. The SmartRate is in place however, to keep the eSaver account competitive with the high interest accounts offered by other banks and financial institutions, and so Bankwest will try and always keep that rate competitive.

The Standard Rate is based on Bankwest's standard variable rate and so may also change if the RBA changes the cash rate.

All Bankwest customers with an eSaver account are eligible to earn the SmartRate on their savings in any month they don't make a withdrawal from that account.

You will not earn the Smart Rate interest rate in any month you make a withdrawal, for the entire month. If you make a withdrawal from your eSaver account, only the Standard Rate will apply to your balance that month. The Standard Rate will apply to all balances for the whole month in which you made a withdrawal, not just from the time of the withdrawal.

Interest is calculated daily, and paid monthly on the first business day of every month.

Interest is calculated on your balance daily and paid into your eSaver account on the first business day of the following month. Therefore, the interest earned in a month can fluctuate, depending on the number of days in the month; if the first day of the month falls on a weekend or public holiday, your interest will be paid on the next business day. Over the course of a year, you will receive the correct amount of interest as you will receive more in some months and less in others.

For example, where there are 30 days in April, but the 1st and 2nd of May fall on a Saturday and Sunday, interest for April would be paid on Monday 3rd of May and be calculated on 32 days. The interest for May would then be calculated from the 4th, and if the balance remained the same, the interest could potentially be less as it is being calculated on only 27 days.

You may only open one Bankwest Smart eSaver account per person. When an eSaver account is held in joint names, you are still entitled to only one account each. Therefore, if you have a joint eSaver account, you cannot open another account solely in your name.

The Bankwest Smart eSaver account cannot be used as a trust, for business or as a superannuation fund. The eSaver is a personal account and not suitable for business or other use.

For business use, the Bankwest Business TeleNet Saver is the equivalent account. The eSaver and the TeleNet account cannot be linked in any way, as the eSaver account must be linked to a personal transaction or savings account. An existing TeleNet Saver account cannot be converted to become an eSaver account; the two accounts will need to be opened separately.

When a new eSaver account is opened, the initial deposit is then debited from your linked account, and your eSaver is activated.

You cannot make deposits or withdrawals on your Smart eSaver account in a Bankwest branch as the account is solely an online account. Transactions on the eSaver account can only be conducted over the phone or internet; this is what enables Bankwest to waive all maintenance and transaction fees for the account.

For more information about how the Bankwest Smart eSaver account can help you take control of your savings and meet your financial goals, find out more and give your savings a boost today.
















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