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.
Bankwest Hero Saver savings account
- Maximum variable rate
- 4.60% p.a.
- Base interest rate
- 1%p.a.
- Minimum deposit
- $200
Our verdict
Make your money work harder and reach your savings goals with a Bankwest Hero Saver savings account.
This account offers an ongoing bonus rate of 4.6% 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 1% 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.
Pros
-
$0 service fee
-
$0 minimum opening balance
-
Incentive to save
-
No linked account required
Cons
-
At least $200 should be deposited and make no withdrawals each month to get the bonus rate
Details
Key details
| Product Name | Bankwest Hero Saver |
| Maximum Variable Rate | 4.60% p.a. |
| Standard Variable Rate | 1.00% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 12 |
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Alison Finder
Editor
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Jackie Jacalne Finder
May 04, 2020
Hi Geoff,
Thanks for your inquiry.
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.
You may also read the Product Disclosure Statements/Terms and Conditions before making a decision and consider whether it is right for you.
Hope this helps.
Regards,
Jackie
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Kailah
May 18, 2019
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.
Mai Finder
May 19, 2019
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 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
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Sunny
January 12, 2019
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?
Jhezelyn Finder
January 14, 2019
Hi 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 our guide about compound interest on savings accounts. This explains more about compounding interest.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Regards,
Jhezelyn
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Shannon
January 07, 2019
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
John Basanes Finder
January 07, 2019
Hi Shannon,
Thank you for reaching out to Finder.
You may refer to our list of high-interest savings account. 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
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Adam
September 16, 2018
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.
Jeni Finder
September 16, 2018
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
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Geoff
May 03, 2020
Is there any fees for closing A Bankwest Hero account?