Earn 5.35%
p.a. for the first 4 months then 4% p.a. ongoing, with no conditions to meet.
This account could suit you if you’re looking for a decent return on your savings but you don’t want to worry about meeting any ongoing conditions. You’ll get 5.35%
p.a. for the first 4 months then an ongoing rate of 4% p.a. after that.
The ongoing 4% p.a. rate is a bit lower than what you could get elsewhere, but there are no conditions to meet! Balances of $250,001 and higher will get a lower 4-month variable rate of 4.75%, followed by an ongoing rate of 2.00%.
Pros
Maximum variable rate of 5.35% p.a. (base rate 4% p.a.)
Earn interest on balances up to $250,000.99
Make withdrawals and still be eligible for interest
Cons
The bonus rate is only for the first 4 months
In this guide
Our verdict
Details
Key details
Key features
How to apply
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The Bankwest Easy Saver account offers an introductory bonus rate of 5.35%
p.a. for new account holders for the first 4 months after opening the account. After the introductory period ends, the rate will revert to the standard variable rate, currently 4% p.a.
Note that the interest you can get with this account is lower if your balance is $250,001 or higher. In this case you get a 4-month introductory rate of 4.75% and then an ongoing rate of 2.00% after that.
There are no monthly deposit conditions to meet and you can make withdrawals at any time while still being eligible for interest.
Details
Key details
Product Name
Bankwest Easy Saver
Maximum Variable Rate
5.35% p.a.
Standard Variable Rate
4.00% p.a.
Monthly Account Fee
$0
Minimum Opening Deposit
$0
Minimum Age
16
Key features
Introductory bonus rate of 5.35%
p.a.
New customers will earn a bonus interest rate of 5.35%
p.a. for the first 4 months after opening the account. You can earn this rate on balances up to $250,000.99.
This bonus rate is not available if you've had the bonus rate on an Easy Saver account in the last two years.
Lower rates for larger balances
For balances of $250,001 and higher you will get a 4-month variable rate of 4.75%, followed by an ongoing rate of 2.00%.
Ongoing interest rate of 4% p.a.
After the 4 month period ends the rate will revert to the standard variable rate, currently 4% p.a. You can earn this rate on balances up to $250,000.99.
No monthly conditions to meet
You don’t need to meet any monthly deposit conditions, spend requirements or minimum balance requirements in order to earn interest. You can also make withdrawals from your savings whenever you want and still be eligible for interest.
Linked bank account
This account comes linked to a Bankwest Easy Transaction Account. You can transfer money from your Easy Saver to your Easy Transaction instantly using mobile or internet banking.
No account keeping fee
This account has no monthly account keeping fee, and there’s no monthly account keeping fee on the linked Easy Transaction Account either.
Covered by the $250,000 government guarantee scheme
Your deposit up to $250,000 with Bankwest is protected under the government’s bank guarantee scheme. Note that this includes your combined balance across all your Bankwest accounts (for example if you’ve got money in your Bankwest Easy Transaction Account and also in your Easy Saver Account, your combined balance up to $250,000 is protected).
Check first to make sure that you are able to meet the eligibility requirements:
Personal account. This account is only for individual use, not joint holders, companies or SMSFs
Age. You need to be aged 16 years or older
Address. You must have a valid Australian residential address
Existing account. If you already have an Easy Saver account, you will not be permitted to open another.
Documentation needed
Identification. You will need at least 2 forms of identification, this could include a driver's license, passport, Medicare card, or Australian birth certificate.
Personal information. You're going to be asked for your full name, date of birth, and physical Australian address.
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.
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these
):
How the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
See full profile
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