Bankwest savings interest rates work differently depending on which account you pick. Here are the current rates for both, what it actually takes to earn the top rate, and a naming mix-up worth knowing about.
Quick Answer: Bankwest Savings Interest Rates
Bankwest’s Easy Saver pays 5.75% per annum for new accounts, but only for the first four months. After that it drops to 5.00% per annum on balances up to $250,000.99. Bankwest’s Hero Saver works differently. It pays a 0.65% base rate plus a 4.45% bonus rate, for a total of up to 5.10% per annum. To earn that bonus, you need to deposit at least $200 a month and make no withdrawals. Miss either condition, and you fall back to just the 0.65% base rate. Bankwest savings interest rates change often, so always confirm the current figures before opening an account.
Easy Saver: The Introductory Rate Trap
- The 5.75% rate only lasts four months. It’s an introductory rate for new accounts, not an ongoing one.
- After four months, the rate drops to 5.00%. That’s still a solid ongoing rate, but it’s noticeably lower than the number that got you in the door.
- You need a two-year gap to requalify. If you’ve already had an Easy Saver introductory rate, you generally need two years since the last one before getting another.
- Balances over $250,000.99 earn far less. Above that threshold, both the introductory and ongoing rates drop sharply.
Hero Saver: The Rate That Rewards Habits, Not Balance
- The base rate alone is just 0.65% per annum. That applies to every dollar in the account, no matter your balance, if you don’t meet the bonus conditions.
- The bonus rate adds 4.45% on top. Combined, that’s up to 5.10% per annum on balances up to $250,000.99.
- Two conditions unlock the bonus. You need to deposit at least $200 in the month, and make no withdrawals during that same month.
- One missed condition drops you to the base rate. A single withdrawal, even a small one, cuts you back to 0.65% for that month.
Which Account Actually Pays More
- Hero Saver’s top rate edges out Easy Saver’s ongoing rate. 5.10% versus 5.00%, but only if you consistently meet the deposit and no-withdrawal conditions every month.
- Easy Saver is simpler if you might need to dip into the balance. There’s no bonus condition to break, so an occasional withdrawal doesn’t cost you anything extra.
- New Easy Saver customers get the highest headline rate. 5.75% beats both accounts’ ongoing rates, but only for four months.
- A savings goal you won’t touch monthly suits Hero Saver best. The bonus rewards a habit of saving and not withdrawing, not a large balance sitting idle.
Two Things Worth Knowing Before You Search Further
- One major rate-comparison site’s dedicated Bankwest page has gone dead. A previously indexed page now redirects to a generic savings accounts list with no Bankwest-specific numbers on it.
- Another comparison site’s best-rates roundup skips Hero Saver entirely. It lists Easy Saver’s rate but leaves out Hero Saver, even though Hero Saver’s top rate is actually higher.
- “Bankwest” also names an unrelated small bank in Minnesota, USA. If you’re searching rate-comparison or review sites and the numbers look strange, double check you’re reading about the Australian Bankwest, a Commonwealth Bank subsidiary.
- Rates are variable and can change at any time. Always check Bankwest’s own rates page for the current figures before opening an account.
FAQ: Bankwest Savings Interest Rates
What is Bankwest’s current savings interest rate?
Easy Saver pays 5.75% per annum for four months on new accounts, then 5.00% per annum ongoing. Hero Saver pays up to 5.10% per annum, made up of a 0.65% base rate plus a 4.45% bonus rate.
What’s the difference between Bankwest Easy Saver and Hero Saver?
Easy Saver offers a flat rate that drops after an introductory period. Hero Saver pays a low base rate plus a bonus rate, earned only by depositing at least $200 a month and making no withdrawals.
How do I earn Bankwest’s top savings rate?
For Hero Saver’s 5.10% total rate, deposit at least $200 in the month and make no withdrawals. For Easy Saver, simply open a new account within the eligibility window to get the 5.75% introductory rate.
Does the Bankwest Easy Saver rate drop after a while?
Yes. The 5.75% per annum rate is an introductory offer that lasts four months, then falls to 5.00% per annum ongoing on balances up to $250,000.99.
Is the Bankwest in Australia the same as the US Bankwest?
No. Australian Bankwest is a Commonwealth Bank subsidiary. A separate, unrelated small bank with the same name operates in Minnesota, USA.
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