Bankwest Savings Interest Rates: Easy Saver vs Hero Saver Explained

August 22, 2026 4 Min Read

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.

This bank is one of 19 compared in our Australia Term Deposit Rates comparison guide.

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.