Bankwest Savings Accounts

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Bankwest is a provider of savings accounts, as well as other banking solutions such as insurance, loans, term deposits and financial advice.

Compare Bankwest savings accounts 

Considering a savings account from Bankwest? The table below displays a snapshot of Bankwest savings accounts on Canstar’s database, sorted by Star Rating. These results are based on a regular saver profile in NSW with $10,000 in current savings.

To see the definition of a regular saver and other profiles used in Canstar’s Star Ratings, view Canstar’s savings account methodology here. Or you can search our database for a savings account to suit your needs.

Target Market Determinations for Bankwest products are available on Bankwest’s website.

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What savings accounts does Bankwest offer?

Bankwest offers the following savings accounts at the time of writing:

TeleNet Saver

Offers a four-month variable interest rate when you open your first TeleNet Saver, which then reverts to the standard variable rate.

Hero Saver

Earn the variable Hero rate on balances up to $250,000 each month you deposit $200, excluding interest with $0 account maintenance fees.

Bankwest Smart eSaver

For every month you make no withdrawals, you’ll earn the variable Smart rate on balances up to $500,000, with no minimum monthly deposit required.

Kids’ Bonus Saver

Earn the Bonus rate each month you deposit $25-$250 and make no withdrawals.

Children’s Savings Account

Available to children under 15 years old; the account is managed by a parent, guardian or adult signatory. It earns a variable interest rate.

You can view the current interest rates on Bankwest savings accounts in our comparison tables.

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Do Bankwest savings accounts require a linked transaction account?

Bankwest does require a linked transaction accounts for some of its TeleNet Saver, the Bankwest Smart eSaver and the Kids’ Bonus Saver which must be linked specifically to a Bankwest Children’s Savings Account.

You can compare transaction accounts with Canstar to potentially find one that suits your requirements.

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Does Bankwest charge fees on its savings accounts?

Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. Bankwest charge a fee to customers who wish to receive paper statements for selected savings accounts.

For current information on all fees and how they apply, please check the Product Disclosure Statement.

What does Bankwest offer in terms of mobile banking for savings accounts?

Bankwest offers both online and mobile banking for its savings products, with its app available in both the Apple and Google store. Notable features of Bankwest’s mobile banking include the ability to:

  • Log in easily using a 4 digit PIN, your fingerprint or facial recognition
  • Register for and view eStatements for your eligible accounts
  • Set up alerts about important activity on your accounts
  • Notify Bankwest if you’re going overseas so we can keep an eye on your accounts

How to apply for a Bankwest savings account

Before applying for a Bankwest savings account, consider comparing it against other savings accounts on the market to ensure it is the right one for you.. You can then apply for a Bankwest savings account online, provided you have the correct documentation:

  • At least one form of ID, such as your driver’s license or passport
  • Accurate personal information, such as your name, date of birth, address and phone number

Once your account is opened, Bankwest may require you to transfer in a minimum amount before your account can be activated – check the PDS document for more information on how much you might need to deposit.

Related article: How to change bank accounts

Eligibility requirements

When applying for a Bankwest savings account, you will also have to meet the following eligibility requirements:

  • Only available to people aged 12 years and older
  • For accounts requiring linked transaction accounts, you must be a prior customer of Bankwest
  • Transaction accounts must allow direct debits to and from the account
  • A limit of one of each type of account per customer applies

What other banking products does Bankwest provide?

Bankwest provides a variety of different products to consumers, including:

  • Loans
  • Financial advice
  • Insurance
  • Credit cards
  • International banking

About Bankwest

Bankwest was founded in 1895 by the state government to provide for farmers, under the name Agricultural Bank of Western Australia. In 2008, Bankwest joined the Commonwealth Bank Group.

Bankwest claim to be responsible for a number of banking “firsts” in Australia, including drive-through bank branches, WA’s first after-hours cash dispenser (the pre-cursor to the ATM), and Australia’s first bank to fully implement electronic data processing.

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Written by: Maddie Clarey | Last updated: July 9, 2018