How to choose the right savings account for you

Whether you’re looking to kick-start your savings or make the most of what you’ve already got, choosing the right savings account could help you reach your goals sooner.

Thinking of opening a Bankwest savings account? Check out our guide to see which one could suit you. Remember to always check the Product Disclosure Statement before you apply.

I add funds regularly

If you want to be rewarded for regularly topping up your savings, you might like our Hero Saver account. You’ll get the variable Hero rate on balances up to $250,000 each month you deposit $200 or more and make no withdrawals. Plus, there’s no account maintenance fees – so you’ll be saving in more ways than one.

I add funds when I can

If you add to your savings when you can, rather than every month, our Bankwest Smart eSaver might be more your style. There’s no minimum monthly deposit and you’ll get the bonus interest rate each month you make no withdrawals. You’ll need a linked Bankwest bank account to get started.

Sometimes I dip into my savings

If you're after some flexibility to access your savings and still earn interest on your balance up to $50,000.99, our Easy Saver could be right for you. You can move money between your Easy Saver and your linked Easy Transaction Account – and there's no minimum monthly deposit either.

I'm saving for my kids

If you're looking to set savings aside for your child there are some options that could suit you.

If your child is aged 11 or under, you could consider:

  • Opening an account in your name, but nickname it in the Bankwest App or Bankwest Online Banking to easily identify it as your savings for your child  – see how to nickname your accounts
  • Nicknaming your own Offset Transaction Account if you have one linked to your Bankwest home loan – this means your savings for your child could potentially help to reduce your home loan interest. Find out more about offset accounts and how multiple offset accounts could help you manage your money
  • Setting up what's called a simple trust account using a Hero Saver or Gold Term Deposit (that's when you deposit money into an account on behalf of your child). Give us a call on 13 17 19 or visit your nearest branch to find out more
  • From the age of 11, your child can open an Easy Transaction Account in their own name.

If your child is aged 12 or over:

  • They can set up a Smart eSaver or Hero Saver in their own name. They could also open an Online Term Deposit or Gold Term Deposit.

It's important you consider the option that best suits you and your children. Our team can help you – simply give them a call on 13 17 19 or visit your nearest branch.

In the meantime, explore our bank and save options.

Need help choosing a savings account?

Speak with someone from the team today.

The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.