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 transaction account to get started.

I shop around for special intro rates

If you’re a fan of an intro rate, our TeleNet Saver could be good for you. You’ll get a four-month intro rate on your first TeleNet Saver, which can help give your savings a boost. After the intro period, you’ll roll on to the standard variable rate. You’ll need a linked Bankwest transaction account to get started, and you can withdraw funds into it anytime without affecting your interest rate.

I'm saving for my kids

If you’re looking to set up your child’s financial future, our Children’s Savings Account could be a great place to start. It’s for children under the age of 15, but a parent, guardian or adult signatory needs to open, access and make withdrawals from the account. There’s no account maintenance fees and you’ll earn a variable interest rate based on the amount of funds in the account.

To give your child’s savings a boost, you can pair this account with a Kids’ Bonus Saver. You’ll earn bonus interest each month you deposit $25 to $250 and make no withdrawals. Plus, after 12 months, everything over $1 on the account will be swept into your linked Children’s Savings Account.

Things you should know

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.