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Pros and cons

  • No monthly fees or minimum deposits
  • Maximum interest rate comes with conditions

Bankwest savings accounts rates



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Deposit $200 per month and make no withdrawals


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Make no withdrawals each month


Retirement Advantage Account

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Bankwest savings account calculator

Thinking about taking out a savings account with Bankwest? Use our savings account calculator to see how much you can earn under different investment scenarios. You can also see how Bankwest savings accounts compare with other options.

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How to Apply

If you’re saving towards a new car, your first home or that holiday of a lifetime, a savings account can be a great tool to help you achieve your financial goals.

But before you sign up for any product on the market, it’s worth taking the time to understand the basics. Here’s a helpful guide on savings accounts in Australia.

What is a savings account?

A savings account helps you grow your savings by offering a compound interest rate that is higher than the rate on your everyday transaction account.

Designed to accrue money, a savings account usually does not come with a key card for ATM access. To withdraw money, you need to transfer it across to a linked transaction account.

There are some pros and cons to weigh up before deciding whether a savings account is right for you.

The pros:

  • High interest rates – Savings accounts generally come with competitive interest rates that help you reach your financial goals faster, especially given it’s a compound interest rate on offer. Many lenders also offer bonus rates for an introductory period, or if certain conditions are met.
  • Investment protection – Unlike other investments, which come with some risk, a savings account is unlikely to give you a negative return. The government also protects deposits of up to $250,000 in authorised deposit-taking institutions (ADIs). This means that if your lender is an ADI and it goes bankrupt, your money is safe.
  • No lock-in period – Savings accounts in Australia typically don’t have a lock-in period, so you can move your money at any point. Some people use this feature to opt in and out of different products – taking advantage of bonus introductory rates on the market, then switching products once the introductory period is over.

The cons:

  • Fluctuating interest rates – Savings account interest rates are variable, which means they fluctuate – and potentially decrease – depending on the cash rate.
  • Conditions around bonus interest rates – Although bonus interest rates are appealing, they often come with conditions such as a limited number of withdrawals, a minimum monthly deposit, or getting a linked transaction account with the same lender. Similarly, bonus introductory rates only last for a certain period before the account reverts to a lower base rate. Take the time to check what conditions are attached to any bonus rate on offer.
  • Temptation to spend Most savings accounts allow you to transfer your funds into your transaction account for easy access. While some prefer this flexibility, others may find it a temptation to spend impulsively, rather than save.

Are there alternatives to a savings account?

One alternative to a savings account, which can also come with competitive interest rates, is a term deposit account.

A term deposit invests your money for a certain period – usually between one month to five years – at a fixed rate of interest. It suits savers who want to lock away their money for a period, although the downside is if you want to access your money before the term is over, you may need to pay a penalty.

In many cases, banks and credit unions require a minimum amount to invest your money in a term deposit account.

What should you look for when choosing a savings account?

It’s always worth comparing different savings accounts on the market and what they offer. Key questions to ask include:

  • Is the interest rate offered the most competitive on the market? You can use the RateCity website to compare different rates on the market.
  • What is the base rate? An advertised introductory rate only lasts for a certain period. Check the base rate to find out how much interest you will earn once the introductory period is over. This also applies to bonus rates that come with special conditions, as the base rate is what you will earn if those conditions aren’t met.
  • How accessible is the account? It’s worth finding out if the lender allows you to manage your savings account online, if there is a cheque facility, or if you need to open a transaction account with the same lender to access your money.
  • What fees do they charge? Take the time to check what fees come attached to any product you are considering. You can find them on the product’s terms and conditions.

Savings accounts at Bankwest

Bankwest offers a range of savings accounts with different features that can help you reach your financial goals.

For more information, you can visit the Bankwest website and follow the online prompts. If you prefer, you can also call or speak to someone in person at a Bankwest branch.

Keep in mind that you will need to have certain documents handy when you apply, such as your banking details, identification documents (for example, a driver’s licence or passport) or tax file number. A full list of what you need is available on the Bankwest website.

Learn more about savings accounts

What is an ANZ locked savings account?

An ANZ locked savings account locks your money and prevents you from spending. You may use a standard savings account as the account where your salary is deposited. You can then withdraw funds when needed, but aren’t able to make purchases with it. However, this account may not grow much as the continual withdrawing of funds will limit the interest you can earn.

With a locked savings account in ANZ, you know your savings will grow because you can’t access the money. You can also qualify for a bonus when you deposit at least $10 per month and don’t make any withdrawals. To help you with this further you can set up an automatic transfer from your regular ANZ savings or transaction account so you don’t forget to make a monthly deposit.

Your ANZ locked savings account offers you a base interest rate of 0.1 per cent per annum plus an additional bonus interest of 0.49 per cent per year. The interest is calculated daily and credited to your account on the last working day of the month.

How to make money with a savings account?

Savings accounts make you money by earning interest on your savings. The more money you deposit, the longer you leave it in the account, and the higher the account’s interest rate, the more interest you’ll be paid by the bank or financial institution, and the more your wealth will grow.

To make sure your savings account makes money and doesn’t lose money, it’s important to maintain a large enough minimum balance that the annual interest earned exceeds any annual fees charged on the account.

Can you have multiple ING savings accounts?

Yes, you can open up to nine accounts with ING at any particular time. If you’re saving money for various goals, such as buying a car or taking a holiday, you can name each of your multiple ING savings accounts differently.

To get a Savings Maximiser account, you’ll need to deposit more than $1000 every month and make at least five additional purchases. If you also want to grow your savings, from 1st March 2021, you can earn up to 1.35 per cent per annum variable interest on one account with a balance of up to $100,000 when you also maintain an Orange Everyday account.

With ING, multiple savings accounts can help keep track of all your savings goals. All the accounts offer flexible withdrawals where you can withdraw as low or as high as you want without impacting your earning interest rate. However, you can only earn the bonus interest on one account. To apply for a Savings Maximiser account, you can visit ingdirect.com.au.

What are the two types of NAB locked savings accounts?

With a locked savings account in NAB, you can earn bonus interest and learn financial discipline. NAB offers two types of locked savings accounts, each with their own terms and conditions.

The NAB Reward Saver account pays a variable base interest rate of 0.05 per cent per annum and a bonus interest of 0.55 per cent. You’re eligible for the bonus if you make a minimum of one deposit on or before the second last banking day and have no withdrawals in the month.

Meanwhile, the NAB iSaver account provides 0.05 per cent as the standard base interest rate and a fixed bonus margin of 0.55 per cent during the first four months from the date of opening the account. You can park your cash in the account and enjoy unlimited monthly transfers between linked daily bank accounts without impacting the interest rate.

Should I open a Commonwealth locked savings account?

If you have trouble saving money, a Commbank locked savings account could be a potential solution. A locked savings account won’t let you make withdrawals and as such, it can help you grow your savings balance if you keep topping it up. 

The Commonwealth locked savings account advertises high-interest rates and minimal maintenance fees, along with a host of other incentives that will encourage you not to touch the money. 

The account offers a higher interest rate for each month that you make limited or no withdrawals, as well as regular deposits. 

To qualify for a Commonwealth locked savings account with the advertised features, you will need to fulfil specific criteria such as:

  • Depositing a fixed minimum amount into the account every month.
  • Making a fixed number of deposits each month.
  • Making a minimum or no withdrawals each month.
  • Maintaining a minimum account balance.

What is the interest rate on savings accounts?

As banks frequently change their rates, the most accurate way to look at interest rates on savings accounts is to use a savings accounts comparison tool. When you look at the savings rate check what the maximum and minimum rates are. Often banks will offer you a promotional rate for the first few months which is competitive, but then revert back to a base rate which can sometimes be less than inflation. Ongoing bonus rates are often a safer bet as they will keep rewarding you with the maximum rate, provided you meet their criteria

Should I open multiple savings accounts with UBank?

UBank offers customers an opportunity to make the most of their savings by opening multiple savings accounts. Having multiple savings accounts with UBank may be ideal for savers tracking different goals in separate accounts. 

It’s important to note that to earn bonus interest, you will still need to meet the conditions of the UBank savings account every month. If you don’t make these deposits, you will receive the standard interest rate, which is typically lower. 

Keep in mind that you won’t earn bonus interest on your UBank savings account in the month an account is opened and if you open multiple savings accounts with UBank, you'll start earning any bonus interest the following month. 

It's also not yet known how long the special interest rate will hang around for, so please check with your bank for more information. 

What is a savings account?

A savings account is a type of bank account in which you earn interest on the money you deposit. This makes it one of the easiest and safest investment tools.

What is a Westpac locked savings account?

The Westpac locked savings account (also known as "Westpac Life") can help customers reach savings goals faster through bonus interest. Customers receive 0.2 per cent standard base interest with a variable bonus rate of 0.35 per cent when the closing balance at the end of the month is higher than the opening balance.

There are some conditions to earn the bonus interest on Westpac's locked savings account, though. First, you’ll need to increase the balance each month either through a deposit or not making any withdrawals, and then link it to a Westpac Choice account and make at least five eligible payments using your debit card. Please consult your bank as to what an eligible payment is. 

What are the requirements of an ING Bank locked savings account?

An ING bank locked savings account - also called a term deposit - offers you interest in exchange for holding your money for a period of time.

The terms offered include as little as 90 days or as long as two years. Generally, the longer you lock your money away, the higher the rate of interest. 

The minimum deposit amount for an ING locked savings account is $10,000. 

To be eligible to apply, you must: 

  • Be an Australian resident for tax purposes
  • Be aged 13 years or older
  • Hold the account for personal use (ING offers business term deposits as a separate product). 


Can you set up direct debits from a savings account?

It’s not usually possible to set up a direct debit from your savings account to cover ongoing expenses or bills, as savings accounts are structured around growing your wealth by earning interest on regular deposits, and discouraging withdrawals.

Some transaction accounts allow you to set up direct debits and also earn interest, though you may not enjoy as much flexibility as a dedicated transaction account, or get as high an interest rate as a dedicated savings account.

Who has the highest interest rates for savings accounts?

As banks frequently change their rates, the most accurate way to know who currently has the highest interest rate is to use a savings account comparison tool.

How much money should I have in my savings account?

A good rule of thumb when working out a minimum balance for your savings account is to make sure that you’ll earn more in annual interest on your savings than what you’ll be charged in annual fees.

If you’re saving with a specific goal in mind, prepare a budget so the interest you earn on your deposits will help you efficiently reach this goal. Online financial calculators may be helpful here.

How does interest work on savings accounts?

The type of interest savings accounts accrues is called compound interest. Compound interest is interest paid on the initial deposit amount, as well as the accumulated interest on money you have. This is different from simple interest where interest is paid at the end of a specified term. Compound interest allows you to earn interest on interest at a higher frequency. 

Example: John deposits $10,000 into a savings account with an interest rate of 5 per cent that he leaves untouched for 10 years. At the end of the first year he will have $10,512 in savings. After ten years, he will have saved $16,470.

How to open a savings account for my child?

Some banks and financial institutions allow parents to open a bank account for their child as soon as it is born, and start depositing funds to go towards the child’s future.

Children’s savings accounts generally don’t have fees, and are structured to help develop positive financial habits by limiting withdrawals, encouraging regular deposits, and earning interest on the savings, similarly to standard savings accounts.