Bankwest, a division of Commonwealth Bank of Australia · Online bank
Bankwest's best ongoing savings rate is 5.35% p.a. on Hero Saver, in months when you meet its bonus conditions. Its best term deposit pays 5.30% p.a. for 12 to 23 months on $1,000 or more.
Verified 2 Nov 2026
Hero Saver, in months you meet the bonus conditions
Bankwest Easy Saver, then 5.25% p.a.
Interest paid at maturity
For new term deposits
Financial Claims Scheme, shared with CommBank
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Type any amount and pick an account. Estimates are before tax and assume the rate stays the same.
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Account
Fixed for the term. From $1,000.
Interest over 12 months
$1,325
5.30% p.a., interest paid once a year.
That is $75 less than the best 12-month term deposit in Australia would pay on the same amount.
Every rate is variable. Bonus rates show as the total you earn, with the base and bonus parts underneath.
Bonus savings account
14 or older
5.35%p.a.
0.10% base + 5.25% bonus
To earn the bonus each month
Savings account, no monthly conditions
16 or older
6.00%p.a.
Intro rate for 4 months, then 5.25% p.a.
The Easy Saver Account is Bankwest's flexible savings account that lets you earn credit interest on a tiered basis on all balances in the account with no minimum monthly deposit (you can also move your money in and out of your account witho
For retirees and pensioners
55 or older
1.55%p.a.
No monthly conditions
An everyday bank account with no maintenance fees that rewards you with interest.
| Term | $1,000 to $10,000,000 |
|---|---|
| 1 month | 2.00% |
| 2 months | 2.00% |
| 3 monthsStand-out term | 5.00% |
| 4 months | 4.40% |
| 5 monthsStand-out term | 5.15% |
| 6 months | 4.40% |
| 7 months | 4.40% |
| 8 months | 4.40% |
| 9 months | 4.40% |
| 10 months | 4.40% |
| 11 months | 4.40% |
| 12 to 23 monthsBest rate | 5.30% |
| 24 to 35 months | 5.00% |
| 36 to 47 months | 5.00% |
| 48 to 59 months | 5.00% |
| 5 years | 5.00% |
Interest paid at maturity. Terms longer than 12 months pay interest once a year. New term deposits start at $1,000.
Every bank we track in Australia, ranked by its best ongoing savings rate, with its 12-month term deposit. Verified 2 Nov 2026.
| # | Bank | Top savings rate | 12-month term deposit |
|---|---|---|---|
| 1 |  ING | 5.75% p.a.Savings Maximiser, monthly conditions | 5.30% p.a.Personal Term Deposits |
| 2 |  St.George | 5.40% p.a.Incentive Saver, monthly conditions | 4.75% p.a.Term Deposit |
| 3 |  Bank Australia | 5.35% p.a.Bonus Saver, monthly conditions | 5.60% p.a.Term Deposit |
| 4 |  Teachers Mutual Bank | 5.35% p.a.Momentum Saver, monthly conditions | 5.35% p.a.Term Deposit |
| 5 |  ANZ | 5.35% p.a.ANZ Plus Growth Saver, monthly conditions | 5.30% p.a.ANZ Advance Notice Term Deposit |
| 6 | Bankwest | 5.35% p.a.Hero Saver, monthly conditions | 5.30% p.a.Bankwest Term Deposit |
| 7 |  Virgin Money | 5.30% p.a.Virgin Money Boost Saver, monthly conditions | Not published |
| 8 |  Macquarie | 5.25% p.a.Macquarie Savings Account | 5.40% p.a.Macquarie Term Deposit |
| 9 |  CommBank | 5.25% p.a.GoalSaver, monthly conditions | 5.30% p.a.Standard Term Deposit |
| 10 |  NAB | 5.25% p.a.NAB Reward Saver, monthly conditions | 5.30% p.a.NAB Term Deposit |
| 11 |  Westpac | 5.25% p.a.Westpac Life, monthly conditions | 5.30% p.a.Term Deposit |
| 12 |  BOQ | 5.00% p.a.Simple Saver Account | 5.40% p.a.myBOQ Term Deposit |
| 13 |  Bendigo Bank | 5.00% p.a.Bendigo Reward Saver, monthly conditions | 4.90% p.a.Standard Term Deposit |
| 14 |  Beyond Bank | 4.90% p.a.Purple Bonus Saver, monthly conditions | 4.90% p.a.Term Deposit |
The Australian Government's Financial Claims Scheme covers deposits at Bankwest up to $250,000 per account holder. CommBank is part of the same bank, so money at both counts toward that one limit.
Bankwest savers will soon be able to report whether their bonus rate paid out each month, and ask other savers questions.
Zero Platinum Mastercard$0 annual fee
Zero Classic Mastercard$0 annual fee
Breeze Classic Mastercard$49 annual feeINGSavings 5.75% p.a.12-month 5.30% p.a.St.GeorgeSavings 5.40% p.a.12-month 4.75% p.a.Teachers Mutual BankSavings 5.35% p.a.12-month 5.35% p.a.ANZSavings 5.35% p.a.12-month 5.30% p.a.Bank AustraliaSavings 5.35% p.a.12-month 5.60% p.a.Virgin MoneySavings 5.30% p.a.12-month Not published
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