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BankWest Smart eSaver

BankWest Smart eSaver

3.3 from 6 reviews

A good online option with competitive rates

A good account with easy access and high variable rate for 'rainy day' savings which aren't locked away. Although you do lose majority of interest reward in any one month which contains a withdrawal, you only need manage the account as a 'deposit without withdrawal' style. Although lower interest than a fixed term, it does provide easy access
Easy to set up and move money into, 24x7 access via internet to your money, good interest rate
Slug of 'no interest' virtually in month of withdrawal - would prefer a lower hit on that front. Can only be in one name so if you hold joint accounts, only the account holder can view this account


Well this account has been getting worse and worse with every passing month. Now they slug you with 0.01% interest for the month you make a withdrawal. I feel a little molested, because I have been with them for 5 years and haven't seen any improvements with the account since. The current "bonus" interest rate is 4.25%.
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This seemed like a good account when I first opended the account a few months ago, but have recently found out that the interest rate has dropped to 5% and worst of all if you make a withdrawal it drops to only 1% for that month. To make things even worse on the website it advertises that this is a "generous 1%". Hardly generous indeed !

Good for rainy day money

I have had my smart-e-saver for about 5 months now and find it is a good account for saving for a rainy day, current interest rate is 5.75% if no withdrawals and if you need to withdraw you get 4.25% unlike a lot of bonus interest type accounts in which you forfeit all interest in you withdraw.
Simple to set up and to transfer between linked Bankwest accounts
Nothing really

very convenient

I have my bankwest smart eSaver now for 1.5 years and have had no problems at all. It was easy to set up once I understood how it worked. I went to the branch and the lady gave me the feeling she did not want to help me open the account as everything could be easily done over the internet (her words). But I guess her professionalism came through and she set it up for me which was actually really easy. The transfer into the account form a non bankwest account works smooth and quickly. The reverse transfer is equally quick and no hassle at all. I found the bankwest account very convenient with a good interest rate. I am currently thinking of opening a second one.


At the moment Bank West’s Smart eSaver offers very attractive interest rates in online savings (4.7%) as long as the saver doesn’t withdraw any money from that account during the month. If the saver happened to withdraw the funds, Smart eSaver would still give a fair interest rate of 3%. This offer is much better compared to a similar account at HSBC. HSBC’s Serious Saver offers 3.25% interest rate when there is no withdrawal, otherwise zero interest with any withdrawal.
Competitive interest rate (4.7%) if no withdrawal during the month, otherwise a fair interest rate (3%) will be paid.
Can be linked to any transaction account, including non Bank West transaction account
Funds transferred out to the linked transaction account in Bank West, such as Hero, are immediately available for withdrawal.
Allow future-dated transfer
Nothing in particular

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