Bankwest Smart eSaver FAQ’s

The Bankwest Smart eSaver account is a high interest savings account you can open online to help you meet your savings goals faster and more easily. There are no monthly fees or transaction costs and you can even set up a direct transfer from a linked account to keep your savings on track. Want to know more?

You might also want to consider the Bankwest Telenet Saver account.

Interest rates

What is the interest rate on the eSaver account?

The eSaver account has two applicable interest rates, a SmartRate which is 5.50% and a Standard Rate which is 5.50%. The SmartRate is earned on your balance each month you don’t make a withdrawal. If you do need to make a withdrawal from your eSaver, you’ll only earn the lower, 5.50% interest rate for that entire month.

Will the SmartRate change with the Reserve Bank’s decisions on the cash rate?

The SmartRate is a variable rate and is subject to change at any time, at Bankwest’s discretion. The SmartRate is in place however, to keep the eSaver account competitive with the high interest accounts offered by other banks and financial institutions, and so Bankwest will try and always keep that rate competitive.

Will the Standard Rate change with the Reserve Bank’s decisions on the cash rate?

The Standard Rate is based on Bankwest’s standard variable rate and so may also change if the RBA changes the cash rate. Currently, the Standard Rate is guaranteed to at least match the RBA’s cash rate until 30 June 2011.

So, all the rates for the Bankwest eSaver account are variable?

Yes, the SmartRate is subject to change at Bankwest’s discretion, and the Standard Rate is variable. However, the Standard Rate will at least match the current cash rate until 30 June 2011.

Interest earned

How is the bonus SmartRate earned on the eSaver account?

All Bankwest customers with an eSaver account are eligible to earn the SmartRate on their savings in any month they don’t make a withdrawal from that account.

When is the bonus SmartRate not earned?

You will not earn the SmartRate interest rate in any month you make a withdrawal, for the entire month. If you make a withdrawal from your eSaver account, only the Standard Rate will apply to your balance that month. The Standard Rate will apply to all balances, for the whole month in which you made a withdrawal, not just from the time of the withdrawal.

How is interest calculated and paid?

Interest is calculated daily, and paid monthly, on the first business day of every month.

Why might the interest earned in some months be different, when the balance remains the same?

Interest is calculated on your balance daily and paid into your eSaver account on the first business day of the following month. Therefore, the interest earned in a month can fluctuate, depending on the number of days in the month; if the first day of the month falls on a weekend or public holiday, your interest will be paid on the next business day. Over the course of a year, you will receive the correct amount of interest as you will receive more in some months and less in others.

For example, where there are 30 days in April, but the 1st and 2nd of May fall on a Saturday and Sunday, interest for April would be paid on Monday 3rd of May and be calculated on 32 days. The interest for May would then be calculated from the 4th, and if the balance remained the same, the interest could potentially be less as it is being calculated on only 27 days.

Opening an eSaver Account

How many eSaver accounts can be opened?

You may only open one Bankwest Smart eSaver account per person. When an eSaver account is held in joint names, you are still entitled to only one account each. Therefore, if you have a joint eSaver account, you cannot open another account solely in your name.

Can the Smart eSaver account be used as a trust, for business or as a superannuation fund?

The Bankwest Smart eSaver account cannot be used as a trust, for business or as a superannuation fund. The eSaver is a personal account and not suitable for business or other use.

For business use, the Bankwest Business TeleNet Saver is the equivalent account for your business savings needs. The eSaver and the TeleNet account cannot be linked in any way, as the eSaver account must be linked to a personal transaction or savings account. An existing TeleNet Saver account cannot be converted to become an eSaver account; the two accounts will need to be opened separately.

Using a Bankwest Smart eSaver Account

When will the initial deposit be debited from your linked account?

When a new eSaver account is opened, the initial deposit is then debited from your linked account, and your eSaver is activated.

Can you use your eSaver account at a Bankwest branch?

You cannot make deposits or withdrawals on your Smart eSaver account in a Bankwest branch as the account is solely an online account. Transactions on the eSaver account can only be conducted over the phone or internet; this is what enables Bankwest to waive all maintenance and transaction fees for the account.

For more information about how the Bankwest Smart eSaver account can help you take control of your savings and meet your financial goals, find out more and give your savings a boost today.