Bankwest
WA's original bank, now part of the Commonwealth Bank Group
Perth, WA34 Products TrackedRecently updated
5.20%
Best Savings Rate
5.69%
Lowest Home Loan
34
Products Tracked
Government Deposit Guarantee (FCS)
Deposits up to $250,000 per account holder are protected under the Financial Claims Scheme. This limit is shared across: CommBank, CBA, Bankwest.
About Bankwest
Bankwest is a division of Commonwealth Bank of Australia (CBA), making it part of Australia's largest financial services provider. Bankwest originated as a Western Australian government bank, later became the Bank of Western Australia in 1994, and joined the CBA Group in 2008. It is headquartered in Perth, WA and expanded to the national stage with its first Sydney branch in 1985.
Bankwest operates under CBA's APRA-regulated ADI licence and ABN. RatePilot tracks Bankwest's savings account and home loan products. As a division of CBA, Bankwest offers its own product range while being backed by a Big 4 bank.
Customers holding deposits at both Bankwest and CommBank should be aware that the $250,000 Financial Claims Scheme (FCS) limit applies per account holder, per ADI — meaning deposits across both brands count toward the same limit.
Pros & Cons
✓ Strengths
- +Deposits protected under the Financial Claims Scheme (up to $250,000 per account holder)
- +Backed by CBA — Australia's largest financial services provider
- +WA heritage with national reach
- +Own product range distinct from CommBank
✗ Considerations
- –$250,000 FCS limit is shared with CommBank deposits (same ADI licence)
- –More limited product range — no term deposits or credit cards tracked on RatePilot
- –As a CBA division, product range and pricing may reflect CBA's overall positioning
Our Verdict
Bankwest is a division of the Commonwealth Bank Group with WA heritage dating back over a century. It operates under CBA's ADI licence, meaning FCS protection up to $250,000 per account holder is shared with CommBank. It offers its own savings and home loan products, making it an option for customers who want CBA's backing with a different product and brand experience.
Last reviewed: 10 February 2026
Recent Rate Changes
No recent rate changes recorded for Bankwest