Bankwest rate changes

[Deactivated] on 09/07/2009 - 10:36
Last edited 09/07/2009 - 10:36

Anyone notice that Bankwest is gradually reducing its interest rates on deposits.

Now even their special SMART?? esaver account has dropped to 4.5% with this dropping to 3% if you make a withdrawl. This vs the offerings by Nab and St George at 4.5% at least until end of september.

With some funds in esaver. I will wait until first of month then it will go. That way the 4.5% rate is paid for this month and I only lose this rate for 1 day next month. Then will transfer out of Bankwest.

Guess the CBA is flexing its muscle, sure looks like its starting to reign in BW. So Kev and Julia think the banks are competitive??? Spin us another story.

General Discussion

Comments

  • kcyw on 09/07/2009 - 16:22

    Well, they are competitive when compared to banks overseas in terms of their balance sheets. lol
    It is very unlikely for the big 4 to be the subject of a takeover.

    Yeah, I think I will move my bankwest money elsewhere too.

    • [Deactivated] on 09/07/2009 - 17:22

      Interesting on Term Deposits some CBA rates are better than Bankwest - so you can see how they are normalising Bankwest into just another CBA branch

      It really looks like the are wanting Bankwest out of the game. Like you its time to start looking around AGAIN.

      eg 4 month TD CBA 3.8% BW 2.2%
      6 month TD CBA 3.9% BW 3.95%
      11 month TD CBA 4.0% BW 2.2% (BW 12 months (2.2% as well)

      • scotty on 09/07/2009 - 17:46

        ARGH! Just transfer almost everything from ANZ to BankWest and now this?!

        • POWERevolution on 09/07/2009 - 18:04

          Bugger! Same here…

          • Horizon on 13/08/2009 - 12:36

            @POWERevolution: I've just transferred out of the now poorly hung BankWest to the featured 5.11% UBank deal.

            And when they reel that in, I guess it'll be time to pull up stakes & move those little dollar doggies along.

            To paraphrase what the banks & big business love to trot out, " We have a responsibility, obligation & duty to our family to achieve the very best possible returns on our money".

            • [Deactivated] on 13/08/2009 - 14:24

              @Horizon: Now there's some wisdom!! I like your attitude. Maybe one day when they realise that loyalty has some value they might just get some in return. Though I would think there's more chance the Mafia will probably beat them to that thought first.

  • slamdunka on 24/07/2009 - 00:01

    I just opened an account at Arab Bank. Online savings at 4.55% ongoing. Has some nifty features like BPay as well.

  • Jabba the Hutt on 13/08/2009 - 14:17

    Have to say that in comparison to the hoops I have to jump through to get a better deal on my phone/ADSL, I feel the market power consumers have in the online savings account market is pretty good.

    There's almost no barrier to switching from one to another. No significant fees, no major waiting periods. Once set up, you can keep the accounts open indefinitely and chase the best deal with few mouse clicks. I wish switching to a more competitive telecommunications provider were so easy.

  • [Deactivated] on 21/08/2009 - 04:49

    I had 8.5% term deposit with BW. Then the rates went down. Moved into the stock market. Haven't looked back. 35%+ in 5 months. Went up 4% last week alone. Makes all these rates look silly.

    By the time the market has peaked interest rates will probably be back to where they were last year and then I be back in. But not BW this time!

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