Bankwest Smart Esaver - how to play it smart on withdrawals?

[Deactivated] on 23/07/2009 - 10:05

I think I have this right but wanted some feedback from others here just in case.

they say that you get 4.5% if you make no withdrawals in a month.

If I do then I get only 3% on the total amount left for the whole month that I withdraw the funds.

Eg If I have $2000 and withdraw $1000 then I get only 3% for the month on the funds held for that month
So if I take it out on the last day I will only get 3% for the $2000 for the whole month. ie $60/12 = $5
If I had kept it in I would have got $90/12 = $7.50

So I lose $2.50

So if I want to get my money out without being hammered too much if I take it out on the beginning of the month

Then the balance of $1000 will now earn interest at the 3% which is $30/12 = $2.50
Where previously I would have got 4.5% which is $45/12 or $3.75

So my net "penalty" for taking out the money is now only $1.25

Because this is so complicated, if I am correct, I will be taking all the money out (leave nothing behind) and transferring it to St George or one of the other banks that offer similar rates (ie 4.5%) without any penalty and i can move money in or out as I please.

But just wanted to know if my premise - ie move it all out on the first day of the month is right - TIA

General Discussion

Comments

  • dansor on 23/07/2009 - 11:26

    why not have multiple esaver accounts? at least 2, but you can have more: that way you split your savings into 2 or more parts, so if you need to withdraw money, you will lose only the bonus interest on one account, not on all your money.

    • dansor on 23/07/2009 - 11:28

      nevermind….i noticed they changed the T&Cs and you can only have one esaver account…i have 2 :)

      • [Deactivated] on 23/07/2009 - 11:36

        Yea thanks for that, however given the others are offering as high interest at present until the end of September might as well move it to those accounts. Then can move it back later. seems to be the only way - have multiple high interest accounts with different banks and shift around. Like the banks, loyalty is where the buck stops. When they were offering 4.75% this made sense to put up with the difficulties. But with it now being the same as say St George without the limits then whats the advantage here.

        • dansor on 23/07/2009 - 11:50

          that's very true. Arab Bank has 4.55% at the moment (http://arabbank.com.au/a-personal-loan/231), with no conditions; however, i don't know how long it will last.

          • Pigey on 23/07/2009 - 12:43

            @dansor: Do you really want to fund terrorism? :)

            Just joking, but I wonder if there are more checks with where the money goes in Arab Banks than there is with the Big 4.

  • POWERevolution on 23/07/2009 - 14:13

    Is there a limit on BW how much you can transfer per day?

  • [Deactivated] on 23/07/2009 - 15:04
    +1

    Yes there is but not
    1. between your linked BW accounts.
    2 Or if you have - for example a StGeorge - account which is is linked to your Bankwest Hero account there is no limit on the transfer as long as its initiated by the St George, or other bank. (Why I don't know but it's different than the pay anyone setup)

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