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Earn up to 4.70% p.a. with a Westpac Reward Saver

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This compares with Bankwest's offer that is now 4.5% so for a similar product you can potentially get an extra .2%. The only difference is the bonus rate is higher with Westpac, so if you do take your money in the month out you lose more. Plus you also need to put in $50 each month.

The trick to keep your interest is not to withdraw the money. The only effective time to do this if you need it, is to take out the whole amount at the beginning of the month. ( you can put the "excess" that you don't need in some other high interest account ). That way the interest lost is only on the balance - which will be zero. Sorta like a term deposit, that expires on the first of the month.

Details…

Open a new Westpac Reward Saver account between 13th July and 14th August 2009 and you will earn 1.80% p.a. interest fixed for 4 months. Additionally, if you deposit $50 a month and make no withdrawals, you will also earn 2.90% p.a. standard variable bonus interest which means you could earn up to 4.70% p.a. Apply now.

Features and benefits

  • Earn a great rate
  • No monthly service fee
  • Optional paperless estatements
  • Youth and Student packages available
  • $2.50 charge for all withdrawals

Access Options

  • Branch
  • Internet Banking
  • Telephone Banking
  • ATM
  • EFTPOS

Mod - edited description.

Related Stores

Westpac
Westpac

closed Comments

  • Nice rate, but the account has $2.50 per withdrawal from the account

    Kind of defeats purpose of the extra 0.2% :P

    • Yea missed this one - not big if you keep it for a few months - but then its a penalty thats not nice to see. Thanks for pointing this out

  • +3

    They will drop the rate without notice after a month or two.

    It's Westpac's modus operandi. They're always creating new account packages and telling you to change to some new deal, which is almost identical to the old one, except you realise they've dropped the interest rate severely on the old one and upped it on the new one, and your money hasn't been earning much interest for the last 12 months.

    • That's exactly what I realised…several 12 months later…

      • +2

        The others do the same. Bankwest now its part of CBA have been changing their rates - and not in the customers favour either. I guess what it all comes down to is being vigilant and moving, where ever the deals are. The banks are not loyal to their customers and we shouldn't be loyal to any bank.

        After closing my ANZ account of 15 years they then offered a fee free account to come back. Nothing for 15 years. Likewise Citibank dropped their card fee when i wanted to close the credit card.

        So play their game take them for everything and give no loyalty back - that's the only way they know how to play.

        • What he said!!!
          Banking services are akin to mobile phone providers these days… Churn them to get the best deal for you
          \_/7

          • @TeaEarlGreyHot: and much like ISPs also
            starting to charge for uploads, stuff that!

  • they are just trying to make up for all the other bad stuff they did like not remove overdraw fees like the NAB. tempted to go back to the NAB. they have some good cards and rates.

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