Westpac Reward Saver
Earn up to 6.20% p.a. interest paid monthly
In addition to the standard variable interest rate of 1.25% p.a., earn 1.55% p.a. for 4 months on accounts opened between 10 May 2010 and 6 June 2010.
Earn 3.40% p.a. variable bonus interest when you make a deposit of at least $50 and no withdrawals each month.
Fee Amount
Online Banking withdrawal $2.50
Telephone Banking withdrawal (automated) $2.50
Telephone Banking withdrawal (staff assisted) $2.50
EFTPOS $2.50
Westpac/St.George/BankSA branded ATMs withdrawal $2.50
Cheques written N/A
Direct debit $2.50
Branch staff assisted withdrawal $2.50
ouch!
I can understand all of these EXCEPT:
Online Banking withdrawal $2.50
Which is by far the most outrageous
A minus vote for Brutus for pointing out the fees? Some people on this site are plain wierdos! Good work Brutus. Thanks for the advice, it definitely takes the shine off this deal. And to @brutus negged Brutus - would you mind explaining your neg, instead of cowardly hiding anonymously?
(Edited by mod — inappropriate comment removed)
Hang on. Lets not get this anti negative vote game go too far. Its a comment for csake, its not the post. WE DO NOT require a comment to be made voting on a comment. So hammering someone being cowardly isn't on. In fact the system hides who voted negative, and rightly given comments like you have just made. Play nice, whoever it is is entitled to their vote and opinion just like you are. (and I am not the mod who removed your inappropriate comment)
BTW I think Brutus has given some good advice, and earns my vote.
A fee for an online banking withdrawal? Seriously? That's crazy.
Wasn't Westpac the only bank stupid enough to charge interest on your interest?
Westpac wasn't the first bank to do charge interest on interest. Your credit card probably has been doing this ever since you got it.
Ah so it was on credit cards.
As far as i know with most modern day banking establishments you get interest on your interest. I believe it's called compound interest.
Correct me if I'm wrong with the terminology.
@heatseeker424: Thats correct, but what I was referring to was Westpac turning part of the interest you earnt into a fee.
But I'm not with Westpac so I never read past the headline of the news article.
I think cloudstrife23 is right when he says its for the credit cards.
would you still get charged the $2.50 fee when you close the account? i think they do charge it regardless. Ive never had a good experience with westpac and their fees.
No. I closed a Reward Saver because i didnt like how i couldnt move some of the money around without losing the bonus interest. I wasnt charged any fees closing it.
Wow, the standard rate is tiny and bonus interest is massive compared to other banks.
Westpac have this deal ALL the time they just don't normally advertise it. We have had a Reward Saver account with them for the last 18 months or so and every 4 months we go in there and they renew it all over again. Also the interest is paid Daily so if you do need to access your money you still get interest for the month BUT NOT THE BONUS INTEREST.