This was posted 14 years 7 months 14 days ago, and might be an out-dated deal.

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Bankwest TeleNet Saver 6.15% pa at call (12 months Introductory rate)

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Bankwest TeleNet Saver 6.15% pa at call (12 months Introductory rate)
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Jabei on 13/05/2010 - 10:09 bankwest.com.au (561 clicks)
Last edited 13/05/2010 - 10:09

TeleNet Saver is offering a special 12 month variable introductory interest rate of 6.15% p.a. for balances up to $5 million. Plus, there's absolutely no fees and no minimum balance. That's nuts!

Don't forget, if you're an existing TeleNet Saver customer in your introductory period, you get the Special Introductory Interest Rate (variable) for the remainder of your introductory period.

  • Goes to variable Standard Rate after 12 months, now 4.50% p.a.
  • No fees and no minimum deposit
  • New TeleNet Saver customers
  • $5m maximum investment
  • Rates subject to change
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closed Comments

  • mintygirl on 13/05/2010 - 10:10

    Dang it! i just joined up to the comm bank one the other day. >.<

  • Nazrath on 13/05/2010 - 10:11

    Sounds awesome. Any catch? Thinking of transferring over.

    • jmi on 13/05/2010 - 10:44
      +2

      Maybe I'm reading wrong but…

      these rates doesn't apply to Telenet Savers who stayed with them after their introductory period (ie. >1 year for existing customers typically). I stick with UBank - tired of Bankwest shafting older customers.

      • [Deactivated] on 13/05/2010 - 16:31

        Just get shafted slowly with ubank - still only 5.85% , they wont goo a MASSIVE 6.05% unless you save $200 a month with them and its not until next month.

        • jmi on 14/05/2010 - 22:19

          For > 1 yr customers, 5.85% is still a lot better than 4.5%, no matter how you splice it. And saving $200/mth to top it off to 6.05% is just icing on the cake for me.

          My above reply was a response to the above question about any catch. I've no problems with pple signing up to BankWest. Just thot I let pple know.

          I'm annoyed that UBank is slow to move their rates but UBank are still offering a far better deal than BankWest when it comes to treatment of customers who remained with them > 1 yr.

          I am not the only person who is unsatisfied with BankWest. Check the comments below mine.

          • [Deactivated] on 14/05/2010 - 22:28

            @jmi: No dispute - point is that sticking with any bank now gets you shafted, just in different ways. Ubank are slowly letting the others catch up, now Gerds gone as well

            Courtesy of Bandit74

            http://www.australianbankingfinance.com/news/?p=1462

            We have ING, Bankwest, Rabo, CBA AMP ST George all giving teaser rates so moving around is necessary to maximise your interest. Will they stop this treating old customers poorly - not while they can make more money out of those who don't switch because it's difficult. Then again those of us who do can get the benefit.

            AMP are slightly different. If you increase your deposit with them the give you the higher rate if you are an existing customer

            We know the loyalty they offer is only as long as it suits them.

  • Sobai on 13/05/2010 - 10:33
    -1

    Ha i have one of this open already with just a few bucks when i moved everything over to ubank! Just checked the rate and its 6.15%

    Now im gonna move everything back

    Really annoyed by Ubank announcing an interest rate increase that didnt apply for a few months!

    Bye bye Ubank!

  • FloatingPoint on 13/05/2010 - 10:38

    Great, but I wonder who will put $5 million into the bank..

    • Sweetsugar on 13/05/2010 - 11:29
      +3

      not some one from ozbargain. thats for sure :P

      • Pizza The Hut on 13/05/2010 - 13:05
        +1

        People from Ozbargain are probably closer to hitting $5 million than ones who aren't. ;)

  • aurotaro on 13/05/2010 - 11:53

    just joined !

    bye bye anz.

  • Cluster on 13/05/2010 - 12:10
    +2

    I already have a TeleNet Saver account, so there is no benefit for me. Currently almost all my cash is sitting in UBank, and will continue to do so. Some banks are offering teaser rates for as little as 4 months (Dragon Direct). Banks, us customers can see through your little silly games.

    • Sobai on 13/05/2010 - 12:15

      Hi cluster

      i just had a look at my existing telenet saver account and it says that the interest rate is 6.15% (although it does say 'intro'on it,

      Is yours the same?

      • Cluster on 13/05/2010 - 14:29
        +1

        I checked my TeleNet Saver account. 4.5%. I opened the account in 2005.

        The main goal of these offers is of course to sign up new customers and hope that these customers become accustomed to using the new account and continue to do so even after the special interest rate as expired. Then it's pure gravy for the bank.

    • knuckle8 on 13/05/2010 - 12:31
      +1

      Cluster I am the same as you. I am only getting 4.50%. WHen I have been with bankwest for me then 1 year. Score over the old customers thats for sure!

      Time to change to another bank I think.

      • justhooked on 13/05/2010 - 12:54
        +3

        same mine is only 4.5 looking at changing over, now that rates have gone up .even rang them to see if they would look after me and said i have been with you for over 13 years and all my banking is with you , and have investments in the 100s of thousands with them and they said no . even when i said ok iam moving all my banking away inc credit card they said ok sorry to loose you and they hung up !! bye bank west

        • Daniel15 on 13/05/2010 - 12:58

          Oh wow, 13 years?? I thought they would have offered something for that. :|

          • leiiv on 13/05/2010 - 15:10
            +1

            @Daniel15: Maybe because they're good in the old days before owned by comm bank?

  • aurotaro on 13/05/2010 - 13:53

    their fax number is fail. keeps saying busy on my machine.

    or my fax machine is fked.

  • ofey on 13/05/2010 - 15:58

    I wonder if UBank's ppl are seeing this. C'mon increase the UBank rate! else I'm moving over too!

    • Bandit74 on 13/05/2010 - 16:31
      -1

      Will be no more ubank spam on here from Gerd

      http://www.australianbankingfinance.com/news/?p=1462

      • [Deactivated] on 14/05/2010 - 09:53

        Nice find. Obvious this is rife for speculation on why he left. But uBank is losing it's edge, and maybe Gerd wasn't happy about NAB restrictions that might have been cramping this division. Who knows.

  • black-magpie on 13/05/2010 - 15:59

    Any body know if the interest is compound?

    • Cluster on 13/05/2010 - 17:20

      BankWest TeleNet Saver, like other online accounts, pays interest monthly. Therefore the interest rate does compound (more than 6.15%pa, effectively).

  • Future Kids on 13/05/2010 - 17:23
    +1

    Wonder if I could cancel the account, then open a new one and get the bonus interest rate?

    • letmecry on 13/05/2010 - 22:00

      I think it's worth to try, isn't it?

      By the way, I just moved from ANZ to Ubank.
      It's time to move again.

    • Bandit74 on 13/05/2010 - 22:10

      I tried that with St George a few years ago …. was something like 6 months delay before they removed your account entirely … tax office issue if I recall correctly

  • ThePump on 14/05/2010 - 11:05

    It now says 6.00%…?

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