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7% Interest (BUT Restrictive Conditions) with BankWest Regular Saver

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7% Interest (BUT Restrictive Conditions) with BankWest Regular Saver
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michaelliberty on 29/07/2010 - 00:17 bankwest.com.au (374 clicks)

7% Interest. Restrictions include:
* Interest only paid that month if you deposit $50-$500/month without withdrawals that month (Max $500 deposit/month)
* Each year all your money is moved to your linked account
* Update: Linked account required. Possible options without monthly fees include: InstantSaver (requires $500 minimum balance), Hero/Zero (requires $2000 deposit/month)

YES I know this is a very restrictive account and IS NOT for everyone, but it's a great way to save your first $6,000 each year.

Comparable products: Virgin Saver 6.75% (Intro rate for 4 months). UBank USaver 6.51% (with ASP) and Rabo 6.40% (Intro rate till end of 2010)

A 0,5% difference on $10,000 is just over $4/month extra.

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closed Comments

  • beerpara on 29/07/2010 - 08:47

    Nice, but it would be impossible to reach that $10,000 mark as you can only deposit up to $500 a month and it all goes back into your linked account at the end of 12 months. Ubank is a better deal I think.

    • nerobass on 29/07/2010 - 09:48
      +1

      I believe 10000 was used as a nice round figure not to say that 10000 could end up in this account?

  • abc on 29/07/2010 - 08:50

    I remember the rate for this account was 10% before the GFC. It would be good if someone offered a fixed rate savings account :)

    • abchakraborty on 29/07/2010 - 16:22
      +1

      i think you forgot to mention that before the GFC when bankwest was still a "rebel" coming out with innovative and attractive financial products…

      Since it was taken over by the Commonwealth bank…well it's like a tiger who's been de-clawed, had it's teeth filed down and neutered to boot.

  • tenzolt on 29/07/2010 - 09:00

    Pretty good account for starters who is trying to save!!

  • SummerMan on 29/07/2010 - 18:37

    I've seen it before. It is not a real deal for two reasons.

    First, you have to link it to fee-paying BankWest account. (If the account is fee free, you have to deposit something into it and lose some interest in lieu of the fee!)
    Second, the amount you can deposit is so limited.

  • dammit on 29/07/2010 - 19:49

    this is a pretty good deal, if you just want to save small amounts.

    if you link it to a BankWest Zero account, you pay no fees on the zero account and you can also get a mastercard debit card which you can use in many different atms fee free!

  • TheWiz on 31/07/2010 - 00:46

    Opening a Ubank account is a much better than this. You can have your main account with any bank and can deposit as much as you want with no restrictions. They only require a $200 deposit each month to get the bonus interest.

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