This was posted 16 years 9 months 22 days ago, and might be an out-dated deal.

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9% interest on your savings with BankWest Regular Saver

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9% interest on your savings with BankWest Regular Saver
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dansor on 05/03/2008 - 12:00 bankwest.com.au (392 clicks)

BankWest has moved quickly to pass on the RBA's official cash rate, lifting the introductory rate on its TeleNet Saver by 25 basis points to 7.75 per cent and its ongoing rate to 7.25 per cent. Determined to retain its market leading position on deposit rates, the bank has increased the rate on its Regular Saver account by 100 basis points to 9.0 per cent. The Head of Products and Strategy at BankWest, Selina Duncalf, said that the bank is focussed on acquiring customers through competitive products and that its competitive lead on deposit rates would be maintained.

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  • dansor on 05/03/2008 - 12:01

    there are very fast at responding to the interest rate increases, but no so fast at updating their website to reflect that…bad IT department :)

  • [Deactivated] on 05/03/2008 - 12:51

    This is a great headline rate, but you really need to read the fine print. eg these include Maximum $500 deposit each month, no withdrawals, need a linked account, any withdrawal means ZERO interest rate on the account for that month. Some of these terms are ok by themselves but linked together is it worth the hassle. Sure if I had a say 50K the extra interest would be great, but the maximum I can have here is 12X500 = $6000. Plus it starts at $500 and with $500 per month the net gain would be roughly $50 - which I could lose if I made 1 withdrawal over the year.

    Although you can start with any amount you like, so its like a term deposit for 1 year with the need to top it up with $50-$500 a month (failure to top up will also mean loss of interest) 1 month loss of interest is close to the higher rate on this compared to a term deposit. Then after 1 year the total is swept out of the account and into your regular account, so I can't see how you can reinvest the initial balance again as you cannot add more than $500 each month

    It's only great if I wanted to have forced savings - not for regular investment.

    That said it can suit some very well and its a great incentive to save - but it is not for everyone, and needs to be carefully looked at before jumping in.

    • winter on 05/03/2008 - 19:15

      In other words, its a sh.t deal.

      • [Deactivated] on 05/03/2008 - 19:32

        No not really - it just means read the conditions to make sure its not one of those for you

        • scotty on 05/03/2008 - 20:48

          Agree. It usually just means "this deal does not apply to you". I am sure it can be a great deal to someone, but its terms and conditions do limit its usefulness to general public.

    • bevisaurus on 05/03/2008 - 23:57

      thanks for the info ozpete. was wondering what this 9% deal was all about!

    • zwing on 08/03/2008 - 00:34

      Just to clarify, ozpete says 'you can start with any amount you like'. I am not exactly sure what his intention is with that statement.

      Just to highlight for people in the PDS - "3.3 The maximum opening deposit is $500…".

      As pointed out earlier in his post, the most you can deposit over a year would be $6000.

  • audz on 05/03/2008 - 15:41

    Well said ozpete!!!

    It's like… they want to get your attention by giving you a good deal (9%), but then, they don't want to lose out too much on this deal….!

  • Jabba the Hutt on 06/03/2008 - 07:02

    The linked page and their rates page still say 8% as of this post.

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