As seen in todays paper! Bank west are offering 7% P.A on their Regular Saver account. Beats UBank's 6.51%
the
HOWEVER it does require no withdrawals. It has also been pointed out that the Max starting deposit is $500 and monthly max deposit per month is $500!
Requires an eligible linked bank west account (I'm looking at Hero Transaction Account $2000 deposit required a month but can be recycled as many people do with UBank ASP)
Cheers
Good pick up but not a deal breaker for me, the two minutes it will take to move the money back is worth the extra 0.49%p.a for me and I only have to do it once a year.
You are making the assumption that the variable rate of 7% will last the entire year. They will most likely not be able to sustain that rate for that period of time. Secondly, Ubank (or whoever else you're with) may raise their rate to match them, in which case you have wasted your time. I would be patient, wait a while, and see how the others respond. What's the rush?
Yes, definitely not as attractive with the cash sweeping. What makes it even worse is that your maximum account opening can be only $500 and you can only deposit a maximum of $500 per month. So essentially you are earning an extra 0.49% compared to UBank for a total sum of $6000 accumulated over a 12 month period. If you do the math, not sure it is worth opening this account, given that you need to open another account along with this and transfer $2000 per month (though you can sweep that out).
In a nutshell, too much sweeping involved to make some clean easy bucks.
You can only deposit $6500 a year max. This deal is for battlers 'with no money'!!!!
In that case this deal isn't even for the battlers because it requires no withdrawals. Chances are said battler will need access to his/her money at some point throughout the month/year!
Updated post to include info. Thanks it is always good to get the OZb community to read over all the small print!
I am a struggler with no money.
This deal is good for those on Centerlink benefits who want to save up! :)
As above, this account has been available from Bankwest for quite some time and is not really comparable to a high interest saving account such as UBank's or even their own online saving account.
Maximum deposit of $500/month and the annual sweeping of the account severely limits its usefulness.
I agree. Not a "deal" as it's been around for ages. I opened one almost 12 months ago, and 7% interest rate has applied the whole time.
I remember before the GFC this was 10% pa with the same conditions.
Definitely no deal, been around for ages and the limit of $500 a month yeah right to earn interest of that and the balance you'll accumulate over the 12 months.
Ubank all the way.
I remember seeing 8%, with no Ts & Cs just before the crunch.
this deal sounds nice, but the Ts & Cs kill it.
Too complicated, too little money allowed.
max $500 deposit LOL
Good for students on YA I guess.
This account won't let you have a high capital, which makes the interest less effective compared to Ubank.
uBank still wins.
Using the interest calculator on the moneysmart website, I calculated the accumulated interest to be max $260 a year if you start with $500 and put in $500 a month. You will have put in $6,500.
You'd make $242 if you left it in UBank.
So essentially it's $18 more over a year, or $1.50 a month, or about 3 pairs of UE earphones (delivered).
Meh.
those headphones won't last very long given the quality.
i don't think that calculator is a great tool for calculating interest from your bank account - the interest isn't compounded, it is only calculated daily and paid monthly
bankwest = No go zone
Why is that?
Sorry I wasnt around .. here is the answer why not go to bw.
dont quote me on this but ….check it yourself.
This is the trick bankwest use.
One of my Hloan is with bankwest which I started few year back. At that time combank is not the owner.
The interest rate was around 6%
When the gfc came as you all know all the banks started to increase the rates, BW followed. For example(numbers used are just rough figures) when all banks increased 8% , BW went to 7.97%. BW looks neat and gentle….and nice guys
Then after a while banks started to cut the rates. Here is where I found the cheeky side of BW. Yes they also cut the rates but (again using rough numbers). when other backs cut their figures from 8% to 7.50% ,BW cut rates to 7.89%. Then there rates was falling for a while . Most of the backs are around 7%. But BW was charging 7.58%. Got sick of it and called them to reduce it. Went to branches, they will say someone will call me. No one called me. Called their customer number and requested a call back. Some one did call me but just useless and arrogant. I decided thats the end of the story and moved the loan. But then they hit me with fees here and there.
I know they dont really care, now they are under combank and they know they have the whole Australia in their hands.
bank west interest rate is calculated based on the "big four" it gets the average and applies your discount…
seems odd…
yeah, im with bankwest, best customer service and accounts ever… pretty happy with them, and actually recomend them.
I'm wondering why to? I've been with Bankwest for over 20 years now (back when they were R&I Bank) and have never had a problem with them at all. Hell my Smartsaver account was only meant to have the bonus interest for the first year, but has been on the account nearly 2 so I can't complain!
Hi guys,
I work for Bankwest, this has been around for ages….
Has moved from 8% down to 7% during the GFC (though the T&C have not changed)
The 10% account is not this one its a KBS (Kids Bonus Saver) & has the similar conditions but deposits need to be $25-$250 insted of $50-$500
It’s a good account for saving money but not so much existing savings. Let me know if you have more q's and ill try to help.
Adam
Ubank is a much better deal
Nerobass
Also for the linked account, the zero is great…
Zero Transaction Account
•zero ATM fees at all Bankwest, CBA, Westpac, NAB and ANZ branded ATMs Australia wide
•Debit MasterCard® access
•deposit a monthly minimum of $2,000 (e.g. salary)
http://www.bankwest.com.au/personal/everyday-accounts/everyd…
Too many rules… Ubank all the way!
Hmmmm… Just realized i haven't paid attention to Australia interest rate for a long time.
Went to Vietnam in 2009, opened a bank account there and enjoyed the 17% interest rate with no tax since then. Especially time like this when AUS dollar went down which makes the inflation rate to be only around 3% after 2 years… No banks here can really beat that. Muahaha :P
What bank is that over there? Out of curiosity
Don't you mean which bank? :P
All of the banks I believe. I went with one of the biggest which is the Asia Commercial Bank.
How secure is it??
Pretty secure i would say. It's one of their biggest bank as per my friend X-D.
Can anyone say Australian Capital Reserve? 8% per annum for a 1 year term deposit looks pretty good doesn't it?
http://web.archive.org/web/20050702024135/http://www.austral…
If it doesn't seem to load, click the "impatient" button at the bottom right ;)
You should really be careful, cause inflation in Vietnam has been really really high and over the past 5 years their money has approximately halved in value against the AUD. This is just an example:
If you put your money into Vietnam 5 years ago at 17%, your money today would only have gained approximately 10%pa interest in terms of nominal AUD. Only benefit I can see is avoiding taxes and for most of us it's about 30% of the interest. Just something you should be aware of.
http://www.xe.com/currencycharts/?from=VND&to=AUD&view=2Y
the vnd->aud exchange rate has gone down by around 25% from 2010.
Well you're right and i have always kept my eyes on the exchange rates. But back in 2009 when i exchanged it, 1 AUS = 19262 VND; today rate is 1 AUS = 20150 VND. Quick calculation: ((19262 - 20150)/20150)*100 = 4.4%. I was really scared when AUS skyrocketed to 23240 in July 2011 but now it's ok.
I exchanged 30k back then and got 577.860.000 millions VND. I havent touched it since then and today i have approximately 798.600.000 which works out to be around 39500 AUD. Pretty happy with the fact that AUS is going down now as i now need the money and this seems like a perfect time to withdraw.
I guess my way of saving involves a higher risk, that's all.
you still need to declare income you earned overseas don't you?
Only if you really want to … the ATO can't really track this.
What kind of protection do the banks over there offer, though?
just FYI my daughter (student) has an account 10% interest… max deposit and sweeps each year so you cant deposit too much… good for 1 year when your trying to save as much as possible, problem is when it sweeps you have to move it back over month to month as you simply cant move it in bulk (the bank account rejects it)loosing a few months interest depending on how you do it… combine an account like this with UBANK and now your talking, transfer it over 250 etc at a time from another high interest account and you only have $$$ to gain.
(as i said pretty decent for the student 10% account)
wah?
if commonwealth bank group wants my money they need to do better that this BankWest deal!!
Agreed. Ever since CBA purchased Bankwest it has gone from market leader to market loser. And, this no deal will not help that.
If you open a uBank and a bank west account and deposit $500 each month, the difference in interest is only $20 over the year. Probably not worth the time opening the account. There are plenty of better deals out there.
UBank beats this .. even for the simplicity of it. This is too fiddly to be competitive.
this scheme has been around for years, so not a deal.
but it is good for those learning to save for something they want
too much hassle, too low value
UBank beats this hand down
Ubank vs Bankwest. little doubt Ubank touch down by miles on this one!
unless you actually want customer service and a store front… can use my Zero at the big four fee free… plus every 7/11 store has one.
No a deal — please notice their features part:
— on each anniversary of the account opening, the entire balance is swept to the nominated linked account so you can start saving again