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Bankwest Savings Interest Rates: 8.50% for TeleNet Saver and 10% for Regular Saver

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Bankwest Savings Interest Rates: 8.50% for TeleNet Saver and 10% for Regular Saver
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dansor on 14/07/2008 - 10:22 bankwest.com.au (539 clicks)

You get 8.50% interest until Jan 2009 if you open an TeleNet saver account and deposit up to 5 million. If you already have such an account, you will get 8.50% for what you have deposited since 30 April 2008. For the money deposited before that date, you get, depending on the time you opened the account, 7.90% (if it's less that 12 months ago) or 7.40% (more than 12 months ago). More info.

You get 10% interest and no account fees if you deposit between $50 and $500 per month, with no withdrawals and you have a eligible Bankwest account that you can link this account to. More info.

You can choose to open a Bankwest Hero account to link it to the Regular Saver and TeleNet saver. If you deposit at least $2000 per month (your salary), you don't pay any account keeping fees and you have immediate access to your TeleNet saver money via Internet banking. More info.

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  • Crownie on 14/07/2008 - 10:55

    Awesome.

    I love it when BankWest raises my interest.

  • noneother on 14/07/2008 - 11:53

    Regarding the second paragraph: you're restricted to a MAX initial deposit of $500; thereafter monthly deposits are also capped at $500. Meaning the amount of interest you can earn is restricted. Don't let the 10% fool you.

    • dansor on 14/07/2008 - 12:31

      you can only deposit $500 per month, but if you have $500 excess per month you will get 10% return on that.

      if you have more than $500 to save per month, you can deposit the rest in the TeleNet Saver and earn 8.5%. so no matter how much you can save per month, by combining the two, you get more than 8.5% per month:
      - for the months when you can save $0-50, you get 8.5% interest
      - for the months when you can save $50-500, you get 10% interest
      - for the months when you can save more than $500, you get 10% interest for $500 + 8.5% interest for the amount exceeding $500.

      and don't forget, both Regular Saver and Telenet Saver pay interest monthly on your account, so you earn interest on interest. so again you end up with more than the nominal interest rate.

  • adam on 14/07/2008 - 12:51

    While the 10% interest is tempting, in my opinion its not worth it. If you deposit the full $500 every month then over the entire year you will earn $43.42 more than what you would have in the regular account at 8.5%. You need to offset that extra $43.42 with these conditions:

    • You can't access that money for 12 months (i.e. while it compounds monthly, you've got to keep the account for 12 months before the money comes out)

    • If you don't put at least $50 in in any given month then you will get NO interest for that month whatsoever.

    The 8.5% on the other hand is well worth it.

    • Crownie on 15/07/2008 - 16:36

      Both are good.
      When I signed up, the interest on this was 9% with the TeleNet Saver at 7.75%, This one has only gone up 1% while the TeleNet has gone up twice.

      I was told that this account gets you to think about saving for the future. Its much better interest than a term deposit. Yes it does not let you save as much due to the limits but it gives you a set saving $500 per month. Most people cannot put anywhere near that away, so for many the 10% is excellent.

  • proudwanderer on 15/07/2008 - 07:00

    Is Raboplus going to up the interest too?

  • Pigey on 18/07/2008 - 11:35

    Can you just transfer the money in and out to get the higher rate?

  • wanky on 18/07/2008 - 15:00

    hbos must be raising capital so they dont go bust

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