Bankwest Easy Saver Account 5.10% p.a. Interest on Balance up to $250,000.99 for First 4 Months (Then 4% p.a.)

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bargain ben on 16/12/2023 - 17:01 bankwest.com.au (138 clicks)
Last edited 16/12/2023 - 17:14 by 1 other user

Bankwest Easy Saver account paying 5.10% (introductory 4 months period then 4.00% thereafter) p.a. Zero minimum deposit & Zero fees.

A good alternative to those who don't want to deal with any hoops to get a decent savings rate and don’t mind doing so for 4 months.

• must have an existing or newly opened Bankwest Easy transaction account to open a Bankwest Easy Saver account.
• This account accepts funds only from the newly opened or priorly existing linked transaction account. Funds from an external non Bankwest accounts is not eligible and will be rejected.
• No min deposit or any other hoops to jump through (other than a maximum balance of $250,000.99). Withdrawals are permitted too.

After 4 months, a standard variable rate applies each month you make a withdrawal and/or deposit less than $200.

For comparison the everyday non-introductory rate for Macquarie is 4.75% with no hoops. If you’re cool with churning your money for 4 months, this deal is for you. The deal is definitely NOT with the ongoing rate.

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• 

  Fergy1987 on 16/12/2023 - 17:08

  +5

  How can they still be offering 4% when other banks are offering 5.15% ongoing with basically no strings attached.

  • 

    bargain ben on 16/12/2023 - 17:10

    +1

    Macquarie is only 4.75% after the honeymoon date.

    The deal is the introductory rate. It’s definitely not the ongoing rate.

    • 

      Fergy1987 on 16/12/2023 - 17:15

      +2

      I get it, but the incentive saver is 5.25% intro rate and 5.15% ongoing after that for only 50 bucks.

      I get this one doesnt have any hoops but if youre not able to put 50 into savings a month you arent doing it right

  • 

    puglikesabargain on 16/12/2023 - 17:20

    +5

    "How can they still be offering 4%"???…… because Bankwest was swallowed up by the Commonwealth Bank and now is, sadly, a shadow of its former self having retreated to WA.

  • 

    BatmanAU on 16/12/2023 - 19:07

    -1

    Like?? I’ve been looking and most I have found are capped at say $25k, or require some sort of monthly deposit, so please share those with no strings attached

    • 

      Fergy1987 on 16/12/2023 - 19:52

      Well straight up a great southern bank Flexi saver will give you 4.20% with no strings.

      Or like i said….find 50 bucks a month and get 5.15% which is practically no strings.

      • 

        BatmanAU on 16/12/2023 - 19:59

        -1

        Oh I thought you might have had a few awesome deals after your “how can they be offering 4.0%” comment 😝.

        • 

          Fergy1987 on 16/12/2023 - 20:07

          @BatmanAU: Well its one of the worst rates any bank is offering on a high interest account.

          So i stand by my comment of how can they offer that and think they are competitive

    • 

      Igaf on 17/12/2023 - 00:32

      There are plenty of accounts over $25K with achievable (for the vast majority of people) monthly deposits. If you haven't found them then you haven't looked properly. Have a look at comments in previous deals on interest rates and the spreadsheet linked in the comment below.

      https://www.ozbargain.com.au/comment/14730161/redir

• 

  puglikesabargain on 16/12/2023 - 17:08

  +16

  nothing exciting about this and not a bargain - 4 months variable introductory rate, "which means this rate could change over time, including during the introductory period". Ubank has no real hoops apart from $200 deposit per month - and it is not an introductory rate.

  • 

    Fergy1987 on 16/12/2023 - 17:08

    +1

    Incentive saver at St George is only 50 a month too

• 

  easternculture on 16/12/2023 - 17:17

  Damn, have exactly $250,001 spare change

  • 

    alaric on 16/12/2023 - 17:21

    +1

    Give me 5 cents. You're welcome 🙂

• 

  Appox7 on 16/12/2023 - 17:51

  +7

  https://docs.google.com/spreadsheets/u/0/d/145iM6uuFS9m-Rul6…

• 

  AstroPhysic on 16/12/2023 - 19:24

  +5

  For an introductory rate this is very low. Should be 5.5-5.75% to be a bargain!
  Macquarie is the best right now, especially without the monthly strings!

  • 

    omblygombly on 17/12/2023 - 01:21

    Yeah, I jus t joined Macquarie from Rabobank. Bonus interest to bonus interest.

• 

  payless69 on 16/12/2023 - 21:14

  +1

  Crappy Commbank abusing interns for deceptive crap.

• 

  pennypincher98 on 16/12/2023 - 21:37

  +1

  Bro even St George is offering more ongoing with just $50 needed and I switched off that because it wasn't high enough. How do you expect people to go lower and then have to churn out after a few months?

• 

  gosund on 16/12/2023 - 22:43

  Joke.

• 

  Igaf on 17/12/2023 - 00:28

  This is a hoop of sorts: This account accepts funds only from the newly opened or priorly existing linked transaction account. Funds from an external non Bankwest accounts is not eligible and will be rejected. You can't deposit directly into the savings account. It appears they're hoping people forget or delay the transfer from Tx to Savings.

  Not sure much will come from it but this is way overdue: https://www.smh.com.au/politics/federal/mortgages-up-but-aus…

• 

  paddle pop lion on 20/12/2023 - 11:35

  Bankwest has good transaction account and credit card products. Ive been with them for years and have zero complaints.
  Savings accounts are not where they shine tho, ive always parked my saving elsewhere. The savings rates have not been competitive for over a decade and this intro rate is hardly juicy enough for the 4 month churn.

• 

  AkuroPlays on 16/01/2024 - 00:47

  This is low key kind of a poop deal. Here's why. There are many banks such as uBank that have 5.1% p.a with just the requirement of a $200 deposit every month. The interest rate for this deal is only for 4 months, which, is kinda a hassle in my opinion. Another bank is Bank Of Queensland, where balances up to $50,000 (if you are aged 14-35) receive 5.4% p.a with a requirement of just depositing $1000 (can transfer out immediately) and five card payments.

  So this is a no deal for me.