Buckscoop > Deals > Everything Else > Bankwest Savings Interest Rates: 8.50% for TeleNet Saver;10% for Regular Saver

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

Posted By: geo78, posted 2008/07/14 10:22
You get 8.50% interest with no fees 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 @ http://www.bankwest.com.au/library/pdf/PDS_20050421-154446.pdf.

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 @ http://www.bankwest.com.au/library/pdf/PDS_20070723-143550.pdf.

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, get 5% interest on your everyday money and you have immediate access to your TeleNet saver money via Internet banking. More info @ http://www.bankwest.com.au/library/pdf/PDS_20071004-171348.pdf.
31°-+
  • bigal2008/07/14 11:18:26
    confusing but hot :)
  • admin2008/07/14 17:04:09
    yea - it is a bit confusing bigal. 10% interest is a heck of a lot.
  • winniblu2008/07/14 21:22:21
    well thats crapola!

    I just opened an anz account that gives 6% per month!
  • admin2008/07/14 21:33:43
    :D - close it and open a bankwest one :)
  • geo782008/07/15 11:18:47
    what is confusing? maybe i can help :)

    bigal
    confusing but hot :)
  • winniblu2008/07/15 12:21:09
    I hate bank west.....and after my display in the branch yesterday at Gargen City....I don;t think I should go in there any time soon...

    oops!
  • queenshrew2008/07/16 07:23:09
    I want to open a savings acc for my little one..
    This one looks interesting, but the offer confuses me.

    Did I read it right? Like..I have to open another linked account with them, and unless I insert $2000 in this linked acc per month, I'll have to pay bank fees? If so, how much bank fees? I hate paying bank fees...:O Hrm, if I don't make sense, soz..confused easily :(
  • geo782008/07/16 10:19:34
    there are 2 accounts: 1. Telenet Saver and 2. Regular Saver

    1. Telenet Saver: they normally offer a 12 months bonus interest rate (currently 7.9%, while the normal interest is 7.4%). However, at the moment they offer 8.50% interest for new accounts until Jan 2009. No fees whatsoever and no penalty for withdrawals. You can link this account to any account you have.

    2. Regular Saver: they offer 10% interest, but you have to deposit between $50-$500 per month and make no withdrawals. No fees, but you have to link it with an "eligible" BankWest account. There are 2 options if you don't want to pay fees for the "eligible" account: 2.1. Hero and 2.2. Zero.
    2.1. Hero account: you have to deposit $2000 per month in order not to pay account keeping fees, but other fees (for bills etc) still apply. However, you will get 5% interest for the money you keep in this account (up to $5000).
    2.2. Zero account: you have to deposit $2000 per month and you won't pay any fees in Australia. however, you won't get any interest on the money you keep in this account. this might not be an issue since you can deposit your money straight away in the Regular Saver and Telenet Saver and when you need money all you need is access to internet banking and the money will the transferred automatically.

    This being said, you still have another option if you want to open a savings account for your little one: Kids' Bonus Saver
    2bis. Kids' Bonus Saver: it's for kids under 15 years, they offer 10% interest, but you have to deposit between $25-$250 per month and make no withdrawals. No fees whatsoever. It needs to be linked to a Children's Saver account, but that one also does not incur any fees.
  • nod2008/07/16 17:23:25
    Thanks for the extra info Geo78 :)



    winniblu
    I hate bank west.....and after my display in the branch yesterday at Gargen City....I don;t think I should go in there any time soon...

    oops!



    Ok spill the beans .. what did you do ?? :whistling:
  • khaz0r2008/07/16 19:53:24
    What I find lame about this 10% interest thing is that you are only allowed to deposit $500 per month into the account. Also, if you withdraw money or do not deposit the minimum of $50 per month, then you will not received any interest for that month.
  • queenshrew2008/07/16 22:09:20
    Thx Geo78.
    One more question...

    Not sure if I'm keen on the kiddy account as they empty the account regularly.. I prefer one with compound interest like the Regular Saver..but I can't commit to a free linked account like the Hero Saver. Do you have any links on what fees for a regular account? Preferably one with low fees and allow regular online deposits for free so I can transfer money into it to insert into the Regular saver :) Thanks!
  • leny2008/07/16 22:58:24
    khaz0r
    What I find lame about this 10% interest thing is that you are only allowed to deposit $500 per month into the account. Also, if you withdraw money or do not deposit the minimum of $50 per month, then you will not received any interest for that month.


    Well I don't think they can afford to pay 10% to anyone on any amount. :) Understand the bank's side of this, considering they are offering such a high rate.

    And if you u have $10 000+, it is quite foolish to keep that money in an online savings account actually.
  • narut2008/07/16 23:16:51
    leny
    And if you u have $10 000+, it is quite foolish to keep that money in an online savings account actually.


    Do you have a better idea? I think it is actually the best place to park some cash right this moment.
  • leny2008/07/16 23:24:58
    Yes, narut, right this moment. The interest rates on online savings accounts are quite good at the moment, but you would most certainly get more in the long term if you invested it. It depends on your taste and judgement as to where you would want to place it, and online savings accounts are a low risk option. I'd say that I am a low-medium risk investor.
  • narut2008/07/16 23:25:28
    Geo,

    Can they do instant transfer between Telenet and Hero/Zero? Just can't find any reference of their pds of web site.

    One more question, can you transfer or pay bill directly from Telenet? I can do this with ANZ online saver - save me time transferring from the online a/c to transaction a/c then from transaction to the recipient.

    Thanx
  • leny2008/07/16 23:29:44
    I'd be vary of the fact that Bankwest charge 20 or 25 cents for each internet transfer to outside institutions and Bpay.

    I have actually been thinking of getting the Zero account, because of the ability to use any ATM for free.

    Though NAB Gold isn't a bad idea, where for $12 a month or deposits worth $5000 every month, you get free ATM, as well as a debit card, as well as overseas insurance.



    Do/Would you get around the fee by just having $2000/$5000 in the account, withdrawing it, and then putting it back in again? I think that's a smart idea, and hope it works.
  • narut2008/07/16 23:43:30
    Aha! so that's the catch - something I always thought is a free service...
  • leny2008/07/16 23:53:56
    It's ridiculous to charge for online transactions.
  • geo782008/07/17 09:17:45
    Regular Saver and Kids Bonus Saver are similar in terms of limitations: if you withdraw money during a month, you won't get interest for that month. So if you plan to have some withdrawals, i recommend Telenet Saver. i know the interest is not that much (8.50% atm), but you have access to your money without penalty for withdrawals (the interest is calculated every day on your balance at the end of the day).

    if you still want a regular account (even though for the Telenet saver you don't need one, you just link the Telenet saver account to any of your existing bank accounts), a low fee option is the Lite Transaction Account/Direct option which charges $2.99 in account keeping fees with unlimited electronic transaction and Mastercard Debit card.

    queenshrew
    Thx Geo78.
    One more question...

    Not sure if I'm keen on the kiddy account as they empty the account regularly.. I prefer one with compound interest like the Regular Saver..but I can't commit to a free linked account like the Hero Saver. Do you have any links on what fees for a regular account? Preferably one with low fees and allow regular online deposits for free so I can transfer money into it to insert into the Regular saver :) Thanks!
  • admin2008/07/17 09:19:07
    i know the interest is not that much (8.50% atm)


    :) - much is relative :)
  • geo782008/07/17 09:32:55
    they do instant transfer between Telenet and Hero/Zero or any other account you have with them.

    unfortunately, from Telenet Saver you can only transfer money to your linked account.

    narut
    Geo,

    Can they do instant transfer between Telenet and Hero/Zero? Just can't find any reference of their pds of web site.

    One more question, can you transfer or pay bill directly from Telenet? I can do this with ANZ online saver - save me time transferring from the online a/c to transaction a/c then from transaction to the recipient.

    Thanx
  • geo782008/07/17 09:37:48
    i haven't tried, but more than likely is possible. if you have a Telenet Saver and Hero/Zero linked, you can one day of the month, transfer $2000 from Telenet to Hero/Zero and then back to Telenet. so you keep the Hero/Zero free for that month with no loss on your Telenet interest.

    leny


    Do/Would you get around the fee by just having $2000/$5000 in the account, withdrawing it, and then putting it back in again? I think that's a smart idea, and hope it works.
  • ozpete2008/07/17 09:50:57
    Leny
    You seem to me to be giving the impression that you are anti Bankwest - do you have any info that you might like to share as to why you have this opinion?

    Like, where the average punter can get better return without needing to have the financial acumen you have.

    Also you mention that their online transfer charges of 20-25c are excessive. But when I went to the trouble of calling Bankwest I was told these do not apply if you have the zero or hero accounts. Or do you have other info that indicates that this is not correct.

    Raising concerns and indicating "catches" are very important here so we can make the best judgements and hence are an essential part of this site, but I think it would be better to qualify these , with - "it looks like" or "this part of, seems to indicate" etc

    I too looked at the T&C's and I think they are badly written as while the T&C's for charges for all accounts says 20c for the electronic transfers, the specific product (H&Z)T&C's says no charges for these.

    I mentioned to the Call centre staff that a simple table with ticks against which charges apply would be easier to understand rather than having to try to discern what applies from which set of T&C's when.
  • leny2008/07/17 10:34:11
    I'm not Anti Bankwest, but I did leave them when they started charging me the 20/25 cents per transfer. I'm considering coming back if that's not the case anymore. I looked last week and it was still there.
  • queenshrew2008/07/17 11:14:57
    I use my ANZ access advantage account for my everyday transactions. They have a capped rate of $5 -- unlimited transactions. I love that! :D I know I do a lot of transactions everyday, so I like that it's capped at $5.00. They used to have a $3 capped one too (not sure if that one's still around) which only allows online transactions but I found that too limiting. I like having the ability to drop into a branch to deposit or withdraw money whenever I feel like it, especially if I want specific change for the markets etc.

    If you have a mortgage with them ANZ gives you one free account anyhow with unlimited transactions!

    Geo78 -- the telnet saver sounds great. I am currently at ING direct, and they only offer 8.0%. 8.5% sounds great! Any catches?
  • bigal2008/07/17 11:53:05
    I've got a HSBC account, I think the only requirement was to deposit $2,000 to open the account and there's no account fees. 6 atm withdraws per month from *ANY* ATM and no minimum balance required. I use that as my main account.

    Had an ANZ account, they started to charge me $5 a month a while ago and then stopped. I never got around to ask for my money back for that. After a few years, they wrote to me to say they want to start charging me so I closed it. I would withdraw my money 3 times a month at most. All these excess fess are just shitting me... I understand if bpay and stuff they get charged and passed on but for withdrawing money from the bank's own atm? or over the counter even!!
  • geo782008/07/17 11:56:10
    queenshrew

    Geo78 -- the telnet saver sounds great. I am currently at ING direct, and they only offer 8.0%. 8.5% sounds great! Any catches?


    no catches. offer ends Jan 2009.
  • leny2008/07/17 13:03:51
    queenshrew
    I use my ANZ access advantage account for my everyday transactions. They have a capped rate of $5 -- unlimited transactions. I love that! :D I know I do a lot of transactions everyday, so I like that it's capped at $5.00. They used to have a $3 capped one too (not sure if that one's still around) which only allows online transactions but I found that too limiting. I like having the ability to drop into a branch to deposit or withdraw money whenever I feel like it, especially if I want specific change for the markets etc.

    If you have a mortgage with them ANZ gives you one free account anyhow with unlimited transactions!

    Geo78 -- the telnet saver sounds great. I am currently at ING direct, and they only offer 8.0%. 8.5% sounds great! Any catches?



    ANZ Access is not 'capped', it is a flat monthly rate for unlimited transactions. The $5 is payable regardless of the number of transactions.
  • leny2008/07/17 13:13:35
    ozpete
    Leny
    You seem to me to be giving the impression that you are anti Bankwest - do you have any info that you might like to share as to why you have this opinion?

    Like, where the average punter can get better return without needing to have the financial acumen you have.

    Also you mention that their online transfer charges of 20-25c are excessive. But when I went to the trouble of calling Bankwest I was told these do not apply if you have the zero or hero accounts. Or do you have other info that indicates that this is not correct.

    Raising concerns and indicating "catches" are very important here so we can make the best judgements and hence are an essential part of this site, but I think it would be better to qualify these , with - "it looks like" or "this part of, seems to indicate" etc

    I too looked at the T&C's and I think they are badly written as while the T&C's for charges for all accounts says 20c for the electronic transfers, the specific product (H&Z)T&C's says no charges for these.

    I mentioned to the Call centre staff that a simple table with ticks against which charges apply would be easier to understand rather than having to try to discern what applies from which set of T&C's when.



    Sorry, I didn't have much time to reply when I did before. The terms can be confusing, but I have been charged the 20/25c for trasferring to EXTERNAL accounts - ie: With other banks. Did you mention that? Because they may have been under the impression of trasferring between your own or other BankWest accounts.

    I don't think that financial investment needs much 'financial acumen' but you just simply need to do your research. You can start investing from as little as $1000, but need to be aware that higher terms with higher interest rates will have a higher chance of you losing everything. And it is definitely not a good idea to invest everything so you're left with very little spending money. I did that once and put what I thought was an excess $2000 into a term deposit and then had met an emergency situation. I was lucky that I put it into a very low risk term deposit and ended up with a small fine that was larger than the interest earned itself. Had that money been in shares, I might have ended up in debt. It is always smart to manage your money effectively, but I think that is just common sense that I didn't put to use.
  • winniblu2008/07/17 13:45:29
    a bit of history...

    well they charged me $35 a month for paying my credit card early.

    eg it said due 5th and I paid on the 3rd.....so I went in close to a year ago now and the lady sat me down laughed at me made a few phone calls and said that I need to pay after the due date...so if it says pay on the 5th to pay on the 7th or 8th. So I did.

    as it turns out I am still getting charged 35 a month late fees for doing as I was told because I am PAYING LATE!

    BECAUSE if you pay with bpay from another bank it takes 72 friggin hours for it to clear and some other bunk crap excuse...

    so I called the call centre to make a payment with my visa debit and they can't take payments over the phone, So she puts me through to another person who can take a payment.....I wait for ever on the phone watching my little girls kill each other for the foxtel remote only to be told that I have to go into the branch!

    so I dressed the girls (all 3 of them) got there and their ticket thingy was not working so she took my name I finally see someone who then sends me to this other chick told me that what the first chick had told me nearly a year ago was was wrong.....

    no friggin sh*t why do you think I am here??

    so I said that I wanted the fees reversed and the interest that had been charged refunded......she agreed however as I was leaving her office I was told that she will ask the area manager and that she hopes it will be refunded for me.

    Thats when I started with......

    "this is a rort! a complete and utter sham!" it went on for a while....

    and to top it off she wouldn't take my money I had to wait in line and by this stage the ticket doobawacky was working and my ticket said 139 and the were up to 107!!!!!

    so I started again......and refused to wait in line!

    so the lady told another staff member to come back from their lunch break and serve me......:D that made me happy. BUT when I handed over my card to make a credit card payment they wouldn't take the card because it was not with their bank so I had to go to the atm to take money out

    glad you asked???

    HAHAHA!!

    and there I was worried the girls wouldnt be good....HAHA!
  • admin2008/07/17 17:28:51
    :D - that sort of corporate idiocy makes me pop - I would have been a raving lunatic in the bank by the end of that winniblu - you were very restrained.
  • ozpete2008/07/17 19:37:25
    Leny

    It would appear that the rules are different now. I am talking about the Hero and Zero accounts - was that the account you had? If not then that is one of the benefits these accounts offer over the "standard" accounts. As Bankwest has now come east, I haven't had prior experience with them.

    As for other investments I have looked elsewhere like Cannex and the others and without going to second tier like finance companies etc i cant see much better rates than the 8.5-8.75% offered by Bankwest. Your assistance if you know of something else would be appreciated.
  • leny2008/07/17 21:24:09
    Ozpete, I have been with almost every major Australian bank in my life. I have held savings accounts and transaction accounts. Staying with the bank that has ATMs and branches is probably the best. An good online banking system is something that is essential for me. The systems that banks such as Bank of Queensland, Members Equity, and Credit Union Australia use, are in my opinion "the worst". The best systems are used by the CBA and NAB. The systems of banks such as BankWest, Suncorp, and StGeorge are reasonably good and user-friendly, but are not on par with CBA and NAB.
    I would never consider opening an everyday account with an institution such as Citibank or HSBC - that's not what they're there for, and they are terrible, and just not compatible or adequate for the everyday banking of an average user.

    The account I held was one of BankWest's past ones (ie: No longer for sale) - I'm not sure what it was called. After having a look at the terms and conditions, I continually discover the document which states:
    Internet Banking
    With BankWest Online Banking, BankWest’s 24 hour, 7 days a week Internet banking service, you can transfer funds from your BankWest accounts, pay bills and perform account enquiries from the comfort of your own home.
    Account enquiries Free
    Transfer funds between your own accounts Free
    Transfer funds from any of your nominated accounts with us via Pay AnyBody to:
    Another person’s account (except a credit card $0.25 account) held with us or with another financial per payment institution; or
    Another account (except a credit card account) $0.25 held by you with another financial institution per payment
    Bill Payment via BPAY $0.20 per payment

    http://www.bankwest.com.au/library/pdf/PDS_20040121-160125.pdf

    When banking with BankWest, I have discovered that their branches do not have as professional approach as other banks. Their staff expect that everyone who walks in is an idiot who has no idea what BankWest is, and they cannot tell a (potential) loyal customer.

    As I said, online savings may be a good idea for small change under $10 000, but once you go over that stage, you start pulling in larger interest, and potentially other benefits. Investing in the ASX might give you priveldges with businesses because some will recognise you as a 500+ share holder. Macquarie bank also offers Qantas Frequent Flyer Points.

    If you have a look at a publications such as The Money Magazine, you will find a load of investment options advertised. They are also advertised in newpapers.

    Just by looking at yesterday's publication of The Australian, I see offers such as 10% a 'Provident Capital Debenture' (5 yrs), or 9.75% for a 12 month term, interest paid quarterly, with Hastings Capital.

    Managed funds are another thing to look at, and I find for RaboPlus to be the most ider friendly. It even identifies the risk of putting your money into that managed fund (ie: Very low, you will receive an almost certain (low) amount of interest at the end of the investment - very high where you could double your investment or lose everything) - The smart idea is to invest into a range of options so that if one goes down, the other/s is/are likely to come up in value. RaboPlus also has easy access to past performance and other information, investing starts from $250, and they have a very low entry fee.
  • nod2008/09/04 00:24:01
    Short of opening a kettle of worms ...
    Bankwest still have their Regular Saver account

    Australia's Highest Savings Interest Rate*.
    Deposit between $50 and $500 per month, with no withdrawals, and you get 10% p.a. and no account fees!

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