BankWest has once again announced it will pass on the cash rate increase to deposit customers offering 9.0 per cent p.a. on its market leading Regular Saver account and increasing its TeleNet Saver and Business TeleNet Saver by 25bps.
The BankWest Regular Saver, which was designed to get Australians into a consistent saving pattern, will rise by 100bps to maintain its market leading status and now offer 9.00 per cent p.a.
BankWest's TeleNet Saver1 12-month variable introductory rate (available to new TeleNet customers only) and the ongoing rate will increase by 25bps to 7.75 per cent and 7.25 per cent respectively.
Announcing the rate increase, BankWest Head of Products and Strategy Selina Duncalf said BankWest continued to be customer champion and was focused on acquiring customers through its competitive product offers.
"Deposit accounts are looking very attractive at the moment and BankWest is focused on maintaining our competitive lead in this space," she said.
"It's an ideal time to put your cash into these high earning deposit accounts and start a savings plan if you don't already have one."
Small business owners with seasonal cash surpluses and investors in self-managed superannuation can also take advantage of the interest rate rise, with Business TeleNet Saver, a savings account designed for DIY superannuation funds and small to medium enterprise businesses paying 7.40 per cent p.a., an increase of 25bps.
BankWest is currently reviewing its position on its mortgage rates but continues to show its strength in its lending portfolio as well as deposits, recently winning the Mortgage and Finance Association of Australia (MFAA) ADI Lender of the Year Award on Friday 29 February 2008.
Deposit account changes are effective Friday 7 March 2008.
1 The Product Disclosure Statement for all BankWest deposit products should be read by customers prior to opening an account. Product Disclosure Statements are available from.bankwest.com.au
Notes to Editor:
Disclaimer - Regular Saver:
These products are issued by Bank of Western Australia Ltd ABN 22 050 494 454 AFSL 236872, a member of the HBOS Australia group. You should consider the Product Disclosure Statement (PDS) and whether the product is right for you. A PDS is available at bankwest.com.au, from your local BankWest branch or via 13 17 18. Rates are subject to change.
One Regular Saver Account per person and accountholders must be 15 years or older. Maximum allowable deposit of $500 per month. No interest is paid in a month where you make a deposit of less than $50 and/or make withdrawals
Regular Saver Product features:
- Market leading rate of 9 per cent p.a. - variable
- To receive the 9 per cent interest rate customers must:
- Make a deposit every month of minimum $50 - maximum $500
- Make no withdrawals during the month
- The account is linked to another BankWest account
Withdrawals and access to funds are permitted - however in any month a withdrawal is made there will be no interest paid - Missed payments and early closure will result in no interest being paid for that month
- Annual sweep of balance to linked BankWest account
About BankWest
BankWest is a wholly owned subsidiary of HBOS plc, one of the world's largest financial services groups, with assets of about AUD$800 billion (£380 billion). BankWest is a full service bank which originated in Western Australia in 1895 and services more than 860,000 customers. Nationally, BankWest promotes a range of products using cost-effective direct and third party distribution channels, including 24-hour telephone and internet services and mortgage brokers. In WA, BankWest is a market leader with about one quarter of all bank advances and deposits and an extensive network of branches. Standard & Poors short-term credit rating for BankWest is "A-1+" and "AA-" for the long term, providing customers with investment grade security.
