This was posted 16 years 8 months 26 days ago, and might be an out-dated deal.

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BankWest TD Direct Term Deposit 12 Months Term - 7% + $40 from MBC

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BankWest TD Direct Term Deposit 12 Months Term - 7% + $40 from MBC
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scotty on 03/09/2007 - 17:48 bankwest.com.au (143 clicks)

I was comparing short term term deposit from online banks, and 6.8% at 6 months term and 7% at 12 months term seems to be the maximum you can get at the moment. Currently three banks (that I can find) are offering this rate:

See RaboPlus' comparison table. However, only BankWest is currently affiliated with MoneyBackCo that gives you $40 moneyback!

So assuming the minimum amount $1,000 has been deposited over 12 month term, and you will end up $110 richer ($70 interest + $40 from MBC) — 11% ROI is not bad in my book :)

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  • dansor on 03/09/2007 - 18:16

    if you don't want to lock your money in a term deposit for 12 months, you can have them at call, earning 7% pa as well with a TeleNET Saver account from BankWest (and interest in paid monthly, so you get interest on interest, i.e the real interest rate is 7.23%)…and you can deposit more money or withdraw anytime, interest being calculated daily based on the balance…and you get $40 moneyback as well…

    • scotty on 03/09/2007 - 18:29

      Yes. Thanks for the tip on TeleNet. Actually I have had a BankWest Telenet account since the ABetterDeal campaign started a few years ago and have already used up my introductory rate…

      From the look of it TeleNet might actually be a better option, especially when there is potentially another interest raise in early November (if RBA dare).

    • Steve on 03/09/2007 - 20:40

      BankWest TeleNet Saver has reached its budget, so is no longer available on MBC :-(

      • scotty on 03/09/2007 - 20:44

        Doh. That certainly makes this deal less attractive. I wonder how much "marketing fund" did they set aside for this kind of promotion.

        • Steve on 03/09/2007 - 20:47

          No, the TD direct is still available, only the TeleNet deal has reached its limit.

          • Orgazmo on 04/09/2007 - 10:26

            @Steve: When did telenet reach the limit? I applied on 7/16/07 and its approved but appears to be expired.

            • Steve on 04/09/2007 - 17:15

              @Orgazmo: That's fine. If its in your transactions then the money is on its way. You can't click through MBC links when offers have expired, the names are updated with the "Expired" tag so we can re-import new offers for the same merchant if they become available again.

        • scotty on 03/09/2007 - 20:49

          I see. Sorry I am really confused (blame on the long day and APEC) :P

  • dansor on 03/09/2007 - 19:01

    even if you cannot get the 7% introductory rate from BankWest, you can choose Raboplus @ 6.70% for their online savings account. The real interest (because you get interest on interest) will be 6.91%, so only 0.09% short of the BankWest TD (that means $9 for $10000 deposit)…So you lose 0.09% per year + $40 moneyback if you choose to have full access to your money during the period…

    MoneybackCo cannot negociate with Raboplus for some cash back? Given that they gave $100 to new members last month, I guess they may be happy to pay $40 or so as money back…Just a thought….

    • Steve on 03/09/2007 - 20:41

      We tried a couple of time to get moneyback through RaboBank but were unsuccessful unfortunately.

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