Great!

From the press release:

BankWest passes on interest increases to deposit customers again

Customer champion BankWest has today announced that it will once again pass on the cash rate rise to deposit customers.

For retail customers this means the BankWest TeleNet Saver 12 month variable introductory interest rate will increase 20 basis points from 7.00 per cent p.a. to 7.20 per cent p.a, with the standard interest rate to increase 25 basis points from 6.50 per cent p.a. to 6.75 per cent p.a.

And even the non-honeymoon interest rate is 0.05% highter than RaboPlus at 6.75%! They are surely fast passing the interest rate raise to the consumers. When will INGDirect and other online saving banks follow suit?

Raboplus increased their introductory rate to 7.25%, but their honeymoon is until the beginning of January, so only 2 months….while BankWest is 12months…

Hmm. Can’t seem to find it on RaboPlus’ website.

Also got this from ING Direct in an email (also available on their website):

On 9 November 2007 your standard Savings Maximiser variable interest rate will increase by 0.25% p.a. from 6.15% p.a. to a high 6.40% p.a., which means your savings can grow at an even faster rate. Note that our promotional 7.00% p.a. variable rate still applies to eligible deposits until 31 December 2007. For details of this promotion visit our website.

6.40% p.a. is not high but the speed that all these banks react to interest rate raise (or competition?) is pretty impressive.

see http://www.raboplus.com.au/media/press_release_7November07.a...

I can only see 7% on their site http://abetterdeal.com.au/TeleNet_Saver

BankWest still has Australia’s highest 12 month variable intro rate savings account, at a whopping 7.00%p.a. - check that against your bank.

Absolutely no fees
No minimum deposit
Access your account 24/7 via Online Banking
Go to rate of 6.50%p.a. after 12 months

The new RaboPlus rate is 7.25% p.a.

From their press release:

Effective 9 November 2007, RaboPlus - the online banking division of AAA rated Rabobank - will further lift its variable interest rate from 7.10 per cent to 7.25 per cent per annum on its online savings deposits up to $1 million. For remaining balances over $1 million, the current RaboPlus standard variable rate of 6.70 per cent per annum will apply, still one of the highest non-promotional standard variable rates in the market.

As above, Rabobank is 7.25% and looking at the interest rates, they’ll prob go up another 0.25% in the next three months!

@bevi rabo is 7.25 only till 3rd of jan then then reverts to 6.7 or something ( insideinfo had that listed but it got negative reviews and was taken down because it was a 2 month promotion gig)!! bank west gives u 7.2% for a year …. u can do the math

I wonder is there an option on OzBargain where people can change their votes. I positively voted this deal because 1) it’s a good deal, and 2) Rabo’s promotion rate is only to 2nd of Jan, 2008. Almost every negative votes in this deal is citing how Rabo has a higher interest rate but I don’t think people realise that it’s valid for only less than two months. Also I don’t think the likelihood of possible rate rise will only subject to Rabo and not Bankwest.

I personally think Rabo’s “7.25% offer” is borderline dodgy. It’s an deal that’s only valid for less than two months and at the conclusion of which, the rate will be much worse than its competitors. It looks like they are attracting customers who think they have a better rate and do not read fine prints.

Alan

I personally think Rabo’s “7.25% offer” is borderline dodgy.

Not at all. I have BOTH RaboPlus and BankWest TeleSaver accounts, and I have to say that RaboPlus is a better deal to me. Why? I have had my BankWest account for a few years and it’s long passed the honeymoon period. Their honeymoon rate, 7.20%, does not apply to me. However with RaboPlus, their 7.25% promotion rate applies to both new accounts and existing accounts.

They are not dodgy in my book.

sorry guys, is there a way of reversing my negative vote?

Sorry not at the moment and it’s probably not going to be implemented where people can retract votes, as I think it might get a bit chaotic when people have ability to change votes all the time.

Hi,

I’m just wondering if RaboPlus charges for transactions to other banks?

ie. I am a Bankwest customer, is there any hidden fees/charges if I transfer money to and from Rabobank?