BankWest has moved quickly to pass on the RBA's official cash rate, lifting the introductory rate on its TeleNet Saver by 25 basis points to 7.75 per cent and its ongoing rate to 7.25 per cent. Determined to retain its market leading position on deposit rates, the bank has increased the rate on its Regular Saver account by 100 basis points to 9.0 per cent. The Head of Products and Strategy at BankWest, Selina Duncalf, said that the bank is focussed on acquiring customers through competitive products and that its competitive lead on deposit rates would be maintained.
So Bankwest is getting back to parity now with Rabobank (They increased by .15% this time and by .10% last time effectively not passing on one of the .25% rate rises. _ rabo is getting more like the big boys - trying to make that extra margin and reduce rates by stealth - a little naughty if you ask me.
Bank west has done this by passing on full interest rate hike of .25%. Now Bankwest is opening branches in Eastern States the .05% difference means very little, I think its easier to stay with them rather than move to Rabo who may just play the same game the next rate rise so you could be worse off.
These rates are now showing on their website