Bankwest Smart eSaver sneaky change

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Bankwest

• 

  skimp on 01/08/2012 - 17:48

  +1

  You're right, I wasn't notified either. Sneaky. Switched to uBank recently, won't be back any time soon.

  • 

    user27 on 03/08/2012 - 13:23

    +1

    moved to ubank since it started. smart move

• 

  cloudy on 01/08/2012 - 19:36

  That is nasty!

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  viviano on 01/08/2012 - 21:53

  Poor form on Bankwest's behalf

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  snappy1234 on 01/08/2012 - 21:56

  Rams had a sneaky deal too advertise 5.75 % but the account had to be open the whole month
  if not 4.95 %

  (not totally crap like bankwest…sneaky)

  • 

    c64 on 08/08/2012 - 11:43

    +1

    they just recently changed it so that you can get bonus interest in first month (i got an email)

    • 

      [Deactivated] on 09/08/2012 - 09:57

      So positive for you they like to tell you. Negative for you they dont.

• 

  [Deactivated] on 01/08/2012 - 22:49

  +1

  Bankwest has died in the bum since CBA took it over. Now only have my transaction account with them - which I should drop out of principle, but comparing to other transaction accounts they are all pretty much the same, so I havent been too motivated.

  Agree its a really bad move on their behalf. For a few months of interest some accountants adds to their top line, they will have to spend a lot of marketing dollars to win back customers.

  Problem is those bean counters will have got a job somewhere else before anyone notices the long term damage.

  • 

    SaberX on 02/08/2012 - 12:18

    now now.. as a 'bean counter', albeit slightly off topic, the accountants don't design these sneaky contraptions. If anything this would be at either the product development or management level to authorise, if anything the finance department or member would be crunching the numbers and deciding on this. Accountants might compute it or 'run the numbers through' in some sense.

    Still quite sneaky. I got a letter yesterday where they'd converted my student accounts to zero transaction accounts. They were 'please to tell me' that… I didnd't ask.. in fairness I guess I have finished uni for a few years.. but still, some choice as to what I do would be great. Agreed, times and rates haven't been as great since CBA came on board.

    Another + 1 to ubank, proud owner of previously 1, now 2 accounts.

    • 

      [Deactivated] on 02/08/2012 - 14:29

      True, apologies to the accountants (inc mine - so can I have my tax return now), I just didn't have a code word for the finance folks….

      • 

        SaberX on 03/08/2012 - 10:12

        All good :)

• 

  shortgum on 02/08/2012 - 01:38

  I have a regular saver works alright with bankwest.

• 

  shortgum on 02/08/2012 - 01:40

  have a system transfer to put $500 into the reg saver every 1st day of the months to earn 6%

  works well for me about $25 extra per month now.

  better than nothing.

  I then you put most savings in Ubank 5.71% and a periodic $200 in 1st day of month into Rams 5.75%.

  The other money go spending play or entertain.

  Play with the system guys

  • 

    Geewhizz on 02/08/2012 - 07:04

    have a system transfer to put $500 into the reg saver every 1st day of the months to earn 6%

    With our bank they only take into account FULL days, so a deposit on the first wouldn't satisfy their definition of it having been there the full month.

    • 

      snappy1234 on 02/08/2012 - 07:16

      Geewhizz… wow just wow err which financial provider ?

      • 

        Geewhizz on 03/08/2012 - 12:19

        Suncorp

• 

  [Deactivated] on 02/08/2012 - 09:53

  leehungfei

  good insight, and worth considering, but the topic as I read it, was about them changing the "rules' on another type of account and doing it with limited or no advice.

  If they do the same on a regular saver account that wouldn't be nice.

• 

  justhooked on 02/08/2012 - 10:02

  Thanks for the heads up , will check now

• 

  maun6019 on 02/08/2012 - 14:10

  sent you a PM, T_double_U

• 

  Holysmoke on 02/08/2012 - 17:58

  HSBC has a similar policy on their Serious Saver account:

  "Enjoy an introductory variable rate of 5.30% p.a. for 4 months* for balances up to $1,000,000. This rate may change during the introductory period.
  No minimum opening or ongoing balance required.
  Earn interest every month you DON'T make a withdrawal."

  NO interest if withdrawals made.

• 

  Lenneth on 02/08/2012 - 19:04

  -1 bankwest

• 

  ctd on 02/08/2012 - 21:22

  Thanks for the heads up - I had one of these accounts where I've been periodically depositing the loose change I've collected. The drop to 1% interest is shocking, and I too was never made aware of it.

  Looks like that money will be joining the rest of my savings at uBank. Even the Regular Saver rate isn't really worthwhile (compared to the 5.71% at uBank) for the restrictions it imposes.

  At least my transaction account/credit card there are still good value.

  • 

    SaberX on 03/08/2012 - 10:16

    What transaction account do you/others use? I used to be on student account meaning unlimited withdrawls, payments, no bank fees, basically a 'park your spare everyday transaction dollars in there to buy/move as much money around as you want' account… now that it's being 'congratulatorily moved' to a zero transaction account. Strangely the bankwest website says it has no fees yet my congratulations letter states no fees if i deposit 2k in each month (fat chance).

    Any other bw accounts that do the same as the student accounts used to?

    • 

      ctd on 04/08/2012 - 10:23

      I use the Zero account. It's everything the student account was, but more - mainly:
      1. I can use any CBA+BW/Westpac/ANZ/NAB ATM without paying fees (maybe I'm just becoming lazy, but this is incredibly handy. Especially when there's a group of ATMs together and you can use any of them - or rather the one with no line ;))
      2. It has a $100 fee/interest-free overdraft, which although I never intend to use, has come in handy on at least one occasion.

      Point 1 is the best aspect for me, although I also really appreciate BankWest's branch early/late+weekend opening hours.

      I don't have my salary paid into BankWest directly, so instead I schedule a transfer+debit from uBank to satisfy the minimum deposit requirement. $2000 is deposited one day, and withdrawn the next. If you don't have a spare $2k, you could probably schedule multiple transfers of a smaller amount to make up the $2k minimum?

      • 

        SaberX on 06/08/2012 - 01:06

        HMm I didn't see that on the fine print - so you can use any atm from any provider for atm fee free withdrawls?

        hmm Point 2 is interesting… so you can overdraft up to $100 without any dishonour fees?I keep getting hit by the odd direct debits that take me a few dollars past $0.. real annoying as the fee just adds an even more negative balance :( That way if there is indeed a $100 buffer that'll stop me from going over accidentally occasionally.

        Hmm does the account work like that?if you transfer $200 back and forth between two or three of your own bankwest accounts does that meet the $2k deposit requirement?? Sounds like a too good to be true loophole? :O

      • 

        [Deactivated] on 06/08/2012 - 18:04

        Transfers from an outside account are ok, not to and from another bankwest account.

        You can make 10 $200 transfers to and from another bank each month.

        Its all done by automatic system checks, they dont manually look at each transfer and see the roundness of these deposits.

      • 

        SaberX on 09/08/2012 - 11:12

        ahh that makes it alot more complicated/tricky… will haveto consider how I"m going to get around this one… hmm. it's either that or $5 a month in bank feees i guess… maybe time to consolidate from 3 to 1 account.. was fun transferring thema round last time but maybe not worth it having to transfer 2k into 3 bankwest accounts just to keep them :S

• 

  [Deactivated] on 08/08/2012 - 14:17

  St George always do these sneaky changes…

  No notification with Direct Saver and Maxi Saver…

  It's pretty common …