This compares with Bankwest's offer that is now 4.5% so for a similar product you can potentially get an extra .2%. The only difference is the bonus rate is higher with Westpac, so if you do take your money in the month out you lose more. Plus you also need to put in $50 each month.
The trick to keep your interest is not to withdraw the money. The only effective time to do this if you need it, is to take out the whole amount at the beginning of the month. ( you can put the "excess" that you don't need in some other high interest account ). That way the interest lost is only on the balance - which will be zero. Sorta like a term deposit, that expires on the first of the month.
Details…
Open a new Westpac Reward Saver account between 13th July and 14th August 2009 and you will earn 1.80% p.a. interest fixed for 4 months. Additionally, if you deposit $50 a month and make no withdrawals, you will also earn 2.90% p.a. standard variable bonus interest which means you could earn up to 4.70% p.a. Apply now.
Features and benefits
- Earn a great rate
- No monthly service fee
- Optional paperless estatements
- Youth and Student packages available
- $2.50 charge for all withdrawals
Access Options
- Branch
- Internet Banking
- Telephone Banking
- ATM
- EFTPOS
Mod - edited description.
Nice rate, but the account has $2.50 per withdrawal from the account
Kind of defeats purpose of the extra 0.2% :P