6% Interest (Restrictions Apply) on Deposits with BankWest Regular Saver

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Lmichaelliberty on 09/12/2009 - 00:43 bankwest.com.au (174 clicks)
Last edited 09/12/2009 - 13:10 by 1 other user

6% Interest. Restrictions include:

• Interest only paid that month if you deposit $50-$500/month without withdrawals that month (Max $500 deposit/month)
• Each year all your money is moved to your linked account
• Update: Linked account required. Possible options without monthly fees include: InstantSaver (requires $500 minimum balance), Hero/Zero (requires $2000 deposit/month)

Whilst UBank offers max 5.61%* without these restrictions, it is a great account for your first $6,000 in savings each year or to help you save for yearly goals (e.g. I am going to use it to save $5000 for my yearly First Home Saver account and use the other $1,000 saved for my yearly super co-contribution deposit)

Update: As mindsweepr points out. Given the difference between UBank and Regular Saver is 0.39%. This amounts to around $12/year extra based on an average balance of $3,000 (Which if you deposit $500/month is the average balance)

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  y12345678 on 09/12/2009 - 07:22

  why -ve? Your comments seem to be empty

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    [Deactivated] on 09/12/2009 - 09:52

    Good point- so its been revoked by moderating

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  chloden on 09/12/2009 - 08:04

  misleading interest rate due to restrictions..one of the worst products out there!

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  mily on 09/12/2009 - 08:20

  +2

  if you have to keep depositing without any withdrawl, then it has no advantage to me against the 6.81% or 7.05% one year term deposit.

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    [Deactivated] on 09/12/2009 - 09:50

    Very good point mily especially about the TD, but this is probably more like Christmas club savings plan that might help those who find it hard to save, hence the penalties for early withdrawal So compared to other banks Christmas clubs with minimal interest its probably not a bad deal.
    r
    But that said I wouldn't find it suitable for me. BTW the current 7.05% TD finishes on Dec12th as its suncorps deal based on Westpac/Nab 6.80% - the only true high TD is Newcastle Permanent at 7%

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    SomeGuyOnOzB on 09/12/2009 - 10:59

    +1

    I think it specifically benefits someone who wants/feels the need for that incentive (no withdrawals to get the high interest), to stop them touching a savings fund, that they continually build by $50 - $500 per month.

    ---

    Note

    and link the Regular Saver to another eligible Bankwest Account

    For those without existing Bankwest Accounts, you might want to check the fees on other accounts, before going for this deal

    ---

    I haven't been through the terms and conditions (not too interested in this product at this stage). Does anyone know what happens when you break the terms? (eg make a withdrawal, deposit < $50, deposit > $500)

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      michaelliberty on 09/12/2009 - 13:07

      +1

      If you withdraw. That month you get no interest.
      If you deposit less than $50. That month you get no interest
      If you deposit $50-$500 you get the interest rate specified
      If you attempt to deposit over $500 in any month, the the deposit which makes it go over $500 for that month is either (I forget which):
      - Not allowed
      - The deposit is transferred to your linked account instead
      - The excess of the deposit (i.e. if you deposit $600, the excess would be $100) is moved to the linked account.

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    michaelliberty on 09/12/2009 - 13:03

    +1

    To clarify. Withdrawing will only result in no interest for that calendar month.

    It does for 2 benefits over a 1 year term deposit:
    - You can continually add to it
    - If you withdraw you only lose interest for that calendar month (For those of us who save more than $6,000/year we can just withdraw from our other accounts, but a definite concern for those who don't/can't)

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  michaelliberty on 09/12/2009 - 12:54

  Thanks for all the suggestions. I have updated the description to clarify/improve things.

  Mindsweepr did have a point (whilst its the best rate, it's not significantly higher than UBank). It was removed rather quickly but I still addressed it when I updated it.

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  coolblade on 09/12/2009 - 21:40

  not competitive enough as the 6% on $6000 is less than 36 dollar as there is limitation of $500 been deposit and will create lots of hassle