BankWest TeleNet Saver Account now offering variable intro rate of 5.62% per annum for 12 months. Rate reverts to 3.75%p.a. after the 12 month variable intro period.
New TeleNet customers only.
Of course, you can get 5.61% with ubank if you set up a saving plan to deposit an additional $100 each month, and their rates won't go down almost 2% p.a. after 12 months. Actually this is not such a good deal.
Yeah… will be interesting to see! The details of the match are here: https://secure1.ubank.com.au/ub/web/usaver/online-savings-ra…
I'm not sure if they will infact match against this as according to the above link:
"The competitor accounts covered by this rate assurance are:
ING Direct Savings Maximiser
Bankwest Smart eSaver
Commonwealth Bank NetBank Saver
Westpac eSaver
ANZ Online Saver
StGeorge Direct Saver"
On the other hand they have the TeleNet Saver listed here: https://secure1.ubank.com.au/ub/web/usaver/online-savings-co…
shrugs - Guess we will just have to wait till Friday to find out :o
It's very likely UBank will beat it.
Nice, but no deal as I have already a Bankwest Telenet saver account. Guess they only want new customers like many other banks - Yep guess I'll close my existing Telenet saver and move on. So much for looking after existing customers
From their T&C's
The Special Introductory Interest Rate applies for a period of 12 months only from the
date your account opens. As it is a variable rate, it may change at any time including in that
period. For this 12-month period, your account has a maximum investment limit of $5,000,000.
If you have EVER previously opened a TeleNet Saver account (either as a joint or single account
holder), the Special Introductory Interest Rate will not apply to any accounts you may open
subsequently (either as a joint or single account holder). The Standard Interest Rate will apply
instead.
Other banks like AMP will give the intro rate if you increase your deposit over what was in the account at a certain date. But as BWest is now part of the Commonwealth, they have really just deteriorated.
I don't understand what this "intro variable rate" means on a savings account. What is to stop them varying the rate to whatever they want as soon as you sign up?
Their reputation is at stake I guess, they can't do it to individual customers. People will know quickly if they don't keep their intro rate well above their normal rate.
Commonwealth Bank is 6.00%p.a. for 7 months for investments of $10,000 to $500,000, interest paid at maturity.
Not even an intro rate either.
This doesnt make sense, you cannot compare orange with apple: BankWest also has 6% 6months term deposit. For on-call savings, TeleNet Saver IS better than CBA's NetBank Saver.
MD7 Of course not, a TD vs an at call deposit account, but then that's what the banks thrive on, peoples inability to compare an apple with a dog, no wonder they make so much money… However dont forget it is an Intro rate that's NOT available to you if you have EVER had a Telenet saver, so its probably of limited appeal.
And another factor is that the rate of 5.62 will raise to 5.77% over the 6 months as the rate is compounded monthly where as the 6% is paid at maturity
BTW if you want a better rate on your TD try Bank of Queensland they are giving 6.25% on 6 month term, but wait MRGQ, you probably locked in your deposit, so its too late.
Well it works for me as I've never been a BankWest customer. I'll join, use the introductory rate and after 12 months, move it back to my 'default' account if I can get a better rate back there. However I can see that this wouldn't be a good deal for people who have run out of banks to join!
as long as ubank matches it i will be happy. otherwise i will have to open a bankwest account
BankWest was much better without Commonwealth Bank controlling them.
Ubank delivers!!
"Effective Fri 22 Jan, 2010 we're increasing our UBank USaver interest rate to 5.62% p.a"
"If you've setup an ASP + eligible for USaver savings bonus, you'll 5.72% p.a. (effective Fri 22 Jan, 2010)"
Love to see UBANK will match it!!!!
It is their promise…. or chicken promise