This was posted 16 years 1 month 6 days ago, and might be an out-dated deal.

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Bankwest Regular Saver account now 9% interest!

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Bankwest Regular Saver account now 9% interest!
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user27 on 26/03/2008 - 15:46 bankwest.com.au (541 clicks)

OK this has been posted before but now they have increased interest to 9%! I think if you were thinking about it before, this is probably high enough to get you over the inertia of printing out the form and signing up. Conditions:

  • The idea is to get you into saving money so they only allow total of $500 / month to be deposited into this high interest account.
  • Interest is calculated daily and paid monthly
  • After one year, depositing every month (say, $500) all your money and accumulated interest is rolled into a linked account - eg Telenet saver account 7.25% interest.
  • You need a bankwest account

When you consider an experienced, professional share trader hopes to get aobut 8% return / year on his portfolio (assuming an average to good year, unlike what we have now) a guaranteed 9% interest on at least part of ur savings is very attractive :)

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  • Joe on 26/03/2008 - 18:16

    As a side note: Bankwest Telenet Saver now has an interest rate of 7.75%.

  • user27 on 26/03/2008 - 18:19

    yeah. Thats an introductory rate for the first 12 months, then it will drop down to 7.25%. :) Who knows, in the next few months it may be 8.25% dropping down to 7.75% haha

  • meno on 26/03/2008 - 18:29

    Yeah but don't forget about the tax efficiency of shares as opposed to having everything in interest-bearing accounts….

    • dansor on 27/03/2008 - 08:54

      sorry, it's duplicate: http://www.ozbargain.com.au/node/3434

    • Pyro on 27/03/2008 - 10:08

      Go on? Tax what now? :)

      • winter on 27/03/2008 - 10:30

        I think he is talking about things like:
        - dividends can be rolled into new shares and thus delaying when tax needs to be paid on the earnings
        - sale of shares results in only 50% of the tax paid on the gains you have made.
        - plus other benefits but I'm just a noob on these things.

        • scotty on 27/03/2008 - 11:50

          Dividens are also usually franked, i.e. tax has already been paid on the profit of the company (at 30%) before the taxed profit gets distributed to share holders as dividen, therefore you don't have to pay for that again. Obviously you lso run the risk of share price goes free fall, or the company produces no yield at all.

          Now I wish I had sold everything last November…

  • user27 on 27/03/2008 - 11:12

    Sale of shares only results in 50% off the tax payable if held more than 12 months.

  • myeewyee on 28/03/2008 - 14:46

    If my maths is right (haven't done it in a while), you make an extra $64.5 /year by depositing the max of $500 per month into the Regular Saver (assuming the $6000 would otherwise be sitting in your Telenet saver account). That comes at the cost of being able to withdraw the money (you can, but get no interest for that month). Not bad value I guess.

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