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BankWest Regular Saver Account with 10% p.a. interest rate

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BankWest Regular Saver Account with 10% p.a. interest rate
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PJY1 on 03/09/2008 - 15:43 bankwest.com.au (790 clicks)

BankWest Regular Saver

Australia's Highest Savings Interest Rate*.
Deposit between $50 and $500 per month, with no withdrawals, and you get 10% p.a. and no account fees!
Our aim is to make banking a more positive experience and there's no better way than offering Australia's highest savings interest rate.
You work hard for your money and now it can work hard for you with the BankWest Regular Saver.

10% p.a.

Earn interest on your interest - it's calculated daily and paid monthly.

No account fees.

Link your Regular Saver to an eligible BankWest account.

24/7 access with online and phone banking.

Simply deposit between $50 and $500 each calendar month and don't make any withdrawals to receive Australia's highest savings interest rate and no account fees.
Plus, when your Regular Saver account has been open for a year, your savings balance will automatically be transferred to your linked BankWest account for you to use, as you like. Then you can start saving for the next year!
Apply for a Regular Saver today and see if it makes for a happier banking experience.

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closed Comments

  • neil on 03/09/2008 - 16:19

    What the? This was a Bankwest deal a few minutes ago.

    • JY1 on 03/09/2008 - 16:32

      So sorry. I was suppose to submit 2 deals but instead I mistakenly edited this one instead of subitting a new one. I have corrected my mistake.

  • Evil-Elmo on 03/09/2008 - 16:34

    Edit: Was a message to the webjet offer.

  • neil on 03/09/2008 - 16:50

    On the face of it, it looks like a good deal but in fact it works out to be almost the same as having a regular Saver account of around 7-8%.

    $10000 invested in Telenet Account at 8.5%(first 3 months), 7.9% (next 9 months) = 10835.37 after 12 months

    $10000 invested in at $500 increments in Regular Saver, with the remainder staying in Telenet = 10905.72 after 12 months

    $70.35 difference or .7%. I guess it's up to you to say if .7% is worth it to you.

  • enigma_syd on 03/09/2008 - 18:05

    neil, you're not comparing apples to apples. if you normally put $500/month into a telnet account, then this deal is more beneficial (assuming you do not need to make a withdrawal.

    • neil on 03/09/2008 - 18:52

      Hmmm..Yeah I guess you are right. I was thinking about it the other way round.

    • John on 03/09/2008 - 19:09

      yeah neil, apple and orange are not the same! :)

      In regards to the deal, I think it helps some people (like me) save up because you can't do withdrawal on it. Whereas in Telenet it's harder to restrict yourself.

  • periphery on 03/09/2008 - 19:49

    Great rate! However, I read that the maximum initial sum is $500 so it does limit the interest somewhat. (correct me if I'm wrong)

    I tried to do the MoneyBackCo link but it just directs me to bankwest tddirect which is not 10% (and term deposit too). A search on MoneyBackCo doesn't show any link for this offer too. Anyone know when it might be put up, if ever?

    • neil on 03/09/2008 - 19:59

      It's $500 (month 1)
      +$500 x 11 months

      so max $6000/yr, or 6335.13 with interest.

  • twig on 03/09/2008 - 20:40

    hmm the $500 limit is the big limiting factor here

    good deal if you're only saving around $500 a month though

    but i'd rather go with another savings account because theres no limit.

  • Crownie on 04/09/2008 - 02:43

    Not worth a negative.

    If you had $500 it would be better to have it in this 10% account than any other.
    My balance in this account is very low but that's not what its designed for. It gets you to save a set amount each month. For some, $500 is quite a bit to save.
    I received more interest this month in my TeleNet Saver than an entire year with this account will give me. My balance in TeleNet is much, much, much bigger though.

  • cacbm on 05/09/2008 - 02:28

    The offer is now down to 9% p.a. following the latest interest cut.

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