Understanding Bankwest Introductory Offer Period

cpox10 on 19/07/2025 - 12:35
Last edited 19/07/2025 - 13:55 by 1 other user

Good day all, I'm looking at opening Bankwest's Easy Saver account where they offer an introductory 5.15% for the first four months.

Just wondering does anyone know how they count the 4 month period? I tried looking at the website to no luck.

Is it based on the specific day you sign up or rather the first months bonus interest effectively ends on the last day of the month?

So if I sign up today would the bonus rate end at the end of October or otherwise does it end approx mid November (today's date plus 120 days)?

Secondly, to maximise the value, does it make sense to open it/transfer the money on the next business day vs a weekend, as I've noticed transfers don't transfer/get moved until on a business day?

Cheers guys

Financial Bank Account Savings Account

Related Stores

Bankwest
Bankwest

Comments

  • Neoika on 19/07/2025 - 13:45
    +1

    Maybe just sign up on the 1 Aug for less questioning.

  • Mad Max on 19/07/2025 - 14:06

    They want a photo of you holding your ID next to your face, plus photo of ID. No way.

    • Neoika on 19/07/2025 - 14:38
      +4

      I think it is quite common nowadays. It looks like you haven't opened new non-traditional bank account in recent years.

      • Mad Max on 19/07/2025 - 15:20

        I have, not in the last few months though. First time I have been asked. BankWest's interest rate is only good for 4 months anyway. Not worth it, so I declined.

      • bluesky on 19/07/2025 - 16:12
        +1

        Yeah, I applied for Aus Unity and they wanted the same. But they must know many people, myself included, are uncomfortable with this. A "Withdraw Application" link is prominently placed under the acknowledgement of the application. So, at least they make this step easier, rather than having to chase up to withdraw the application.

        I tried with ANZ a little while ago, and they also require this - but there, they let you know fairly early in the application process, so you can abandon and not proceed.

        • Mad Max on 20/07/2025 - 13:55
          +2

          Unfortunately people seem quite happy to provide photos and videos of themseves no problem. Then they worry when all their info gets hacked…go figure…
          Won't be long till they ask for a DNA sample to open a bank account!

          • bluesky on 20/07/2025 - 16:28
            +2

            @Mad Max: Quite right. Also, if the selfie image is hacked together with one's ID info, there is no more barriers to opening multiple accounts online without any scrutiny - this is all that is required nowadays for many banks.

            • Mad Max on 20/07/2025 - 21:30
              +1

              @bluesky: Unfortunately we are a minority. So many don't care…until they are burnt…
              As shown by the negs to my comment. I couldn't care less about the negs, hopefully if there are enough fools eager to give away all their details, easy to hack and rip off, the hackers won't bother with those that are a bit more careful 😉

            • tenpercent on 20/07/2025 - 21:32
              +2

              @bluesky: You can change a hacked password, you can't change hacked biometrics.

  • cpox10 on 19/07/2025 - 15:14

    I dont have no issue with verification as I already have a transaction account with them. Cheers

  • AndyC1 on 19/07/2025 - 15:31
    +1

    As per the introductory 5.15% for the first four months it starts for the first 4 months from when you open the new account that has the intro 5.15% for the first 4 months of the life of the account.

  • surfingedge on 19/07/2025 - 19:05
    +1

    It's 4 months (not 120 days) from date of opening. Unlike other banks with introductory rates, the app tells you the exact date the rate ends.

    OSKO transfers out are limited to $5000 per calendar day (Perth time - so 2am to 1:59am non-daylight saving in the east). Transfers in are instant, provided the sending bank supports OSKO for the amount in question.

    All transactions that occur on weekends are dated for the Monday (like HSBC)… there is a way to take advantage of this. Not sure how public holidays are handled.

    • PissLUR on 19/07/2025 - 22:07
      +1

      Not even weekends. Friday after 5.30pm is already dated for Monday.

    • jrvb42 on 03/08/2025 - 18:08

      The Bankwest site is saying transfers out of the saver to the transaction account are limited to $2mill per day, and that you can transfer out of the transaction acct at a rate of $50k via the app with sms code - way better than $5k per day.

      • surfingedge on 03/08/2025 - 18:19
        +1

        5k per day is by OSKO.

        You can do 50k by BECS (app only, and it's 45k if you already did 5k by OSKO). Yes you should be able to increase the limit by calling.

        I will use rabobank direct debit (premium saver is paying 4.8% currently) to get all my money out in one go

  • Sidor on 20/07/2025 - 09:00
    +1

    I opened on 12th of June. It is said in BankWest app that Introductory rate ends 13th October.

  • pdperth on 20/07/2025 - 11:43

    Be aware that if you have had an introductory bonus rate at any time with Bankwest the special rate does not apply. I had had an account something like 5 years ago that had got a special rate… Which meant I was on the base rate of 3.6% or whatever. Didn't find this out until I'd opened the account and transferred money in. Annoying….

  • cpox10 on 24/07/2025 - 08:40

    Thanks guys for the help. Got the answer I needed cheers

  • nicholasv on 30/08/2025 - 08:40
    -1

    They have just lowered the rate on my account even though it was meant to be 5.15% until 30 October. Seems dodgy. I will be doing a complaint with AFCA

    • surfingedge on 30/08/2025 - 14:36
      -1

      It's a variable rate

      • nicholasv on 30/08/2025 - 22:20

        Advertising it as an "introductory rate" is misleading if it's not maintained. AFCA will agree

    • Sidor on 31/08/2025 - 07:13

      Can you please update on your AFCA complaun outcome? Thanks

      • Neoika on 31/08/2025 - 13:30

        Maybe he saw ubank hasn't dropped the 5% for new customers this time, but they definitely can at any time.

Login or Join to leave a comment
Login Join