Bankwest only just released a new savings plan which is quite a bargain. In their move to undercut the big banks and in line with their expansion to the east coast, they're offering 8%PA on a Regular Saver account. Considering that average returns on sharemarket in the long term is about 10% and there's a chance that shares drop, I think this is a pretty good savings account but here are the conditions (in English):
- No initial deposit
- Must be regular deposit of a fixed amount (eg $50 per month every month from your linked account)
- Can't be over $500/month contributed
- At the end of one full year, all the money and earned interest gets sweeped into your linked account and you start saving all over again.
- Interest calculated daily and paid monthly
- Money is accessible anytime but any month where you withdraw, you don't get interest for that month
By far the best % return on your dollar but limited in how much you can earn in this account.
(none of this is financial advice, just mere opinion)
To put a dollar figure on this, if you had $3000 after six months of regularly saving up, that month you will recieve $20.If you want to see an article on this account, click here.
Nice. Although it is a bit too complicated and too restrictive. It also somehow forces you to have a Bank West transaction account as well…
Also with $500 max a month, that means $6,000 a year max saved + interest. Not that much, but I guess you would be looking at a completely different financial product if you are saving over $6k a year.