BankWest raises deposit interest rate - third time in 2006.
- TeleNet Saver to increase to 6.80 per cent p.a.
- Business TeleNet Saver to increase to 6.35 per cent p.a.
For the third time this year BankWest today announced it will pass on the benefit of the Reserve Bank's cash rate increase and increase a number of its retail and business deposit account rates.
For retail customers this means the BankWest TeleNet Saver¹ 12 month variable introductory interest rate will increase 20 basis points from 6.60 per cent p.a. to 6.80 per cent p.a, with the standard interest rate to increase 25 basis points from 6.0 per cent p.a. to 6.25 per cent p.a.
Cumulatively, since May 2006 BankWest has increased the special introductory rate (available to new TeleNet customers) of the TeleNet Saver by 80 basis points, well above the cumulative cash rate increase of 75 basis points in 2006.
The standard TeleNet Saver rate has also increased by 75 basis points in 2006 making the TeleNet Saver still the highest rate in the market for savings deposit accounts.
BankWest Head of Marketing and Products, David Rose, said the TeleNet Saver continued to provide Australians with a market leading interest rate.
"BankWest is Australia's fastest growing bank in deposits² and it's easy to see why with the competitive rates our TeleNet Saver offers," he said. "Quite simply, this is an outstanding rate for anyone who is looking for a savings deposit account."
The new TeleNet Saver interest rate is effective Friday 10th November 2006.
In additional to the TeleNet Saver, BankWest will also hold its Lite MasterCard at 8.99 per cent p.a. and has also passed on the interest rate to a number of business accounts.
- BankWest Business TeleNet Saver to increase 25 basis points from 6.10 per cent p.a. to 6.35 per cent p.a.
- BankWest AgriOne Account to increase 25 basis points to 5.50 per cent p.a.
- BankWest Farm Management Deposit Cash Management Account to increase 25 basis points taking the top tier up to 5.65 per cent p.a.
- BankWest Business Bonus to increase 10 basis points taking the top tier up to 5.85 per cent p.a.³
The new BankWest Business TeleNet Saver, AgriOne, Farm Management Deposit Cash Management Account and Business Bonus Account interest rate is effective Monday 13th November 2006.
BankWest Chief Executive Business Division Paul Clark said the bank's efforts to drive greater competition in the business banking market had recently paid off with BankWest winning BRW's Business Banking Awards in the Online Business Savings Account and Business Transaction Account categories.
"Our market-leading products are driving further change in the business banking market," he said.
"Winning these awards is a proof point that BankWest Business is providing its customers with great products that are relevant to their needs."
"Our products are market leading because they provide our customers with higher interest on their credit funds and low, or no, fees."
Both the TeleNet Saver and the Business TeleNet Saver have interest paid monthly with no minimum balance, and no fees.
BankWest is part of HBOS Australia.
ENDS
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¹The product disclosure statement for all BankWest deposit products should be read by customers prior to opening an account. The Product Disclosure statement is available from www.bankwest.com.au.
²APRA, Sept 2006
³Interest does not apply to balances under $20,000.
Media inquiries
Sally-ann Parker Bridget Tombleson
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HBOS Australia Corporate Affairs HBOS Australia Corporate Affairs
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Notes to the editor:
About HBOS Australia
HBOS Australia Pty Ltd is a holding company formed in 2004 to oversee the operations of the Australian operations of UK financial services group, HBOS plc. HBOSA comprises four diverse financial services operations - BankWest, Capital Finance, St Andrew's Australia and BOS International. Its parent, HBOS plc, is one of the world's largest financial services groups.
About BankWest
BankWest is a wholly owned subsidiary of HBOS plc, one of the world's largest financial services groups, with assets of about AUD$800 billion (£380 billion). BankWest is a full service bank which originated in Western Australia in 1895 and services more than 660,000 customers. Nationally, BankWest promotes a range of products using cost-effective direct and third party distribution channels, including 24-hour telephone and internet services and mortgage brokers. In WA, BankWest is a market leader with about one quarter of all bank advances and deposits and an extensive network of branches. Standard & Poors short-term credit rating for BankWest is "A1+" and "AA-" for the long term, providing customers with investment grade security.
About BankWest Business Division
BankWest Business BankWest Business provides a full range of core and specialist business banking products and services to all business market segments from small business to large corporates. From market leading transaction and investment accounts through to flexible business loans and sophisticated Financial Market and International Trade products, we are an organisation committed to making a meaningful difference in the financial services marketplace with our simple and straightforward products. Our energetic approach and attitude aims to reject the status quo and present a significant challenge to the conventions and the competition.
BankWest Business has a presence in capital cities, rural areas and regional locations throughout Australia. We focus on key markets including Property Finance, Small Business, Commercial, Rural and Regional and Corporate.
