Deposit Customers Benefit From Interest Rate Rise

BankWest has today announced it will pass on the benefit of the Reserve Bank's cash rate increase to deposit customers as follows:

For Retail Customers

· BankWest TeleNet Saver  special 12 month variable introductory interest rate to increase 20 basis points from 6.40 per cent to 6.60 per cent, with the standard interest rate to increase 25 basis points from 5.75 per cent to 6 per cent.

In May 2006 at the time of the last cash rate increase BankWest increased the special introductory rate of the TeleNet Saver 40 basis points and the standard rate 25 basis points. 

This means cumulatively, TeleNet Saver introductory rate (which is available to new TeleNet customers), has risen well above the cash rate, and is the highest it's ever been, providing an incentive to customers to save. 

BankWest Chief Executive Retail Division Chris Whitehead said it was great news for savers.

"We believe that customers deserve a better deal from their banks and we are determined to continue to push for change in Australian banking and grow our business by making it easier for Australians to save money and manage their finances."

For Business Customers

· BankWest Business TeleNet Saver to increase 25 basis points from 5.85 per cent to 6.10 per cent.
· BankWest Business Bonus to increase 25 basis points taking the top tier up to 5.75 per cent. 
· BankWest AgriOne Account to increase 25 basis points to 5.25 per cent.

Small to medium enterprises with seasonal cash surpluses or who need to set aside cash for day to day operations will also benefit from the rate rise, as will DIY superannuation funds, which are significant investors in Business TeleNet Saver.

BankWest Chief Executive Business Division Paul Clark said BankWest was determined to be at the forefront of initiatives that meet customers' needs and drive greater competition within business banking.

"We want to help our customers grow their business, through great service and market-leading products," he said.

 "It's our view that this customer-centric approach will automatically translate into business growth."Both the TeleNet

Saver and the Business TeleNet Saver have interest paid monthly with no minimum balance, and nofees.BankWestispart of HBOS Australia.

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 Retail Division
 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 "A-1" and "A+" 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.

Sally-Ann Parker, +61 (2) 8299 8453
Bridget Tombleson, +61 (8) 9449 6768
Natalie Causley, +61 (2) 8299 8261