Customer champion BankWest has today announced that it will once again pass on the cash rate rise to deposit customers.
For retail customers this means the BankWest TeleNet Saver 12 month variable introductory interest rate will increase 20 basis points from 7.00 per cent p.a. to 7.20 per cent p.a, with the standard interest rate to increase 25 basis points from 6.50 per cent p.a. to 6.75 per cent p.a.
Making the announcement, BankWest Retail Chief Executive Ian Corfield said BankWest moved quickly to pass on the interest rate rise because consumers had indicated that competitive products and better interest were important to them .
"We are trying to help ordinary everyday Australians get ahead by offering them the best rates we can," he said.
"We know that Australians want to save, so we're trying to make it a bit easier for them by maximising the upside of the cash rate rise."
In addition to the TeleNet Saver, BankWest has also passed on the interest rate to a number of business accounts.
* BankWest Business TeleNet Saver to increase 25 basis points from 6.60 per cent p.a. to 6.85 per cent p.a.
* BankWest AgriOne Account to increase 25 basis points to 6.00 per cent p.a.
* Business Bonus to increase 10bps to 6.10 per cent p.a.
BankWest Chief Executive Corporate & Business Division Paul Clark said BankWest business was continuing with its aggressive growth strategy in 2007 which relies on a combination of market-leading products and service.
"We will continue to provide market leading rates on our business products and give our business customers dedicated managers who understand the local business community.
We are proud of the products we offer our business customers as they provide high interest on 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.
+ The 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.
++ Newspoll research conducted by BankWest in August 2007.
About BankWest Retail
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 860,000 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 "AA-" for the long term, providing customers with investment grade security.
About 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.
We also offer a flexible range of products and competitive lending guidelines across specialist industries such as Aged Care, Childcare, Hotels/Accommodation, Franchise and Pharmacy. We recognise the value of the going concern of a business, along with the value of its people and brand, not just its fixed assets or balance sheet.
Our business banking managers have been selected for their industry knowledge and experience and take the time to get to know their customers' business to find the best products and services to meet their needs.
BankWest has been around for more than 100 years and is now part of the HBOS Australia group with assets of over $39 billion. Backed by our parent company HBOS plc, one of the world's largest financial services groups, we are providing a fresh customer experience and challenging the Australian market. BankWest is the fastest growing business bank in Australia*, and because we are growing, we will try harder to help grow your business.
*Measured by market share growth, number of new managers hired and number of new Business Banking Centres opened.
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.
