BankWest has made its next play in Australia's 'banking battle' by launching today a savings account offering 8 per cent interest p.a. The new BankWest Regular Saver Account is designed to get Australians into a consistent saving pattern, by offering a strong incentive for those who have found it difficult to kick-start their savings efforts in the past.
The market-leading, BankWest Regular Saver Account is the first in a line of new BankWest products to be launched following this month's announcement of Perth-based BankWest's expansion plans. BankWest plans to open an additional 160 stores on Australia's East Coast over the next three to four years.
Paul Vivian, BankWest Head of Deposits said "It's time the Australian banking and finance industry took savings seriously and BankWest is reinvigorating this space and leading the charge once again."
"We know that Australians want to save, but many think that saving for a goal is just too hard. By offering 8 per cent interest p.a, this is our chance to show that we are committed to offering people a better deal.
"The foundation to building wealth is getting into a regular savings habit and Regular Saver provides people with the opportunity and incentive to save for a goal over a 12 month period," he said.
"This is a fantastic product for people looking for a faster way to build a deposit for a mortgage or for a personal goal such as a holiday," he said.
In a further effort to help Australians save the BankWest Regular Saver Account is free from account fees.
Regular Saver is another example of market-leading saving products from BankWest. In 2004 BankWest launched the market-leading TeleNet Saver Account at 6 per cent p.a. (still currently market leading at 6.8 per cent p.a).
InfoChoice - a leading independent information provider for financial and investment products and services - has today endorsed the BankWest Regular Saver Account as a great offer for consumer serious about starting to save and improving their financial position.
Denis Orrock, General Manager of InfoChoice said "The BankWest Regular Saver account offers consumers a true savings plan, paying the highest return in the market for an achievable plan. With a reasonable min deposit each month of $50 required the Regular Saver delivers high yield returns to the average Australian and this can only be a good thing."
Customers receive the 8 per cent p.a. interest on the Regular Saver account, paid monthly, when they:
- Deposit between $50 and $500 in that month
- Make no withdrawals during that month
- Link the account to another eligible BankWest account
On the anniversary of the account opening the balance of the Regular Saver account will be automatically swept to the customer's eligible linked account and the savings process starts again.
For more information on the Regular Saver visit www.bankwest.com.au
