BankWest has added another sweetener to its BankWest TeleNet Saver by offering a new variable promotional rate tier of 8.25 per cent p.a, Australia's highest variable online rate.
The new promotional rate is a part of BankWest's Happy Banking initiative and goes head to head with other online savings accounts making BankWest's TeleNet Saver one of the best online savings accounts in the market.
BankWest Retail Division Chief Executive Ian Corfield said BankWest was still focussed on growing its business through customer acquisition and increasing market share and the bank's TeleNet Saver was a proven performer in attracting customers.
"The BankWest TeleNet Saver is a clear leader and a must for anyone to consider if they want to park their cash and get an excellent interest rate," Mr Corfield said.
"2008 is the year of the saver. With uncertainty about the economy, volatility in the stock market and 15 year highs in deposit rates it's a good time to consider the benefits of having a cash nest egg, tucked away in a high interest account."
"Australian's savings have been in decline since the 1970s and the last time savings deposit rates were as high as current levels was in the early 1990s when the household savings ratio was above 5 per cent - today, it's only at around 1 per cent."
BankWest's TeleNet Saver was originally launched in 2004 and offered 6.0% p.a. compared with the current variable promotion rate offering 8.25% p.a. paid until 1 January 2009.
For those with a little more to invest, BankWest has also increased the $1 million maximum investment limit, applicable during the 12 month introductory period, to $5 million. The account has been awarded Money magazine's Best Online Savings Account for three years running.
The BankWest TeleNet Saver promotional rate is available to new customers from 01 May 2008 for a limited time only. For existing customers, the promotional rate will be paid on additional funds deposited above their account balance as at 30 April 2008. The promotional rate applies from 01 May 2008 and will be paid until 01 January 2009 on balances up to $5 million per customer.
The new promotional TeleNet Saver rate is the third offer to launch under BankWest's new Happy Banking initiative. This includes the BankWest Rate Tracker as its centrepiece offering with a home loan interest rate a full one per cent lower than the average standard variable rate of the big four banks, and the BankWest Zero Transaction account offering no transaction fees including other bank ATM fees .
Business, superannuation and trust fund owners can also benefit from the increase with the BankWest Business TeleNet Saver increasing by 20 basis points to 7.60% p.a., effective Monday 5th May 2008.This makes the BankWest Business TeleNet Saver a market leader for this type of product. The account is simple to open, has no fees and the rate is applicable to the entire balance for both new and existing customers.
The suite of products, with more to follow in 2008, continue to position BankWest as offering customers increased competition and more banking choices than they have ever had before in Australia.
To apply for a BankWest TeleNet Saver, apply online or phone 133 919.
