Savings champion BankWest has announced that once again it will pass on the cash rate rise to customers with its TeleNet Saver and Business TeleNet Saver increasing more than the 25bps cash rate increase.
Effective Friday 8 February 2008, both the TeleNet Saver 12-month variable introductory rate (available to new customers only) and the Business TeleNet Saver will increase by 30bps. The TeleNet Saver ongoing rate will increase by 25bps, paying a high 7.00 per cent interest.
Announcing the rate increase, BankWest Retail Chief Executive Ian Corfield said it would be welcome news to all Australians trying to put money aside in 2008.
"In the current volatile market, cash is a safe haven for those who are trying to build or protect a nest egg for whatever purpose," Mr Corfield said.
"It's been a long time since cash rates were looking this good and with a rate of up to 7.5 per cent p.a. for retail investors it is an opportune time for any Australian to give their savings plan a kick start."
Small business owners with seasonal cash surpluses and investors in self-managed superannuation can also take advantage of the interest rate rise, with Business TeleNet, a savings account designed for DIY superannuation funds and small to medium enterprise businesses paying a market-leading 7.15 per cent p.a.
