BankWest has again raised its deposit rates in a bid to encourage customers to save more by offering a market leading 10 per cent p.a. on its Regular Saver account and increasing its TeleNet Saver promotional rate by 0.25 bps.
The BankWest Regular Saver account was launched last year as the first in a line of new products introduced in conjunction with the bank's rollout of its 160 stores on the east coast over three years.
BankWest Head of Mortgages and Savings Paul Vivian said the bank's Regular Saver account had proven immensely popular with customers and aimed to get Australians into a consistent saving pattern.
"The flip side to increasing interest rates is the increase in deposit rates and we felt it was time to really up the incentive on savings accounts," Mr Vivian said.
"A savings account offering 10 per cent is unheard of in Australia and it's very rare for consumers to see this," he said.
"BankWest is still focused on leading Australian banking when it comes to savings and mortgage products and this product offers some very serious competition to the major banks."
Customers receive the 10 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.
BankWest has also increased the interest rate offering on its TeleNet Saver product with the new promotional rate at 8.5 per cent p.a. making it Australia's highest variable online rate
"Customer acquisition is still a key part of our strategy and with products like Regular Saver and TeleNet Saver, we are offering customers a real incentive to place their cash with us," Mr Vivian said.
For those with a little more to invest, BankWest has also increased the $1 million maximum investment limit on TeleNet Saver, 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.
