Bankwest today launched a new branch-based "Solid Gold Saver" account with a competitive variable rate of 4.00%p.a. for customers who prefer faceto-face contact in a branch rather than banking on the internet.
While Bankwest remains an innovator with a range of market leading on-line products that regularly garner industry awards, "Solid Gold Saver" is a "back to basics" offering aimed at less-tech savvy customers.
Bankwest Head of Mortgages and Savings Paul Vivian said many people who were less comfortable accessing on-line accounts would benefit from depositing their money in a high interest account linked to a branch.
"While all Bankwest products are rock solid and secure with all deposits up to $1 million backed by the Federal Government's Deposit Guarantee Scheme, we find many customers over 50 are not as comfortable using the internet and computers as younger people," Mr Vivian said.
He said independent research commissioned* for Bankwest revealed that 69 per cent of retirees rate financial security as "very important" - the highest of any age demographic.
An equal number (69 per cent) have more than three months salary set aside for "rainy days" - again the highest of any age demographic.
"There are 6.7 million Australians over the age of 50 who grew up in an era when everyone did their banking in a branch - they remember walking in as a kid and opening their very first account and still prefer face-to-face contact with a person rather than a computer screen.
"Solid Gold Saver rewards these people by offering them a competitive rate, enabling them to do their banking in branch and enjoy the excellent customer services Bankwest is renowned for."
Mr Vivian said Solid Gold Saver's variable 4.00%p.a. can be earned any month the customer makes no withdrawals. The rate reduces by 1.00%p.a. (variable) for each withdrawal made, to a minimum of 0.00%p.a. before reverting to 4.00%p.a. (variable) the following month. "Customers can of course still view their accounts and deposit online, but they can only make withdrawals in one of our branches, at an ATM or by cheque," Mr Vivian said.
