Bankwest Smart eSaver Online Savings Account

The Bankwest Smart eSaver online savings account could be just what you need:

• Smart Rate of 5.75% on your savings
• Zero account fees, or government fees
• Withdraw money from your savings account and still earn interest; if in any month you make a withdrawal from your Smart eSaver you’ll still earn a Standard Rate of 4.25% interest that month
• Access your savings account online, and link it to an existing account – an application process which takes just minutes

Until October 2009, Australians had been enjoying a gloriously low interest rate of 3% – the lowest the Reserve Bank of Australia had cut rates to since 1960. With a quarter of a per cent rate rise in October, and another half a per cent rate rise predicted for November, Australians are looking worriedly at their home loans.

However, the banks actually have a number of products and services to help you offset the interest you pay on your home loan; if you don’t already have an offset account linked to your home loan, are locked in and unable to change your home loan contract or are just lucky enough not to be tied to a mortgage, you can take advantage of the rising interest rates, because they’re going up on savings accounts too.

Bankwest Smart eSaver Online Savings Account

Bankwest has a high interest savings account which can offer you up to 4.25% interest on your savings, with no minimum balance required, no fees, and no term to be locked into. Having a Bankwest online savings account means you can check your balance and top up your savings at anytime, without the need to go into a branch, or ruffle through the filing cabinet for your last statement. Your Bankwest Smart eSaver will be activated as soon as your first deposit arrives from your linked account, and anyone over 12 years old can open an account, and be on their way to their savings goal.

The Bankwest Smart eSaver account is particularly suited to teens learning financial responsibility as they are able to earn the higher Smart Rate of 5.75% on their savings each month they don’t make a withdrawal. Since young savers are less likely to need to withdraw emergency funds, they have an added incentive to leave their savings in their account, and at the same time can see the direct result of their actions if they do choose to dip into their savings, earning the lower Standard Rate of 4.25% interest that month. An incentive a lot of adult savers could also learn from.

Reserve Bank of Australia Cash Rate

Each month the Reserve Bank of Australia analyses our spending, our inflation and our overall financial responsibility and decides whether the official cash rate will rise. As mortgage holders hold their breath at the beginning of each month for this announcement, with a Bankwest Smart eSaver account, the predicted interest rate rises in the future could be music to your ears.

Bankwest has guaranteed that their Standard Rate on the Smart eSaver account will be at least the same as the official cash rate set by the RBA, until 30 June 2011. With such a long period of interest rate cuts and inactivity through most of 2009, analysts are predicting the 0.25 increase by the RBA in October is just one of many to come, so you could see the Standard Rate on your Smart eSaver be close to, or more than 4%, as early as the New Year. While Bankwest don’t guarantee their Smart Rate will increase at the same rate, they are committed to remaining competitive with other high interest savings accounts available.

Even though you may be paying more than 4.5% interest on your home loan, taking the opportunity to put your savings to work and offset at least some of the interest you are paying to your mortgage can see you saving thousands of dollars in interest over the life of the loan. So apply now for a Bankwest Smart eSaver account now and invest just a few minutes of your time to take advantage of the current financial market.

Click to Open an account online now and start earning interest with the Bankwest Smart eSaver Savings Account