Bankwest TeleNet Saver

Bankwest TeleNet Saver

Maximum Variable Rate

3.50

Standard Variable Rate

2.25

An online high interest savings account that offers a special introductory rate.

  • 24/7 phone and online access to your account
  • No monthly account keeping fees
  • $0 minimum monthly deposit

Product details

The Bankwest Telenet Saver is an online savings account which offers a 4 month introductory rate with no minimum monthly deposit for all new Telenet Saver customers (so you can’t have already held a Telenet Saver before). After the 4 months has passed, the interest rate will revert to the standard variable rate. Read on to find out more.

An award winning savings account with competitive introductory rate. Make sure you consider linking this account to a competitive everyday account too.

Features and benefits  of the Bankwest Telenet Saver

  • Bankwest has also been awarded Money magazine’s ‘Money Minder of the Year’ for 6 out of the 7 past years, including 2014
  • Linked transaction account. Since this is an online account, you'll need to link the Bankwest TeleNet saver to an everyday bank account you hold with any Australian financial institution (including Bankwest). If you would like to open a transaction account from Bankwest, you may also be interested in the Bankwest Easy transaction account.
  • Introductory interest rate. The promotional interest rates on most online savings accounts are usually only for three or four months, but Bankwest will reward you for opening a TeleNet Saver for 4 months. You are rewarded with an interest rate of 3.50% p.a. for the full 4 months to help you kick start a long term savings goal, reach a medium term goal or simply be rewarded as you learn helpful savings habits.
  • Revert rate. Goes to variable Standard Rate after 4 months, now 2.25% p.a.
  • Availability. The introductory bonus variable interest rate is only available to new TeleNet Saver customers.
  • No fees. $0 account-keeping fee for your online savings account. There are no fees to open a TeleNet Saver account and you will not be charged for deposits, statements or to check your balance in internet banking.
  • 24/7 access. Access to your savings via online banking any time of the day or night.
  • Minimum opening balance. $1 minimum opening deposit.
  • Maximum balance that bonus rate applies. $5,000,000 maximum investment.
  • Interest calculated daily and paid monthly. Another way an online high interest savings account can benefit you is the fact that it encourages you to make regular deposits because it boosts your interest if you do. Having interest calculated daily means that each day your balance increases, so too does the amount of interest you earn.
Pros
  • $0 monthly fee.
  • $1 opening balance required.
Cons
  • Only new customers can avail the special intro rate.

How to apply for a TeleNet Saver

If you would like to apply or find out more information about this account, please click on the secure link available on this page. You can save your online application and come back later. If you run out of time or need to attend to something else, Bankwest cans save your application so you don't have to start at the beginning when you return.

Eligibility
  • You're at least 12 years old
  • You agree to be contacted by Bankwest
  • You agree to the terms and conditions of the product
  • You're an Australian permanent resident or citizen
Handy information
  • You'll need two forms of ID, including Driver's Licence, Medicare Number, Passport, Australian Birth Certificate
  • Details of your linked account (BSB and account number) of you existing Australia transaction account
  • Sufficient funds in your linked account as an opening deposit for your new Telenet Saver.
  • Tax File Number
What happens after I apply?

You will get an immediate response, this helps you know that your application has been approved and your online savings account is ready and waiting for you to make your next contribution.

How long do transfers take?

From non-Bankwest accounts please allow between 1-3 business days. From Bankwest account, transfer should occur instantly.

If I make any withdrawals will it affect the bonus interest rate?

No the introductory bonus interest applies regardless if you make withdrawals. After the introductory period the interest rate will revert back to the variable interest rate.

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313 Responses to Bankwest TeleNet Saver

  1. Default Gravatar
    Carmen | November 4, 2014

    Hi,
    My name is Carmen and I am interested in opening a Telenet saver with you.
    Just one question. Is there any fees for withdrawals ?
    Thank you

    • Staff
      Shirley | November 5, 2014

      Hi Carmen,

      Thanks for your question.

      All withdrawals for the Bankwest telenet saver are done through your linked account. Bankwest doesn’t charge a fee for this, but be mindful that fees may apply to your linked account.

      Cheers,
      Shirley

  2. Default Gravatar
    | October 29, 2014

    How long does it take to open this account and be able to start transferring money into the Savings account?

    • Staff
      Shirley | October 29, 2014

      Hi Ingrid,

      Thanks for your question.

      If all goes well with your application, your account is usually set up immediately. It will take about 2-3 business days for the funds to appear in your account if you’ve set up an initial transfer.

      Cheers,
      Shirley

  3. Default Gravatar
    | October 29, 2014

    Hi there, is it correct that I can also make withdrawals without loosing the intro maximum interest rate of 3/75%?

    Regards,
    Ingrid

    • Staff
      Shirley | October 29, 2014

      Hi Ingrid,

      Thanks for your question.

      Yes that’s correct. The bonus interest is going for the first four months.

      Cheers,
      Shirley

  4. Default Gravatar
    Robyn | October 1, 2014

    Hi, can you please advise whether a withdrawal is transferred into the linked account same day. Thanks

    • Staff
      Shirley | October 1, 2014

      Hi Robyn,

      Thanks for your question.

      Unfortunately it depends on the financial institution that holds your everyday account. Please allow 1-3 business days for the funds to appear.

      Cheers,
      Shirley

  5. Default Gravatar
    Ingrid | September 28, 2014

    Will I still earn the bonus interest when I withdraw from the account?
    No minimum monthly deposits that I have to make?

    • Staff
      Elizabeth | September 29, 2014

      Hi Ingrid,

      Thanks for your question.

      You will still earn the bonus interest rate when you make withdrawals from your Bankwest TeleNet Saver account as there is no minimum required balance. There is also no minimum monthly deposits that you are required to make.

      Thanks,

      Elizabeth

  6. Default Gravatar
    Mark | September 23, 2014

    Hi guys
    I have one million dollars to invest. Is there a minimum investment period for this offer? Say I invest for 4 months at the introductory offer of 3.9% and then withdraw my funds to purchase a property. Is there a penalty?

    Regards Mark

    • Staff
      Marc | September 24, 2014

      Hi Mark,
      thanks for the question.

      There’s no minimum amount of time you need to invest in this account. You will not be penalised for taking your money out of this account.

      I hope this helps,
      Marc.

  7. Default Gravatar
    Phyll | September 22, 2014

    when does bonus variable rate apply

    • Staff
      Marc | September 23, 2014

      Hi Phyll,
      thanks for the question.

      You’ll receive the bonus variable rate for four months if you’re a new customer, regardless of deposits or withdrawals made during each month.

      I hope this helps,
      Marc.

  8. Default Gravatar
    Tony | August 4, 2014

    Hi…. thinking about a large deposit into a Bankwest telenet saver account. Is my money and Bankwest covered by the Australian Government Guarantee Scheme for Large Deposits

    • Staff
      Marc | August 5, 2014

      Hi Tony,
      thanks for the question.

      This is correct. Bankwest is covered by the government guarantee of $250,000 per institution per person.

      I hope this helps,
      Marc.

  9. Default Gravatar
    Helen | August 3, 2014

    can you please explain the bonus variable rate

    • Staff
      Marc | August 4, 2014

      Hi Helen,
      thanks for the question.

      The bonus rate for this account applies for four months. During this time you don’t need to make regular deposits and there are no withdrawal limits. After the four months is finished you’ll earn a rate of 2.70%p.a.

      I hope this helps,
      Marc.

  10. Default Gravatar
    Gail | August 1, 2014

    I have $240,000 to invest in a term deposit – I am very interested in your 4.09% offer for 4 months but am wondering if I am expected to keep my money with you at the end of the 4 months. Do I need to make regular deposits to get the 4.09% or can I get it just on the initial deposit? As the interest is my only income I need to find the best interest rate I can, and it needs to be at least 4%pa.

    • Staff
      Marc | August 4, 2014

      Hi Gail,
      thanks for the question.

      There are no regular deposits required, nor are you required to keep the account once the four month period ends.

      I hope this helps,
      Marc.

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