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.
- Product Name
- Bankwest TeleNet Saver
- Maximum Variable Rate
- 3.75% p.a.
- Standard Variable Rate
- 2.50% p.a.
- Bonus Variable Rate
- 1.25% p.a.
- Introductory / Bonus Offer Conditions
- Introductory rate is valid for first 4 months after account opening and balances up to $5000000.
- Monthly Fee
- Minimum Opening Deposit
- Introductory Interest Period
- 4 month(s)
- Internet Banking
- Internet Transaction Fee
- Phone Banking
- Phone Transaction Fee
- Maximum Deposit
- Joint application?
- Minimum Age Requirement
- Maximum Age Requirement
- No Maximum Age
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person per account)
Things to consider about the Bankwest Telenet Saver
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 Zero transaction account.
- Bankwest has also been awarded Money magazine’s ‘Money Minder of the Year’ for 6 out of the 7 past years, including 2014.
Features of the TeleNet Saver
- 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 3.75% 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 2.50% 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.
- $0 monthly fee.
- $1 opening balance required.
- Only new customers can avail the special intro rate.
How to apply for a TeleNet Saver
If you’ve never held a Bankwest TeleNet Saver and you would like to take advantage of the bonus interest, by clicking ‘apply now’ you’ll be safely redirected to the Bankwest application page.
- Gather your personal and banking details. Make sure you have your own personal details and those of any other account holders if you are opening a joint account. This includes your Tax File Number so you are taxed at the right rate. You'll also need the BSB and account number for your linked account, and the account from which your opening balance will be transferred.
- Sufficient funds. Make sure that sufficient funds are available in your linked account to make your initial deposit transfer. This money could be required on the same day you make your TeleNet application.
- Convenience. 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.
- Instant response. 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.
- Secure application. By following our secure link here you can be sure you are entering your details into a verified Bankwest online form.