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 Zero 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 3.75% 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 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.
- 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
- 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.