Bankwest TeleNet Saver

Let’s face it, saving for long term goals like a house, or your retirement can be hard; there are after all so many other purchases you need (and want) to make along the way that you can easily become distracted from your long term savings goals. However, good savings habits are just like any other habit and can be learned, so why not start small and learn to save for the year ahead, while being rewarded for it by using a Bankwest TeleNet Saver account?

• An interest rate of 6.05%p.a. for 12 months after you open the account.
• Goes to variable Standard Rate after 12 months, now 5.25% p.a.
• Rates subject to change.
• New TeleNet Saver customers.
• Fee free use of your online savings account.
• Access to your savings via online banking any time of the day or night.
• No minimum deposit required.
• $5M maximum investment.
• A simple 10 minute online application so you can start saving today.

Are the Features and Benefits of the Bankwest TeleNet Saver For You?

While learning good savings habits can benefit every Australian, an online savings account with rewarding interest rates may not be the way which best suits your learning styles. Therefore, to help you decide if you can benefit from the Bankwest TeleNet Saver account, here are some of the features, and how they could benefit you:

• A high promotional interest rate for 12 months - 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 a whole year. You are rewarded with an interest rate of 6.05%p.a. for the full 12 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.
• Fee free online saving - 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. Plus, if you link to a Bankwest transaction account you won’t be charged for your withdrawals from your everyday account to your savings account, and you won’t have to worry about keeping track of your deposits to stay within the included free transactions for the month.
• At call access to your savings – Unlike a term deposit account where you would have to lock away your savings for six or 12 months to earn the same high interest rate, a TeleNet Saver account allows you to withdraw your funds at any time. You may have reached your savings goal ahead of schedule, or you need some of your funds for an emergency expense, no matter what the reason your savings can be available when you need them via Bankwest Online Banking, and out of sight when you don’t. Having your funds at call also means you can add to them whenever you want too, so if you get a bonus at work, a birthday card full of cash or some luck at lotto then you can grow your savings through your own contributions, as well as your interest earnings.
• 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 calculated on that balance; and instead of having to wait until the end of the month to see the benefits, your increasing interest earnings are added to your balance daily so you are earning compounding interest every day of the month.
• Secure online banking - Bankwest offers an online banking guarantee where they will reimburse you the full amount of any funds you may lose in a fraudulent online banking transaction, as long as you have complied with the security features and product requirements of the online banking system. Therefore as long as you choose a non-obvious PIN and password and if someone fraudulently accesses your funds online, you don’t have to worry about losing any of your savings.

Plan and You Will Succeed

When it comes to using your Bankwest TeleNet Saver account the most time and effort you will have to put in is when you open the account, and even then you can invest less than ten minutes and see the returns in the same day. When you open a new TeleNet Saver you can also nominate an opening balance to be automatically transferred to your online savings account, and set up a regular deposit plan so that in your account preparation, the planning is done, the saving is organised and the success of your savings goal is in sight.

How to apply for a TeleNet Saver:

• 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 you 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.
• 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.
• 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 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.
• You can apply securely online - By following our secure link here you can be sure you are entering your details into a verified Bankwest online form and not a hoax website. You can also travel directly to the online application form through this link to save you more time in your quest to save more money.

Important things you should know: This product is issued by Bank of Western Australia Ltd ABN 22 050 494 454 AFSL 236872. You should consider the Product Disclosure Statement (PDS) and whether the product is right for you at bankwest.com.au or by calling 13 17 18. A $5,000,000 maximum investment limit applies for 12 months from account opening. The Special Introductory Interest Rate reverts to the Standard Interest Rate, currently 4.50%, after 12 months from account opening. Existing TeleNet Saver accounts currently within a 12 month Introductory Rate period are subject to the Special Introductory Interest Rate for the remainder of the period. Rates subject to change at any time (including while you hold the account).

.

Read the official terms and conditions

Related posts:

1. Bankwest Business Telenet Saver
2. Bankwest Telenet Saver – A Savings Account with High Rates
3. Bankwest Telenet Saver – A Savings Account That Combines High Rates And Online Banking Convenience
4. Bankwest Telenet – The High Rate, Easy To Manage Savings Account

Top High Interest Savings Accounts

All of these accounts are FREE to open and require no minimum deposit. They all have easy internet banking access with no transaction fees.

Savings Account	Account Details	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Bonus Interest p.a.	Fees	Min Balance/Min Deposit
UBank USaver	High ongoing rate of 5.41% p.a. Deposit $200 monthly to receive a bonus 0.60% p.a, taking this up to 6.01% p.a. Open online.	6.01%	5.41%	0.60%	$0	$0 / $0
Virgin Saver Account	High introductory rate for 4 months to grow savings faster.	5.85%	4.65%	1.20%	$0	$0 / $0
ANZ Online Saver	No min balance and earn up to 6.00% p.a. until 30 June 2012. Online exclusive offer. Apply online by 29 February 2012.	6.00%	4.25%	1.75%	$0	$0 / $0