Bankwest TeleNet Saver

Bankwest TeleNet Saver

An online high interest savings account which offers a special introductory rate

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

Maximum Variable Rate

3.75

Standard Variable Rate

2.50

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.
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
$0
Minimum Opening Deposit
$1
Introductory Interest Period
4 month(s)
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Maximum Deposit
$0
Joint application?
Yes
Minimum Age Requirement
12
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.
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’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.
Back to top Back to top Back to top

Ask a Question

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

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.

  11. Default Gravatar
    tom | July 29, 2014

    hi
    I got account with another financial institute. Can this account be linked to this tele net saver?

    • Staff
      Marc | July 30, 2014

      Hi Tom,
      thanks for the question.

      You can link this account to any Australian everyday bank account. If in doubt that your account is an ‘everyday’ bank account please contact Bankwest for confirmation.

      I hope this helps,
      Marc.

  12. Default Gravatar
    Peter | July 28, 2014

    Can I close the account after 4 months without penalty?

    • Staff
      Marc | July 29, 2014

      Hi Peter,
      thanks for the question.

      There’s no penalty for closing this account once the introductory period ends.

      Cheers,
      Marc.

  13. Default Gravatar
    Daniel | July 25, 2014

    Hi I’m looking for an online account that pays interest on my savings in total , not just the amounts I deposit each month.

    Thanks

    Dan

    • Staff
      Marc | July 25, 2014

      Hi Daniel,
      Thanks for the question.

      Most high interest savings accounts in Australia (including the Telenet Saver) utilise compound interest, which means that you earn interest on your principal (the amount you invest) in addition to the interest you earn.

      I hope this helps,
      Marc.

  14. Default Gravatar
    Mark | July 23, 2014

    Hi

    How often is the interest calculated and when is it paid.

    Thanks

    • Staff
      Marc | July 24, 2014

      Hi Mark,
      thanks for the question.

      Interest is calculated daily and paid monthly.

      I hope this helps,
      Marc.

  15. Default Gravatar
    Jan | July 22, 2014

    Hi there,

    Can transfers be made directly in to the TeleNet Saver account without going via the linked account? and how long will it take for the transfer to be received in the TeleNet Saver account?

    Thanks.

    • Staff
      Marc | July 22, 2014

      Hi Jan,
      thanks for the question.

      Withdrawals and deposits to and from this account must be carried out through the linked account.

      I hope this helps,
      Marc.

  16. Default Gravatar
    amwndan | July 21, 2014

    Do you have to make regular monthly repayments or can one amount sit there and still get the monthly interest rate.

    • Staff
      Shirley | July 22, 2014

      Hi amwndan,

      Thanks for your question.

      You don’t need to make regular monthly repayments to be eligible for the bonus rate.

      Cheers,
      Shirley

  17. Default Gravatar
    Jill | July 21, 2014

    You mention a rate of 4.3% for the first 4 months but when I click to apply it shows as 4.09%. Can you explain please? Also are company accounts available at the same rates?

    • Staff
      Shirley | July 21, 2014

      Hi Jill,

      Thanks for your question.

      At the moment I’m seeing a rate of 4.09% – can you please confirm that this is the case for you?

      This account is for personal customers only, company accounts would probably have a different interest rate.

      Cheers,
      Shirley

  18. Default Gravatar
    chris | July 19, 2014

    Hi There,
    I represent a school P&C.
    We are looking at investing between $50,000-$100,000 for 4-6 mths.
    Can our P&C invest and get the higher interest rate?
    And can we withdraw all of it at the end of the 4 mths at the end of the high interest if we wish to move it or use it?
    And do we have to have an actual Bank West AC and if so what costs does that involve pls?
    Cheers,
    Chris

    • Staff
      Shirley | July 21, 2014

      Hi Chris,

      Thanks for your question.

      Unfortunately the Bankwest TeleNet Saver is for personal customers only.

      Bankwest offers a separate range of products available for business and trusts which are featured on their website.

      Cheers,
      Shirley

  19. Default Gravatar
    Amanda | July 18, 2014

    What fees are applicable to trf funds in & out of the account?

    • Staff
      Shirley | July 21, 2014

      Hi Amanda,

      Thanks for your question.

      You won’t be charged a fee for online transfers to and from your Bankwest TeleNet Saver through its linked account.

      Cheers,
      Shirley

  20. Default Gravatar
    kat | July 17, 2014

    how do I close the account?

    • Staff
      Marc | July 18, 2014

      Hi kat,
      thanks for the question.

      You can close your Telenet Saver by calling up Bankwest directly. I’ve emailed you their number.

      I hope this helps,
      Marc.

    • Default Gravatar
      Cathy | November 3, 2014

      Hi
      What number do you call to close the account and what are the hours to call?
      Thanks

    • Staff
      Shirley | November 4, 2014

      Hi Cathy,

      Thanks for your question.

      Please see this page for Bankwest’s contact details and hours available to call.

      Cheers,
      Shirley

  21. Default Gravatar
    Herman | July 11, 2014

    What are the requirements for the bonus rate.
    Do I qualify if I already have a business account with Bankwest?

    • Staff
      Marc | July 14, 2014

      Hi Herman,
      thanks for the question.

      To qualify for this rate you must have never held a Bankwest Telenet Saver before.

      Cheers,
      Marc.

  22. Default Gravatar
    AMELIA | June 23, 2014

    hi.
    i am 63 y.o. i would like to open 2 accounts. 1 to deposit my wages forthnightly being able to pay my expenses,bills etc daily or weekly. Another acc with fix rate yearly i.e.deposit 10,000.00.

    how much is the joining fee, internet or phone fee at the moment?

    There is so much info from every bank that is so confusing. Suggest: Should have a site for 60 y.old plain and simple across all banks.??
    thank you kindly. Amy.

    • Staff
      Marc | June 24, 2014

      Hi Amelia,
      thanks for the question.

      Remember that each Telenet Saver requires you to link it to an everyday account. This everyday account will be used to move funds into the Telenet account, so you’ll need to check if there are fees for this. There is no joining fee for this bank account, but there are some fees for phone and internet banking which I’ve emailed you about.

      Cheers,
      Marc.

  23. Default Gravatar
    Bel | June 7, 2014

    If I deposited $100,000 into this account and then was required to take some of the money out in the second month what would the implication be. For Example how does this effect the interest earned, is there a fee for withdrawing and how much is it?

    • Staff
      Marc | June 10, 2014

      Hi Bel,
      thanks for the question.

      This account has no penalties for withdrawing. If you withdraw funds you’ll continue to earn the relevant interest rate.

      Cheers,
      Marc.

  24. Default Gravatar
    Mary | May 1, 2014

    Re TeleNet Saver : If any funds are removed in any month is there any loss of interest on the remaining money in that month

    • Staff
      Marc | May 1, 2014

      Hi Mary,
      thanks for the question.

      The Telenet Saver doesn’t reduce your interest if you withdraw funds during any month.

      Cheers,
      Marc.

  25. Default Gravatar
    Kyle | April 17, 2014

    after funds have been deposited, what is the waiting period until they will be available?

    • Staff
      Marc | April 17, 2014

      Hi Kyle,
      thanks for the question.

      This will depend on the institution which you send the funds from, and when in the day you send them. If you’re transferring from a Bankwest transaction account to the TeleNet Saver, this will happen automatically.

      If you’re transferring from another institution this could take a couple of days, but if you transfer before 4pm AEST funds should arrive in your account the next day.

      I hope this helps,
      Marc.

    • Default Gravatar
      maria | April 28, 2014

      I currently have a Bankwest Zero credit account, therefore am I eligible as a new customer for the introductory promotion of the new Telenet Saver account for the 6 months period maximum variable rate of 4.30% if I have never had this type of account before?

    • Staff
      Marc | April 29, 2014

      Hi Maria,
      thanks for the question.

      This introductory offer is available to those who have never held a Bankwest Telenet Saver in the past before.

      I hope this helps,
      Marc.

  26. Default Gravatar
    Barb | April 16, 2014

    Hi,

    Can I open an account under SMSF?
    Thanks

    • Staff
      Marc | April 17, 2014

      Hi Barb,
      thanks for the question.

      Unfortunately you can’t open an account and use it with an SMSF. There are separate SMSF savings accounts which you might want to compare.

      Cheers,
      Marc.

  27. Default Gravatar
    Don | April 14, 2014

    Is there any penalty for withdrawing all funds before 6 months is up?

    • Staff
      Marc | April 14, 2014

      Hi Don,
      thanks for the question.

      There’s no penalty for withdrawing your funds within this time period.

      Cheers,
      Marc.

  28. Default Gravatar
    sCARLETT | April 7, 2014

    IS THE ONLINE APPLICATION THE ONLY WAY TO SUBMIT ALL THOSE PERSONAL DETAILS? – IE CAN IT PARTLY BE SUBMITTED BY FAX OR IN BRANCH?

    • Staff
      Marc | April 7, 2014

      Hi Scarlett,
      thanks for the question.

      You can also provide these details over the phone or by visiting a branch.

      I hope this helps,
      Marc.

    • Default Gravatar
      sCARLETT | April 7, 2014

      okay great. thanks. Does this mean THE WHOLE APPLICATION can be done over phone/in branch? OR, merely the updating of all info required and a partly completed application form?

      Could you please explain what “Covered by Government Guarantee?” means?

      AND as we will be depositing more than $250,000 into account. (Would a joint account mean its $250,000 per person if it was a $500,000 amount deposited? – OR would we be better off opening two accounts each with $250,000?)

    • Staff
      Shirley | April 9, 2014

      Hi Scarlett,

      Thanks for your question.

      The whole application can be done over the phone or in-branch. It’s probably best to go into a branch for this.

      In the case of joint accounts, each account holder is entitled to an individual government guarantee up to $250,000.

      Cheers,
      Shirley

  29. Default Gravatar
    Kaz | April 2, 2014

    Have existing account with Bank of QLD which runs out in the next couple of days.Said we would like to close account and open Tele Net Saver account with you.She said that the only way we can access our money is by bank cheque as we do not have on line account with them.Please advise what we need to do.

    • Staff
      Marc | April 3, 2014

      Hi Kaz,
      thanks for the question.

      The Telenet Saver requires all funds moving into and out of the account to be done so through a linked everyday account (you specify this account after opening the Telenet Saver), so you would need to deposit this cheque with the institution your linked account is with, and then move the funds across to the Telenet Saver.

      I hope this helps,
      Marc.

  30. Default Gravatar
    gina | April 2, 2014

    Your online application form seems to require a lot of personal information, tax file no., bank details, that I would rather not complete on line without verifying where the info is going to. Is there a way of confirming who you are?

    • Staff
      Marc | April 3, 2014

      Hi Gina,
      thanks for the question.

      The application form is hosted and offered completely by Bankwest themselves. You can confirm the legitimacy of this application form by calling Bankwest directly at any time.

      I hope this helps,
      Marc.

  31. Default Gravatar
    Leo | April 2, 2014

    Are Super funds able to open this account and Is the interest paid monthly

  32. Default Gravatar
    sandi | April 1, 2014

    does this account have an eftpos card attached,
    fee free ?
    thankyou

    • Staff
      Marc | April 2, 2014

      Hi Sandi,
      thanks for the question!

      This account doesn’t allow ATM access. Instead, you must link it to an Everyday account to access your funds. It charges no account fees.

      I hope this helps,
      Marc.

  33. Default Gravatar
    Garry | March 31, 2014

    Is this 6mth offer available to self managed super funds

  34. Default Gravatar
    Jan | March 21, 2014

    Can I open a TeleNet saver account in the name of my Self Managed Superannuation Fund

    • Staff
      Marc | March 24, 2014

      Hi Jan,
      thanks for the question.

      The Bankwest Telenet Saver isn’t available for SMSF accounts, although their Business High Interest Savings Account is available for SMSFs.

      I hope this helps,
      Marc.

  35. Default Gravatar
    | March 19, 2014

    If I was to deposit $150,000 how much interest would I earn in 6 months.
    I would be a new customer as I have never banked with you

    Julie

    • Staff
      Marc | March 19, 2014

      Hi Julie,
      thanks for the question. You can use our savings calculator to work out an estimate of the interest you’d be likely to earn on this amount. If you’re not making regular deposits just remember to set the deposit amount to $0.

      I hope this helps,
      Marc.

  36. Default Gravatar
    | March 12, 2014

    Is the current variable rate for the entire balance up to 5mil or just the first 250k?

    • Staff
      Shirley | March 12, 2014

      Hi Stephen,

      Thanks for your comment.

      It applies to a balance of up to $5 million, not just the first $250,000.

      Cheers,
      Shirley

  37. Default Gravatar
    | March 10, 2014

    I will have $1,8 million to invest. Period need to have on call should I need to purchase a property. What would the best rate be?

    • Staff
      Marc | March 11, 2014

      Hi David,
      thanks for the question.

      Unfortunately as we’re not representatives of Bankwest we cannot tell you what their best rate would be for this balance. I suggest contacting them directly for more information on this investment.

      Regards,
      Marc.

  38. Default Gravatar
    Harrison | March 5, 2014

    Does this account have a annual sweeping feature? Where all the funds are transferred into the joined account.

    • Staff
      Marc | March 6, 2014

      Hi Harrison,
      thanks for the question.

      Unfortunately this account doesn’t have an automatic sweep function, but you can manually move your funds to your everyday account like a regular savings account.

      Cheers,
      Marc.

  39. Default Gravatar
    Angela | February 25, 2014

    I am interested in opening a Telenet saver, can you tell me, does the linked account have to be with Bankwest, and is there a penalty for withdrawing all the money at any time?

    • Staff
      Marc | February 26, 2014

      Hi Angela,
      thanks for the question.

      This savings account can be linked to an everyday account with any Australian financial institution, and there’s no penalty for withdrawing your money.

      Cheers,
      Marc.

  40. Default Gravatar
    Ian | February 12, 2014

    I’d like to open an account for my son, 12.
    Is this a good product for him as a first account?

    • Staff
      Marc | February 13, 2014

      Hi Ian,
      thanks for the comment.

      It’s hard to say what is a good first account for a child to start saving. Generally speaking, a combination of a competitive rate with low fees would make for a good product. Unfortunately I’m not able to give personal advice as to whether this account would suit you.

      Sorry I couldn’t be of more help,
      Marc.

  41. Default Gravatar
    Diane | February 10, 2014

    My daughter, age 15, has a Bendigo Piggy Bank Passbook Account.
    Does this meet criteria of an every day bank
    account for the purposes of the linked account to the Telenet Saver Account?

    • Staff
      Marc | February 11, 2014

      Hi Diane,
      thanks for the question.

      The account in question must be viewed as a transaction account by Bendigo, so you may wish to speak directly to Bankwest regarding this.

      Cheers,
      Marc.

  42. Default Gravatar
    Anna | February 3, 2014

    Hi
    Why is the Telenet saver only for new customers?

    • Staff
      Elizabeth | February 3, 2014

      Hi Anna,

      Thanks for your comment.

      The Telenet Saver account from Bankwest is open to everyone, and you can be a current or new Bankwest customer to open an account. However, the six month variable introductory rate offer is only available to new Telenet Saver customers only. This is probably because Bankwest is using the offer to encourage new customers to apply or for people to switch accounts.

      I hope this helps.

      Thanks,

      Liz

  43. Default Gravatar
    Cathy | January 28, 2014

    How much is the daily maxi withdraw if I want to transfer money from the Telenet Saver Account into my nominated linked account?

    • Staff
      Marc | January 28, 2014

      Hi Cathy,
      thanks for the question.

      The daily withdrawal limit is $2 million for this account.

      I hope this helps,
      Marc.

  44. Default Gravatar
    Ellen | January 27, 2014

    I know I have had a Bankwest account before but cant remember if it was a Telenet Saver. If it wasnt am I eligible to open one now and can you tell me if I had one or not.
    Thankyou
    Ellen

    • Staff
      Shirley | January 28, 2014

      Hi Ellen,

      Thanks for your comment.

      Savingsaccountfinder.com.au is an online comparison service, we’re not affiliated with Bankwest. You’ll need to contact them directly to enquire about whether you had an account or not.

      If you’ve held a Telenet Saver before then you won’t be eligible for the bonus interest but you can open another one if you’d like with the standard variable interest rate.

      Cheers,
      Shirley

  45. Default Gravatar
    tanya | January 23, 2014

    I have over $1M to invest from the sale of my home and looking to invest for only 6 months. Are there any fees/penalties or costs if I withdraw the entire amount after 6 months and close the account??

    • Staff
      Shirley | January 23, 2014

      Hi Tanya,

      Thanks for your comment.

      There are no penalties or fees for closing the account after the 6 months and withdrawing all your funds.

      Cheers,
      Shirley

  46. Default Gravatar
    Christine | January 7, 2014

    I would like to know your term deposit rate for a super fund deposit of $140,000 for approx. 6 months but am flexible about the period depending on the rate offered.

    • Staff
      Shirley | January 8, 2014

      Hi Christine,

      Thanks for your comment.

      Unfortunately at the moment we don’t compare superfund term deposits. If you’d like, you can contact LifeTime Financial who specialise in SMSF planning.

      Cheers,
      Shirley

  47. Default Gravatar
    Barb | January 3, 2014

    If the interest rates increase for savings accounts is this passed on to the telenet saver or is the current rate locked in at 4.30% for 6 months.
    Also. Is there any penalty for withdrawing any amount during the 6 months period ?

    • Staff
      Shirley | January 6, 2014

      Hi Barb,

      Thanks for your comment.

      The standard interest rate is variable, which means that they are subject to change during the 6 months.

      There’s no penalty for withdrawing amounts during this period.

      Cheers,
      Shirley

  48. Default Gravatar
    peter | January 2, 2014

    My company has 100,000 on term deposit with the commonwealth and it matures on the 6/1/2014 their interest rate is quiet a bit lower than yours . Can I transfer funds to TelNet Saver Regards Peter

    • Staff
      Shirley | January 6, 2014

      Hi Peter,

      Thanks for your comment.

      Unfortunately the terms and conditions state that “The accounts are not available to business customers, trustees or superannuation funds.”

      Bankwest have a separate range of products designed for business customers featured on their website that you may want to have a look at.

      Cheers,
      Shirley

  49. Default Gravatar
    Malcolm | January 2, 2014

    My wife and I have both previously invested with Bankwest but currently we have no investments with Bankwest.
    I am the sole trustee of our family trust. Can I open a Telenet saver in the name of our family trust?
    I live at Kogarah 2217.
    What is the nearest branch where I could open the FT account?

    • Staff
      Shirley | January 6, 2014

      Hi Malcolm,

      Thanks for your comment.

      Unfortunately the terms and conditions state that “the accounts are available to personal customers only, aged 12 years or older.”

      The closest Bankwest Branch to your postcode is the Hurstville branch, the Bankwest Telenet Saver can also be opened online.

      Cheers,
      Shirley

  50. Default Gravatar
    Lekha | January 1, 2014

    I would like to open account with your bank. Much appreciated if someone could call me to discuss.

    • Staff
      Marc | January 2, 2014

      Hello Lekha,
      thanks for the comment.

      Unfortunately we’re not Bankwest, but are a comparison service. I’ve emailed you information regarding contacting Bankwest.

      Thanks,
      Marc.

  51. Default Gravatar
    John | December 20, 2013

    I am online now trying to open an account.
    I am at the screen where I do online verification but I online see a link skip electronic ID

    Please assit

    • Staff
      Shirley | December 23, 2013

      Hi John,

      Thanks for your comment.

      Unfortunately finder.com.au doesn’t handle the applications, for all applications enquires please contact Bankwest.

      Cheers,
      Shirley

  52. Default Gravatar
    David | December 20, 2013

    Hi
    Can I open an account for my 93 year old mother, under an Enduring Power of Attorney?
    If yes, what forms are required, and how do I go about it?

    • Staff
      Shirley | December 20, 2013

      Hi David,

      Thanks for your comment.

      The Bankwest Telenet Saver is available for personal customers only.

      Cheers,
      Shirley

    • Default Gravatar
      David | December 20, 2013

      This is for a persona laccount, however it needs to be accessed by me, using an Enduring Power of Attorney to authorise all deposits and withdrawals

    • Staff
      Shirley | December 20, 2013

      Hi David,

      Thanks for your comment.

      Apologies, in that case yes you can open the account with the power of attorney. The best way to open this type of account would be to go into a branch as Bankwest doesn’t state what documents they require on their website.

      Hope this helps,
      Shirley

  53. Default Gravatar
    Alusru | December 20, 2013

    Hi, I used to have a Bankwest TeleNet Saver account a few years back. would I get the bonus interest rate if I open a new account?

    thank you

    • Staff
      Shirley | December 20, 2013

      Hi Alusru,

      Thanks for your comment.

      The bonus interest is only available for new customers that have never opened a TeleNet Saver before.

      Hope this helps,
      Shirley

  54. Default Gravatar
    Rob | December 17, 2013

    Is this TeleNet Saver account available for a Family Trust with joint personal trustees (not a corporate trustee)

    • Staff
      Shirley | December 17, 2013

      Hi Rob,

      Thanks for your comment.

      At the moment the Bankwest TeleNet saver is only available for personal use and cannot be opened as a joint personal trustee.

      Hope this helps,
      Shirley

  55. Default Gravatar
    Claude | December 5, 2013

    Can I use your Telnet Saver a/c for SMSF?

    • Staff
      Shirley | December 6, 2013

      Hi Claude,

      Thanks for your comment.

      The Bankwest TeleNet Saver can only be opened for personal use. Bankwest have a separate range of products designed for SMSFs – please let me know if you’d like me to email you the relevant links.

      Hope this helps,
      Shirley

  56. Default Gravatar
    Anthony | December 2, 2013

    Can you open the account at a branch, deposit a bank cheque and then use on line banking thereafter

    Similarly are you able to close the account at branch level and accept a bank cheque

    • Staff
      Marc | December 3, 2013

      Hello Anthony,
      thanks for the question.

      You can open a TeleNet Saver at a Bankwest branch. It should be noted that all transfers in and out of this account occur through whatever account you link with this account, not the TeleNet Saver directly. This means if you’d like to deposit a cheque into the account you’d need to do this through the account you link to it, so it would depend on the institution your linked account is with.

      I hope this helps,
      Marc.

  57. Default Gravatar
    Sam | November 28, 2013

    I have started the online app – it asks for 2 pieces of ID? A UK passport and UK drivers license sufficient? Pls. reply ASAP

    • Staff
      Shirley | November 29, 2013

      Hi Sam,

      Thanks for your comment.

      You can provide the following documentation; Driver’s Licence, Medicare, Passport, Australian Birth Certificate.

      Hope this helps,
      Shirley

  58. Default Gravatar
    Vivien | November 27, 2013

    If a withdrawal is made at any time wouold we lose our interest or be charged for that month?

    • Staff
      Shirley | November 27, 2013

      Hi Vivien,

      Thanks for your comment.

      You won’t lose the interest or be charged if you make withdrawals, the bonus interest is for the first 6 months only if you’re a new Bankwest customer.

      Hope this helps,
      Shirley

  59. Default Gravatar
    Sam | November 23, 2013

    1. Please can you confirm the number of times (per month) that I can withdraw from the Telnet Saver. If there are restrictions – is there a bank charge? Is it immediately accessible to withdraw…

    2. Also is there a daily limit to the amount that I can withdraw?

    Thank you

    • Staff
      Shirley | November 23, 2013

      Hi Sam,

      There are no limits to the amount of withdrawals you can from your TeleNet Saver, but please keep in mind that transfers can take up to 3 working days. Your daily transfer limit out of your Bankwest TeleNet Saver is $10,000. If you wish to change this you can do so by contacting Bankwest.

      Cheers,
      Shirley

  60. Default Gravatar
    Graeme | November 21, 2013

    I am considering opening a Telenet Saver Account. Your application requires me to provide my Tax File number. I have no problems providing this but I have concerns providing it over the internet. Is there an alternative form or office where this information can be provided.

    • Staff
      Marc | November 21, 2013

      Hello Graeme,
      thanks for the question.

      You can apply either over the phone or by going into a Bankwest branch. I’ve emailed you more information.

      Cheers,
      Marc.

  61. Default Gravatar
    Sam | November 21, 2013

    When I open the actual account are the funds automatically taken from the linked ac (the ac which I give the BSB and ac no) OR do I need to do a wire transfer to the savings account… how do I move the funds to the new Bankwest Telenet Saver? Pls advise, thanks you

    • Staff
      Shirley | November 21, 2013

      Hi Sam,

      Thanks for your comment.

      To open your account you’ll need to make an opening deposit using your linked account. When the account has been created you’ll be given the BSB and account number of your Bankwest Telenet Saver, and then you use those details to transfer money in and out from your linked account.

      Hope this helps,
      Shirley

    • Default Gravatar
      Sam | November 22, 2013

      Doesn’t help 100% Shirley. If the daily limit is $10K on the current account, how else can a transfer be done in one transaction if the amount is in excess of $10K? Can I wire transfer the money to the new Telnet Esaver account? Pls. advise, thk you

    • Staff
      Shirley | November 22, 2013

      Hi Sam,

      Thanks for your comment.

      You’ll need to register for SMS Code with Bankwest first, then if you require a higher limit than $10,000 to complete your transaction, please call Bankwest for assistance.

      Cheers,
      Shirley

    • Default Gravatar
      Sam | November 23, 2013

      This still doesn’t clarify. I have been forwarded a copy of the terms & conditions to the Telnet saver… I am lead to believe that the funds are automatically taken from my Linked Account by Telnet…. I do not presently have any accounts with Telnet – so getting authorisation above 10K is surely with my own bank?

    • Staff
      Shirley | November 23, 2013

      Hi Sam,

      When you open a Bankwest TeleNet, you’ll be prompted to a link an everyday account with this account which is called your ‘linked account’. When you complete the application you’ll also be asked to deposit funds from your linked account into your TeleNet Saver so you can activate your Telenet Saver.

      If you’re transferring funds into your Bankwest Telenet saver then it’s the authorisation from your own bank. If you’re transferring funds out of your Bankwest Telenet Saver then it’s Bankwest’s authorisation.

      Cheers,
      Shirley

  62. Default Gravatar
    ANDY | November 19, 2013

    Hi.

    Is the interest rate of 4.3% still advertised as from the date today and what date will the interest be added?
    I have 545k to put in.

    Thanks

    • Staff
      Shirley | November 19, 2013

      Hi Andy,

      Thanks for your comment.

      I’ve taken this from the PDS – “Interest is paid monthly to the account and is calculated up to and paid on the first business day of the following month.”

      Hope this helps,
      Shirley

  63. Default Gravatar
    Geoff | November 19, 2013

    What is the maximum daily withdrawal limit applicable to this account?

    • Staff
      Shirley | November 19, 2013

      Hi Geoff,

      Thanks for your comment.

      I’ve taken this from the Bankwest Telenet Saver PDS – “The maximum aggregate amount of Linked Account Transfers to your Linked Account which you may instruct us to make on any business day is $2 million.”

      Hope this helps,
      Shirley

  64. Default Gravatar
    Jenny | November 16, 2013

    can we withdraw money when we need to.

    • Staff
      Shirley | November 18, 2013

      Hi Jenny,

      Thanks for your comment.

      To withdraw money from your Bankwest Telenet Saver you will need to transfer the funds into your linked account and then withdraw the funds from your linked account. Please be mindful that it may take up to 3 business days for the funds to appear in your linked account.

      Hope this helps,
      Shirley

  65. Default Gravatar
    kit | November 13, 2013

    Hi.

    If I withdraw all the funds I have deposited in the TeleNet Saver after 6 months are there any charges. For instance to close the account.

    Thanks Kit

    • Staff
      Shirley | November 14, 2013

      Hi Kit,

      Thanks for your comment.

      There’s no fee for closing the account, to close your account please contact Bankwest.

      Hope this helps,
      Shirley

  66. Default Gravatar
    MARGARET | November 13, 2013

    Hi,

    Is this offer open to SMSF please

    Regards

    Margaret

    • Staff
      Shirley | November 13, 2013

      Hi Margaret,

      Thanks for your comment.

      Unfortunately, the Bankwest TeleNet Saver cannot be opened as a SMSF.

      Hope this helps,
      Shirley

  67. Default Gravatar
    Robyn | November 12, 2013

    Hello, I’m interested in signing up for a new account. My question is: will you continue to pay interest monthly when withdrawals occur within the month?

    • Staff
      Shirley | November 13, 2013

      Hi Robyn,

      Thanks for your comment.

      You’ll still receive the bonus interest within the first 6 months if you make withdrawals and if you meet the other eligibility criteria.

      Hope this helps,
      Shirley

  68. Default Gravatar
    Ole | November 12, 2013

    what is your rate for Business deposits

    • Staff
      Shirley | November 13, 2013

      Hi Ole,

      Thanks for your comment, I’ve emailed you about your request.

      Cheers,
      Shirley

  69. Default Gravatar
    John | October 31, 2013

    I had a telenet saver account with you in the past but closed it. Can I open a new telenet saver and qualify for the 6 month introductory interest rate? Thanks for your advice.

    • Staff
      Shirley | October 31, 2013

      Hi John,

      Thanks for your comment.

      Unfortunately the introductory bonus interest is only available for customers that have never held a Bankwest Telenet Saver before.

      Hope this helps,
      Shirley

  70. Default Gravatar
    Silvia | October 25, 2013

    My mother is in a nursing home and I have her power of attorney. She has banked with the Commonwealth for 50 plus years. As she is a pensioner, she is TFN exempt.I tried opening a Telenet saver for her but I stopped once I got to the question about entering your TFN. There wasn’t an option for TFN exempt.

    Is there a way I can still open an account for her?

    • Staff
      Shirley | October 25, 2013

      Hi Silvia,

      Thanks for your comment.

      You can still apply her TFN to the Bankwest TeleNet Saver.
      If there’s no option during the application process, after you’ve opened the account you can contact Bankwest in person or phone to apply the TFN.

      Hope this helps,
      Shirley

  71. Default Gravatar
    barry | October 18, 2013

    I am returning to OZ next year and have a current account with Bankwest which I can no access online as it has been inactive for years . Can I transfer funds from uk to the telenet saver account and how much do you charge for receiving the funds . I will no doubt have the disgusting transit fee iof about $25 too !!

    • Staff
      Shirley | October 21, 2013

      Hi Barry,

      Thanks for your comment.

      It may be a good idea to activate your Bankwest Telenet Saver first – an inward foreign deposit fee of $10 may apply.

      Hope this helps,
      Shirley

  72. Default Gravatar
    John | October 7, 2013

    Is this account for SMSF

    • Staff
      Shirley | October 7, 2013

      Hi John,

      Thanks for your comment.

      The Bankwest Telenet Saver is available for personal customers only.

      Cheers,
      Shirley

  73. Default Gravatar
    Ross | September 17, 2013

    Hi,

    How is interest calculated on this account?

    • Staff
      Shirley | September 18, 2013

      Hi Ross,

      Thanks for your comment.

      Interest is usually calculated by this formula: Daily closing balance/365 x Interest rate/100.

      Hope this helps,
      Shirley

  74. Default Gravatar
    Mel | September 12, 2013

    Hi, I have a telenet saver acct, am i able to have my employer deposit funds directly or do i need to constantly transfer it through my linked account?

    Thank you

    • Staff
      Shirley | September 12, 2013

      Hi Mel,

      Thanks for your comment.

      Yes this is possible, though you need to ensure with your payroll officer that the transaction is direct credit.

      Hope this helps,
      Shirley

  75. Default Gravatar
    Raphael | September 1, 2013

    Will I earn the full 4.3% p.a. if I withdraw my account after 6 months.

    • Staff
      Shirley | September 2, 2013

      Hi Raphael,

      Thanks for your comment.

      Yes, you can still earn the maximum variable rate if you withdraw the funds after 6 months.

      Cheers,
      Shirley

  76. Default Gravatar
    Frank | August 16, 2013

    Need more information on how the “bonus interest rate” works with this product.

    • Staff
      Shirley | August 16, 2013

      Hi Frank,

      Thanks for your comment.

      The bonus interest rate will apply to your account for the first 6 months after account opening for balances up to $5,000,000. You need to have never held a Bankwest Telenet Saver for the bonus interest to apply. After the first 6 months period has passed, then the interest rate will revert back to the standard variable interest rate.

      Hope this clears things up,
      Shirley

  77. Default Gravatar
    mark | August 14, 2013

    Hi,

    Can I open one of these accounts and receive the introductory rate if I am already Bankwest client with a Telenet Saver account?

    • Staff
      Shirley | August 14, 2013

      Hi Mark,

      Thanks for your comment.

      Unfortunately, the bonus offer is only available to customers who have never held a Telenet Saver before.

      Hope this helps,
      Shirley

  78. Default Gravatar
    Ellen | August 12, 2013

    Can this be in a business name? is there a government guarantee for the funds?

    • Staff
      Shirley | August 12, 2013

      Hi Ellen,

      Thanks for your comment.

      The Bankwest Telenet Saver is available for personal customers only. There is an Australian Government Guarantee for the funds which covers you up to $250,000 per person per institution.

      Hope this helps,
      Shirley

  79. Default Gravatar
    Judy | August 11, 2013

    Can electronic funds transfers be made from the telenet saver, and if so what is the maximum limit of each transfer?

    Is it possible to get a bank cheque drawn on the account (e.g. if I wish to put a deposit on a property).

    Thanks

    • Staff
      Shirley | August 12, 2013

      Hi Judy,

      Thanks for your comment.

      Yes you can transfer funds out of the TeleNet Saver. There is a maximum of $2 million per business day.

      There are no cheque facilities with this account, you will need to transfer the money from your TeleNet Saver to your linked account first.

      Hope this helps,
      Shirley

  80. Default Gravatar
    Edward | August 10, 2013

    Can I open more than one Telenet Accounts ?

    • Staff
      Shirley | August 12, 2013

      Hi Edward,

      Thanks for your comment.

      You can open more than one Telenet Saver but the bonus variable interest rate will only apply to the first TeleNet you open.

      Cheers,
      Shirley

  81. Default Gravatar
    Laura | August 5, 2013

    I don’t have an everyday account with bank west but I do with anz, will I still get the interest rate and can I still open a account?

    • Staff
      Shirley | August 5, 2013

      Hi Laura,

      Thanks for your comment.

      Yes you can still open a Bankwest Telenet Saver. You can use your ANZ account as the linked account.

      Cheers,
      Shirley

  82. Default Gravatar
    David | August 2, 2013

    I want to open a high interest account in the name of a company. Can I do this?

    • Staff
      Shirley | August 5, 2013

      Hi David,

      Thanks for your comment.

      The Bankwest Telenet Saver is available for personal customers only.

      Hope this helps,
      Shirley

  83. Default Gravatar
    Dan | July 30, 2013

    Can i make withdrawals each month and not get penalised?

    • Staff
      Shirley | July 30, 2013

      Hi Dan,

      Thanks for your comment.

      Yes, you can make withdrawals with the Telenet Saver and it won’t affect your bonus interest for the first 6 months.

      Hope this helps,
      Shirley

  84. Default Gravatar
    Claire | July 18, 2013

    Hi there, would like to know if there are any fees associated with making withdrawals from this savings account?

    • Staff
      Shirley | July 18, 2013

      Hi Claire,

      Thanks for your comment.

      If you withdraw via online banking, then it is free. Through phone banking you will be charged $1.

      Hope this helps,
      Shirley

  85. Default Gravatar
    Chris | July 16, 2013

    A friend is considering opening a Telenet Saver account. My friend is a Bankwest customer and has had a Telenet Saver account in the past, but does not do so at present.

    Can you please advise if the rate of 4.55% is available to my friend?

    • Staff
      Shirley | July 16, 2013

      Hi Chris,

      Thanks for your comment.

      The bonus variable interest rate is only available for new customers only, that is, you’ve never held a Bankwest TeleNet Saver before.

      Cheers,
      Shirley

  86. Default Gravatar
    Mohammad | July 10, 2013

    Hello :)

    Is this account available for Trusts?

    Many thanks.

    • Staff
      Shirley | July 10, 2013

      Hi Mohammad,

      Thanks for your comment.

      The Bankwest TeleNet Saver is only available to personal customers.

      Cheers,
      Shirley

  87. Default Gravatar
    Maria | July 4, 2013

    Bankwest advertised term deposit 4.8% on April 2013. It was a good rate so I joined the Telenet Saver. When I received the first statement it showed 4.55%. Why was the term deposit rate changed?

    • Staff
      Shirley | July 5, 2013

      Hi Maria,

      Thanks for your comment.

      The Bankwest Telenet Saver is not a term deposit, it is a high interest savings account. A term deposit has a locked rate and won’t change during the time period that you’ve agreed to.

      Please see our page on term deposits.

      Cheers,
      Shirley

  88. Default Gravatar
    john | June 26, 2013

    I understand the intro offer 4.55% for 6 months then 3% standard from there.
    But when/how does the Bonus variable rate 1.55% kick in??

    • Staff
      Shirley | June 26, 2013

      Hi John,

      Thanks for your comment.

      The bonus variable rate kicks in during the first 6 months of opening your account.

      You don’t need to make any particular deposits – it will automatically apply for the first 6 months.

      Cheers,
      Shirley

    • Default Gravatar
      neil | July 28, 2013

      is the telenet saver acct available to SMF

    • Staff
      Shirley | July 29, 2013

      Hi Neil,

      Thanks for your comment.

      The Bankwest Telenet Saver is only available for personal customers only.

      Hope this helps,
      Shirley

  89. Default Gravatar
    Lynette | June 21, 2013

    We have an account, telenet saver account which is about due, can you open another account for the high interest or is that the finish of our 6 months.

    • Staff
      Shirley | June 21, 2013

      Hi Lynette,

      Thanks for your comment.

      If you open another account you won’t be eligible for the introductory rate – this is only available for customers who have never held a Bankwest Telenet Saver before.

      Cheers,
      Shirley

  90. Default Gravatar
    Clare | June 20, 2013

    Is BankWest an ADI (Authorised Deposit-taking Institution)? If not, how would any money I deposited in a Telenet saver account be protected?
    Many thanks,
    Clare.

    • Staff
      Shirley | June 21, 2013

      Hi Clare,

      Thanks for your comment.

      Bankwest is an authorised institution and is covered by the Australian Government Guarantee which means your deposits are covered for up to $250,000 per institution.

      Cheers,
      Shirley

  91. Default Gravatar
    Anna | June 19, 2013

    I have had a telenet saver account in the pas if i open a new account will I get the intro rate for 6 months

    • Staff
      Shirley | June 20, 2013

      Hi Anna,

      Thanks for your comment.

      The introductory variable rate is only available for new customers only – so if you open a new account you won’t qualify for the introductory rate.

      Cheers,
      Shirley

  92. Default Gravatar
    Robin | June 12, 2013

    re your Telenet Saver account. Can I open it as my wife and my DIY Super savings account/ that is as
    Robin & Virginia Wallace-Crabbe ATF RRC & VJ Wallace-Crabbe Super Fund. Please let me know so I may proceed. Thank you, Robin Wallace-Crabbe

    • Staff
      Marc | June 13, 2013

      Hello Robin,
      thanks for the question!

      Unfortunately the Telenet saver is not available with Self Managed Super Funds (SMSFs). Bankwest do offer their Business High Interest Savings Account for SMSFs, although this has a lower interest rate. I’ve sent you further information via email.

      I hope this helps,
      Marc.

  93. Default Gravatar
    Grace | June 9, 2013

    Hi, I have a two main questions. First, is it possible to change to a different TD account after 6 months? If so, will there be any losses? Second, is TeleNet saver the most ideal TD account for students? If not, what other options do you think I should consider?

    • Staff
      Shirley | June 11, 2013

      Hi Grace,

      Thanks for your comment.

      You can only change to a different term deposit account when your term deposit matures, that is, it has reached the timeframe that was previously agreed on with your financial institution. The Bankwest Telenet Saver is a high interest savings account, a different product from a term deposits which you can read more about here.

      If you withdraw funds from a term deposit early there is usually a penalty.

      I’m not in a position to give you personalised advice but I can give you general information: The Bankwest Telenet Saver can be opened by persons over the age of 12. If you meet this and other eligibility criteria then it is possible that this product would be ideal for you. To understand how to compare savings accounts for children, you may want to have a look at this page.

      Cheers,
      Shirley

  94. Default Gravatar
    Mark | May 31, 2013

    can a Pty Ltd business open up a Telenet Saver account and earn 4.55% interest?

    • Staff
      Shirley | May 31, 2013

      Hi Mark,

      Thanks for your comment.

      The Bankwest TeleNet is only available for personal customers aged 12 or over.

      Cheers,
      Shirley

  95. Default Gravatar
    Ross | May 17, 2013

    M father in law lives n Airlie Beach Queensland and has a sum to invest. Can he do it through Commonwealth Bank or does he need to go to a Bankwest branch of which we have none

    • Staff
      Shirley | May 17, 2013

      Hi Ross,

      Thanks for your comment.

      You can apply for the Bankwest Telenet Saver online, by clicking ‘open’ you’ll be safely redirected to Bankwest’s homepage.

      Hope this helps,
      Shirley

  96. Default Gravatar
    Sue | May 17, 2013

    If I make an initial deposit, do I have to make regular further deposits, or can I just leave the money in the account, as is.

    • Staff
      Shirley | May 17, 2013

      Hi Sue,

      Thanks for your comment.

      You don’t need to make regular deposits to maintain this account.

      Cheers,
      Shirley

  97. Default Gravatar
    Dennis | May 14, 2013

    how much of your investment can you withdraw per day

    • Staff
      Shirley | May 16, 2013

      Hi Dennis,

      Thanks for your comment.

      There is a $2 million daily transaction limit for withdrawals and there is a $5 million maximum investment limit for 6 months from account opening.

      Cheers,
      Shirley

  98. Default Gravatar
    George | May 13, 2013

    Do I have to make regular deposits?
    Can I transfer to access my interest to an account other than your bank and how long it needs for the transfer?
    Thank you
    George

    • Staff
      Shirley | May 14, 2013

      Hi George,

      Thanks for your comment.

      You don’t need to make regular deposits for the Bankwest Telenet Saver.

      You can transfer the interest to another account, please allow up to 3-5 business days for the transfer if the account is within Australia.

      Cheers,
      Shirley

  99. Default Gravatar
    frank | May 13, 2013

    to receive 6 month rate , how long a period must you deposit for/?

    • Staff
      Shirley | May 14, 2013

      Hi Frank,

      Thanks for your comment.

      There is no minimum term for the Bankwest Telenet Saver.

      However to reap the full benefits of the introductory period, you may want to consider leaving your deposit for at least six months.

      Cheers,
      Shirley

  100. Default Gravatar
    | May 9, 2013

    Do you guarantee 4.8% interest for the full 6 months
    intro period

    • Staff
      Shirley | May 10, 2013

      Hi Grahame,

      Thanks for your comment.

      You may want to confirm this with Bankwest as rates are always subject to change with any financial product, so it’s important to read the terms and conditions before you apply.

      Cheers,
      Shirley

  101. Default Gravatar
    | May 9, 2013

    Do you offer joint accounts ?
    Can the monthly interest be paid into my account in another bank ?

    • Staff
      Shirley | May 10, 2013

      Hi Grahame,

      Thanks for your comment.

      The telenet saver account can be opened as a joint account (maximum of two people). The monthly interest will be paid into the Telenet Saver account – you can transfer this amount into another account by completing a manual transfer.

      Hope this helps,
      Shirley

  102. Default Gravatar
    | April 28, 2013

    thanks for information. But I am still in UK until I return to OZ later this year . I do have an account at bankwest with a very small balance. Does that mean I do not have to go to a branch and show ID and can transfer funds from UK to my account and then switch it to the savings account ?
    If I return to a small town in NSW , I assume I can not have an account as too far from WA ??
    thanking you

    • Staff
      Shirley | April 30, 2013

      Hi Leonard,

      Thanks for your comment.

      Since you already have an account with Bankwest, you can contact them to apply for the Bankwest Telenet Saver without showing ID. After the account has been established, you will receive a BSB and account number and then you will be able to transfer the funds through. Please keep in mind that there could be an international transfer fee – it’s best to enquire with Bankwest about this.

      Hope this helps,
      Shirley

  103. Default Gravatar
    | April 25, 2013

    I am in UK but will be returning to OZ this year . I still have an account with you but it has a very small balance . Can I open the telenet saver account before I arrive as I have a large amount to transfer from UK ? Also, what protection is offered to savers in OZ as the FSA in UK guarantees deposit up to £85000 ? maybe something similar in OZ .

    • Staff
      Shirley | April 26, 2013

      Hi Leonard,

      Thanks for your comment.

      To open a Bankwest Telenet Saver Account you need to go in-branch to show ID. You will also need a tax file number and a bank account based in Australia. You may want to contact Bankwest explaining your situation and they may allow photocopies of your ID instead.

      Most term deposits are covered by the Australia Government Guarantee of amounts up to $250,000 per person per institution.

      Hope this helps,
      Shirley

  104. Default Gravatar
    | April 23, 2013

    Can you please tell me how long the 4.8% interest promotion for 6 months goes for. I am thinking of opening up an account but need to know the cut off date.

    • Staff
      Jacob | April 23, 2013

      Hi Jackie. Thanks for your question. Currently, this offer has no end date. But, please be sure to keep checking the site to see if the offer changes. Bank and lenders do adjust their rates in line with market fluctuations, and the terms of an offer can change from time to time. Jacob.

  105. Default Gravatar
    Meriem | April 21, 2013

    I am a bankwest customer with a telenet account in joint names with my husband. Can I open one in my name only and link it to an account that is a joint account?

    • Staff
      Marc | April 23, 2013

      Hello Meriem,
      thanks for the question.

      This should be possible, as it says in the Bankwest Telenet terms and conditions: ‘Your Linked Account must be held in Australia by you with any financial institution (including us) and must be:
      • in exactly the same name(s) as your TeleNet account; or
      • if your TeleNet account is in a single name, in joint names one of which is exactly the same name as your TeleNet account.

      I hope this helps,
      Marc.

  106. Default Gravatar
    Alan | March 24, 2013

    Hi,
    Is there a transaction fee applied for me to transfer the money from my current account(NAB) to this Bankwest TeleNet Saver or from Bankwest TeleNet Saver to NAB account?
    Thanks!

    • Staff
      Shirley | April 5, 2013

      Hi Alan,

      If you do this online there will be no transaction fee. If you do this in a NAB branch you will be charged a fee.

      Cheers,
      Shirley

  107. Default Gravatar
    Sue | March 11, 2013

    Is this account government guaranteed?

    • Staff
      Isaiah | March 12, 2013

      Hi Sue,
      thanks for your question,

      Bankwest being a subsidiary of the parent it’s company Commonwealth bank of Australia, this account is covered by the government guarantee.

      This might be a link of interest to you, it is a video by Adrian Barclay who goes through the Financial Claims Scheme / government guarantee and the covered institutions. Click here

      I hope this helps,
      Isaiah

  108. Default Gravatar
    Amy | February 21, 2013

    How do you qualify for the “Bonus Variable Rate”? Eg. Is there a minimum deposit each month?

    Thanks!

    • Staff
      Isaiah | February 22, 2013

      Hi Amy,

      The advertised bonus Variable rate is included within the current introductory rate – which do not need any requirements to be eligible.

      I hope this helps.

      Isaiah

  109. Default Gravatar
    Brian | February 17, 2013

    I was wondering What Type Of savings Account You Have That I Have my wage deposited In But I Have access To The Account Via Debit And visa Card And What Is The Best Rate For This Type Of account It would also Be a Joint account
    Ta
    Brian

    • Staff
      Adrian | February 18, 2013

      Hi Brian,

      The major banks are the providers of these type of savings accounts. Most other savings accounts don’t have Visa cards or direct debits.

      Here is our comparison of savings accounts.

      Cheers, Adrian.

  110. Default Gravatar
    Mike | February 13, 2013

    Hi Staff can you have multiple Telenet accounts if I wanted to seperate my “car fund” and my “holiday fund”?

    • Staff
      Adrian | February 14, 2013

      Hi Mike,

      No, unfortunately there aren’t separate savings buckets for this account. And only your first account will achieve the higher rate.

      All the best, Adrian.

  111. Default Gravatar
    | February 12, 2013

    The problem with opening a savings account with you is that payments from UK are routed through ANZ who charge a fee of about $30 ( big ripoff! ) in addition to your fee of $10 . This is because ANZ is the associate bank of most UK banks but disgusting that in 2013 it is not possible to remit funds direct to you . makes me feel sick ! Your comments please and do you have an associate bank in the UK ??

  112. Default Gravatar
    chris | February 12, 2013

    Can I open this account in joint names and link to a join bank account with Westpac?

    • Staff
      Adrian | February 12, 2013

      Hi Chris,

      Yes this is available for joint accounts using the same online application form. This account can be linked to a Westpac transaction account.

      Cheers, Adrian.

  113. Default Gravatar
    jayda | February 9, 2013

    Hi Adrian

    I’m a little confused after reading some of the questions and answers similar to my question.

    If I were to transfer $30,000 in one transaction from the linked account to one of these Bankwest accounts, would there be a fee payable either to the bank where my linked account is held or to Bankwest?

    And what about vice versa if I transfer the money back to my linked account?

    Regards

    J

    • Staff
      Adrian | February 11, 2013

      Hi Jayda,

      No, there are no fees payable from the TeleNet Saver account when transferring money in or out of the account. Transfers can be of up to $2 million per day.

      Although, I can’t say with certainty whether there will be fees involved with your transaction account, as I don’t know which one you have. Generally online transfers should be free, but might be subject to daily limits lower than $30,000.

      Does this help?

      Cheers, Adrian.

  114. Default Gravatar
    Veronica | February 5, 2013

    Hi
    I would like to set up this account for my baby daughter. She doesn’t have a tax file number. Am I still able to set it up online?

    • Staff
      Adrian | February 5, 2013

      Hi Veronica.

      No, when I called Bankwest customer service, they said that this account can’t be opened for your baby.

      All the best, Adrian.

  115. Default Gravatar
    Sam | February 5, 2013

    I am a ‘temporary’ (long term) resident here in Australia – holding accounts at Westpac. I have a TFN and valid visa etc. Can I open this account?

    Thank you

  116. Default Gravatar
    Joyce | February 1, 2013

    I have had a Bankwest Telenet Saver before in joint names. Am I eligible for the current offer of 4.80 % – 6 mths if I open an account in one person’s name only?

    • Staff
      Adrian | February 1, 2013

      Hi Joyce,

      No, not according to the terms and conditions.

      Cheers, Adrian.

  117. Default Gravatar
    Ange | January 31, 2013

    Can you please tell me the times for clearing money paid into the Bankwest account for availability and how long for payment from Bankwest to other accounts to become available

    • Staff
      Adrian | January 31, 2013

      Hi Ange. Industry standard is same business day if sent before 4pm. Worst case scenario is usually two business days. But this should be a rarity.

      Cheers, Adrian.

  118. Default Gravatar
    kay | January 16, 2013

    What is your best rate for diy super savings

    • Staff
      Adrian | January 16, 2013

      Hi Kay.

      You may want to Google ‘self managed super fund savings accounts’

      Cheers, Adrian

  119. Default Gravatar
    Lara | January 11, 2013

    Hi

    Must you have a BankWest account? Can this be used as a joint savings account linked to both mine and my partner’s own every day accounts?

    • Staff
      Adrian | January 11, 2013

      Hi Lara. You can link from any Australian everyday transaction account. You can only link from one transaction account. You can link from a joint transaction account for example.

      All the best.

  120. Default Gravatar
    damon | January 10, 2013

    I am looking to invest $1,200,000
    is the max government guarantee 250K per person/account?
    if so would you suggest splitting the investment over several high interest accounts?
    also my wife can set up her own accounts if this helps.

    • Staff
      Adrian | January 11, 2013

      Hi Damon. My understanding of the government guarantee is that is a maximum of $250,000 per person per Authorised Deposit-taking Institution (ADI). So, of $150,000 in a CBA account and $150,000 in a Bankwest account under the same individual name, only $250,000 of the $300,000 total will be covered (as Bankwest is a division of CBA and uses CBA’s guarantee).

      Does this make sense?

      If your wife were to invest herself, she would be entitled to her own $250,000 guarantee per ADI.

      Cheers,
      Adrian

  121. Default Gravatar
    Khalid | January 9, 2013

    Re Telenet saver 4.8% interest rate.

    Can a self Manages Super fund open this account.

    Thank you

    Khalid

    • Staff
      Adrian | January 9, 2013

      Hi Khalid. This account is not for Self Managed Super. UBank, RaboDirect and other institutions have such accounts.
      Good luck with your search.

  122. Default Gravatar
    Kevin | January 8, 2013

    How does the Bonus Variable Rate operate?

    • Staff
      Adrian | January 9, 2013

      Hi Kevin. Thanks for your question. The bonus variable is an additional interest rate top up to this savings account for the first six months after account activation.

      All the best.

  123. Default Gravatar
    Kawal | January 1, 2013

    For TeleNet Saver do I get interest if I make any withdrawals?

    • Staff
      Adrian | January 2, 2013

      Hi Kawal. There are no penalties to the rate of interest if withdrawals are made on this account.
      All the best.

  124. Default Gravatar
    Andrew | December 31, 2012

    Money can be taken out or put in and the account will still receive the interest?

    • Staff
      Adrian | January 2, 2013

      Hi Andrew. Thanks for your question. There are no minimum deposits or maximum withdrawals for interest to accrue to your balance.
      All the best.

  125. Default Gravatar
    Geoff | December 15, 2012

    As an existing Telenet Account holder can I take advantage of this 4.80% rate

    • Staff
      Adrian | December 17, 2012

      Hi Geoff. The maximum rate for this account is a six month introductory offer. You can contact Bankwest can ask if that want to match the rate or will allow you to close your existing account and open another one to qualify for the bonus interest rate.
      All the best,

  126. Default Gravatar
    Christie | December 15, 2012

    Hello

    Can I open just this account with you (I do hold other Australian bank accounts), or do I have to have a BankWest transaction account also?

    Thanks

    • Staff
      Adrian | December 17, 2012

      Hi Christie. Thanks for your question. This savings account will link to any existing Australian bank account.
      I hope this helps.

  127. Default Gravatar
    | December 10, 2012

    After account is opened can you change or add link accounts? I may be changing banks/accounts in the future?
    Thanks

    • Staff
      Adrian | December 11, 2012

      Hi Mick. According to the terms and conditions, the linked account can be changed after the Telenet Saver account has been open for at least 30 days.
      I hope this helps.

  128. Default Gravatar
    Stephen | December 9, 2012

    How hard is it to transfer over $100,000 from another bank to these accounts as they have daily transaction limits

    Steve

    • Staff
      Adrian | December 10, 2012

      Hi Stephen. My understanding is that transfers over $10,000 require a $35 fee for telegraphic transfer. You’ll have to call up and fax in an authorisation for this to occur.

      All the best.

  129. Default Gravatar
    Nancy | December 8, 2012

    Hi,

    Can I use this account to pay my bill?

    Kind Regards

    Nancy

    • Staff
      Adrian | December 10, 2012

      Hi Nancy. Online savings accounts usually don’t allow for bill paying. And the ones that do, usually forfeit a great deal of your interest when withdrawals are made. You’ll need to link to a transaction account from any institution operating in Australia anyway to access this account. You can pay bills from a transaction account of your choosing.
      All the best with this.

  130. Default Gravatar
    lee | December 3, 2012

    questions
    1) I am a new member to opened the TeleNet Saver Account on 7 November 2012. So, for me the first 6 months my interests is 5.25%. Is this correct?
    2) The Telenet Saver Account interests pay every month. Can you tell which date the interests pay?
    3) I open the account on 7th November 2012 so the first interests pay me is on the 8th December 2012?
    4) Adrian, when you answer Alan on October 1 2012 that interests is variable but can earn up to 5.50%. Can you explain how I can earn 5.50%(or and on-line BankWest I can read to get this information?
    5) I tried to find the term and condition for the TeleNet Saver Account on-line but no trace. Can you give the on-line address to find the information!

    • Staff
      Adrian | December 4, 2012

      Hi Lee.
      1) The current maximum variable interest rate for this account is 5.10%.
      2) Your interest will be credited to your account on the first working day of the next month. For example, November’s interest was paid to accounts on the 3rd of December.
      4) The maximum variable interest has been revised down since October 1.
      5) Terms and conditions can be found on the Telenet Saver Bankwest page, under ‘read the fine print’.

      Thanks for your questions.

  131. Default Gravatar
    frankie | November 29, 2012

    Is a telenet saver account covered by the government guarantee scheme of $250.000 ?

    Is a non australian resident already having a telenet saver account, using his friends address (australian resident) also covered under this government guarantee scheme ?

  132. Default Gravatar
    Nina | November 29, 2012

    What’s the Bonus Variable Rate?

    • Staff
      Adrian | November 29, 2012

      Hi Nina. The bonus variable rate for this account is 1.50% which lasts for six months from the opening of this account. This is added to the standard variable rate, which is currently at 3.75%.
      All the best.

  133. Default Gravatar
    Margaret | November 28, 2012

    Hi would this bank west telnet saver have the adi $250,000 protection

    • Staff
      Adrian | November 29, 2012

      Hi Margaret. Thanks for your question. Bankwest is a division of Commonwealth Bank which is covered by the government guarantee on deposits of up to $250,000.
      Thanks for your question.

  134. Default Gravatar
    john | November 27, 2012

    can i invest $330000 for 6mts at 4.80%
    thank you

    • Staff
      Adrian | November 28, 2012

      Hi John. You can do this. There is navigation on the top of this page for an online application.
      All the best.

  135. Default Gravatar
    Chintana | November 26, 2012

    If I transfer money from my linked account (at St George Bank) on Monday 26/11/12, when my money will be showed on the TeleNet Saver acct — next day or 2-3 days after?
    Will I receive any interest during that gap??

    • Staff
      Adrian | November 27, 2012

      Hi Chintana. It will usually be same day if the transfer is made before 4pm on a business day. Banks will often say it can take up to 48 hours in some cases. You won’t receive interest during the gap.
      All the best.

  136. Default Gravatar
    ann | November 23, 2012

    Hi Staff
    Is there a fee if you close the account just after 6 months or sooner
    Also is there a fee to deposit $ from a Commonwealth account.

    And what is the best account to put a weekly savings into ?
    Ta

    • Staff
      Adrian | November 26, 2012

      Hi Ann. Thanks for your question. There aren’t any fees for closing an account. There aren’t any fees when transferring money to and from your nominated linked account. This account can be any Australian transaction account. Please click here to compare savings accounts.
      All the best.

  137. Default Gravatar
    Martin | November 22, 2012

    Hi I am employed on a 457 sponsored visa, have a tax file number, pay australian tax and have a HSBC premier account. However I am not an Australian Resident.

    Can I open this account?

  138. Default Gravatar
    Karlie | November 21, 2012

    Hi, I have two questions please;
    1. How does the bonus interest work? Do you have to make no transactions in a month or make a certain amount of deposits each month??
    2. What are the penalties for terminating the account at any time? Are there fees involved??
    Thank you.

    • Staff
      Adrian | November 21, 2012

      Hi Karlie.
      The bonus interest is for 6 months as an introductory offer. There are no conditions relating to minimum deposits or no withdrawals to achieve this bonus rate.
      There are no termination fees for this account. This is a no fee account.
      Thanks for your question.

  139. Default Gravatar
    karen | November 21, 2012

    can i open an account when i live in the uk and will my money be covered in the event of your bank hitting financial difficulties, and how would we stand on tax?

  140. Default Gravatar
    Nina | November 16, 2012

    Can you explain what the Bonus Variable Rate is please?

  141. Default Gravatar
    Elie | November 14, 2012

    Dear all ,

    Can I deposit $ 35 000 initially to open a telenet saver online account and the 5.25% interest apply on that amount from start,please can you confirm ?

    Many thanks

    • Staff
      Adrian | November 15, 2012

      Hi Elie. Thanks for your question. The interest which for a new account is refer to the Maximum Variable Rate in this page for balances up to $5 million.
      All the best.

  142. Default Gravatar
    | November 13, 2012

    Is bankwest telenet saver protected by Australian government so i can know that my money is secure should bankwest go bankrupt?

    • Staff
      Adrian | November 14, 2012

      Hi Mick. Bankwest is covered by the $250k government guarantee on deposits.
      Thanks for your question.

  143. Default Gravatar
    ernst | November 11, 2012

    Can I use a Bankwest TeleNet Saver for a self managed super fund investment.

    Regards

    • Staff
      Adrian | November 13, 2012

      Hi Ernst. This account isn’t available for SMSF. We don’t yet compare SMSF accounts.
      All the best.

  144. Default Gravatar
    graham | November 7, 2012

    what accounts can we open for self managed super funds and what are the interest rates on those accounts?

  145. Default Gravatar
    Kelly | November 6, 2012

    Hi there

    Was wondering if I was to open an account with bank west could I link say a westpac account to access my funds without fees or penalties . Also is there a minimum deposit that we need to deposit to receive 4.80% on a new account?
    Thanks Kelly

    • Staff
      Adrian | November 7, 2012

      Hi Kelly. Thanks for your question. There is no minimum deposit and no fees according to the Bankwest website. Linking can be done from Westpac to Bankwest.

  146. Default Gravatar
    Helen | November 5, 2012

    After the 6 month promotional rate of 4.80% has finished, and if I don’t make a withdrawal in the next few months is the monthly interest 3.25% or 4.80% which includes the bonus %?

    • Staff
      Adrian | November 6, 2012

      Hi Helen. THanks for your question. This account goes to the variable standard rate after introductory period.
      All the best.

  147. Default Gravatar
    Samantha | October 19, 2012

    Hello,

    Enquiring as to whether there is a withdrawal fee for transferring money to another account with a different bank.

    • Staff
      Adrian | October 22, 2012

      Hi Samantha. The terms and conditions for this account say that there are no fees for withdrawals to your linked account. $2 million is the maximum daily withdrawal limit.
      All the best.

  148. Default Gravatar
    Tanya | October 15, 2012

    Are you able to open one of these accounts as an organisation and have a minimum of 2 people authorise a transaction?

    • Staff
      Adrian | October 16, 2012

      You cannot use this particular product for a this technically business purpose. Click here for a business accounts from Bankwest.
      Hope this helps

  149. Default Gravatar
    Marcus | October 11, 2012

    I would like to open the account in the name of a family trust. Both my wife and I are trustees and the trust has a TFN. How do I complete the application?

    • Staff
      Adrian | October 11, 2012

      Hi Marcus. Trust accounts are treated as business accounts. This account is a personal account so you won’t be able to open an account through a trust. Rabo Direct’s HISA account has a trust option.
      All the best.

  150. Default Gravatar
    Alan | October 1, 2012

    1. Is the interest rate for the first 6 months, a fixed rate which then becomes variable after that?

    2. If a withdrawal is made during a month, are there any penalties or fees involved?

    3. Can interest be assigned to a savings account on a monthly basis, and does that involve a fee or reduced interest rate?

    • Staff
      Adrian | October 3, 2012

      Hi Alan. Thanks for your questions.
      1. The rate for the introductory period is variable.

      2. Withdrawals to your linked account are free. There are no costs for setting up your nominated linked account.

      3. Interest is calculated daily and paid monthly.

  151. Default Gravatar
    barry | September 23, 2012

    Could regular transfer deposits in Australian Dollars say one transfer per month from the UK, be deposited into a Bank west Account?.

    • Staff
      Adrian | September 24, 2012

      Hi Barry. You have to be an Australian resident and have a tax file number to apply for this account and it can link in with. Bankwest does allow international payments. A schedule of International Money Transfer fees is here.
      Thanks for your question.

  152. Default Gravatar
    Mary | September 18, 2012

    Can this kind of account be set up in the name of a property trust – company limited by guarantee?

    Kindly advise.

    Mary

    • Staff
      Adrian | September 18, 2012

      Hi Mary,
      You cannot use this particular product for a this technically business purpose. Click here for a business accounts from Bankwest.
      Hope this helps

  153. Default Gravatar
    colin | September 7, 2012

    can linked account be another bank {westpac

    • Staff
      Adrian | April 24, 2013

      Hi Colin,
      Yes, Westpac transaction accounts can link to the TeleNet Saver account.

      Cheers, Adrian.

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.

Rates last updated November 27th, 2014
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit
Bankwest Hero Saver
Earn 4.00% p.a. every month when you deposit $200 and make no withdrawals each month on balances up to $250,000.
4.00% 0.01% $0 $0 / $0 Open More
ING DIRECT Savings Maximiser
Earn 4.00% p.a. when you open an Orange Everyday Account and deposit at least $1,000 into it each month from an external bank account.
4.00% 2.75% $0 $0 / $0 Open More
HSBC Serious Saver
A high interest savings account offer with ongoing variable bonus every month you don't make a withdrawal.
4.00% 2.70% 1.30% $0 $0 / $0 Open More
Bankwest TeleNet Saver
No Fees. No minimum monthly deposit. For balances up to $5,000,000. Earn a high 3.75% p.a. variable rate for 4 months.
3.75% 2.50% 1.25% $0 $0 / $1 Open More
Ask a question
feedback