Bankwest TeleNet Saver

Bankwest TeleNet Saver

Maximum Variable Rate


Standard Variable Rate


An introductory variable interest rate of 2.70% p.a. for the first 4 months on your first Bankwest TeleNet Saver.

  • Introductory rate of 2.70% p.a. for 4 months (variable)
  • Designed to be linked with a Bankwest everyday transaction account
  • 24/7 phone and online access to your account
  • $0 Account maintenance fees or transaction fees

Product details

If you would like to kickstart your savings plan, you may want to consider the Bankwest TeleNet Saver. After the introductory period, the rate then reverts to a variable 1.00% p.a. This is an online account that is designed to be linked to a Bankwest transaction account, with no monthly fees about and no monthly minimum deposit requirements.

This account is online-only so you will need to conduct most of your transactions online.

Product Name
Bankwest TeleNet Saver
Maximum Variable Rate
2.70% p.a.
Standard Variable Rate
1.00% p.a.
Bonus Variable Rate
1.70% p.a.
Introductory / Bonus Offer Conditions
Introductory rate is valid for first 4 months after account opening and balances up to $5,000,000.
Monthly Fee
Minimum Opening Deposit
Introductory Interest Period
4 month(s)
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Joint application?
Minimum Age Requirement
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Bankwest TeleNet Saver?

Compare what you find with savings accounts from other banks to the features of the Bankwest TeleNet Saver to see which one matches your saving style the best.

Competitive interest rate of 2.70% p.a. for the first 4 months on your first TeleNet Saver

This is a variable interest rate and is only available on the first TeleNet Saver you open. For the first 4 months after the account has been opened you will receive a bonus interest rate on top of the standard rate and is available up to a balance of $5,000,000.

Reverts to a standard variable rate of 1.00% p.a.

After the introductory period is over, you will receive the standard variable rate on your savings. Any excess balance over the amount will also receive the standard variable rate, even during the introductory period.

You must have a Bankwest everyday account to apply

In the application process, you'll be prompted to indicate the details of your Bankwest everyday account. This savings product is only available to individuals who have an everyday banking account with Bankwest.

How is my interest calculated?

Your interest is calculated daily and paid monthly.

$0 Account keeping fees

There are no monthly account keeping fees with the Bankwest TeleNet Saver. However, please note, there may fees associated with your linked Bankwest everyday account.

Online, phone and mobile banking available

You will be able to make transfers between your TeleNet Saver account and everyday account using phone or online banking. Bankwest provides customers with a free app for iPhone and Android mobile devices that gives you the same accessibility to your savings as online banking does.

$0 Minimum deposit requirement

There are no monthly minimum balance or deposit requirements with this account.

Direct debit available for this account

For no charge you can opt to have periodic payments directly debited into your account electronically.

Daily withdrawal limit

There's a $2,000,000 daily transaction limit for this account.

Bankwest is covered by the Government Guarantee

Since Bankwest is an Authorised Deposit-taking Institution (ADI) your deposits are covered by the Government Guarantee of up to $250,000 per person, per institution.

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  • Introductory rate of 2.70% p.a. for first 4 months
  • $0 Account keeping fees
  • High transaction limit


  • Interest rate drops to 1.00% p.a. after the introductory period
  • Bonus rate only available on your first TeleNet Saver
  • Designed to be linked to a Bankwest transaction account

How do I apply for the Bankwest TeleNet Saver Account?

If you have made your comparisons of savings accounts and found that the TeleNet Saver is the right one to help you meet your savings goals, take the time to review the following requirements.

Eligibility to apply online

Check before doing so that you are able to meet their eligibility requirements:

  • Minimum age. This account is available for individuals as young as 12 years old.
  • Residency requirements. Australian permanent resident residents and citizens can apply for this account. If you are a temporary resident with a valid visa you can also apply but additional terms may need to be met.
  • Depository requirements. You will need to be able to transfer a minimum of $1 from your Bankwest transaction account when opening this one. If you don’t already have a Bankwest transaction account you will be prompted to open one before continuing with the application for the TeleNet Saver.

Documentation to apply online

Once you have met the eligibility requirements you will need to be able to provide certain documentation as you go through the application. This will include:

  • Tax file number. The tax file number (TFN) or exemption code is used by Bankwest to determine at which withholding rate they should use for your earned interest. If not provided they are obligated to withhold taxes at the highest marginal rate.
  • Identification. Your passport or driver’s licence will serve as the photo identification needed to complete the application. If you are new to Bankwest you may be asked to visit a branch or participating post office in order to complete the identity verification.
  • Linked account information. The details of your Bankwest transaction account will be needed, including the BSB and account number.

What happens after I submit the application?

After the application has been submitted, Bankwest will send you a confirmation email. If they have all of the details needed, your TeleNet Saver account will be opened immediately. If not, you will be notified of the necessary steps you need to take next in order to have the account opened in your name.

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4 Responses

  1. Default Gravatar
    GraceOctober 25, 2016

    How to actually withdraw money from the Telenet Saver account so I can pay with the money? Or how to use online banking to pay with this money?

    • finder Customer Care
      ClarizzaOctober 26, 2016Staff

      Hi there,

      Thanks for your question. The TeleNet Saver account is a savings account designed for you to save. It must be linked to a Bankwest transaction account – this is how you will predominantly access your money. You can transfer funds from your saver account to the linked transaction account and use your transaction account to make payments. You can do this on the phone or online through Bankwest’s internet banking service.


  2. Default Gravatar
    HelenJune 2, 2016

    Hi Bankwest
    I had a Telenet Saver with you in 2013 to 2014. Is it possible to open a new account now and be eligible for the bonus introductory rate?


    • finder Customer Care
      ShirleyJune 3, 2016Staff

      Hi Helen,

      Thanks for your question. You’ve actually posted on and not the Bankwest site.

      Unfortunately the bonus rate is only available for the first Bankwest Telenet Saver you open. However, you can call Bankwest directly to see if you can negotiate with them.

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