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 1.50% 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.
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 1.50% 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.
- Introductory rate of 2.70% p.a. for first 4 months
- $0 Account keeping fees
- High transaction limit
- Interest rate drops to 1.50% 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.
If you have a balance of more than $250,000 in a TeleNet Saver account is only the first $250,000 secure under the Government Guarantee?
Yes that's correct. The first $250,000 will be covered under the Government Guarantee.
My name is Carmen and I am interested in opening a TeleNet saver. Just one question. Is there any fees for withdrawals?
There are no fees for withdrawals. All withdrawals for the Bankwest TeleNet saver are done through your linked Bankwest everyday account. Bankwest doesn’t charge a fee for this.
How long does it take to open this account and be able to start transferring money into the Savings account?
If all goes well with your application, your account is usually set up immediately. It will take about 1-3 business days for the funds to appear in your account if you’ve set up an initial transfer.
Is it correct that I can also make withdrawals without loosing the intro maximum interest rate?
Yes that’s correct. The bonus interest is going for the first 4 months regardless of how many withdrawals you make.
Can you please advise whether a withdrawal is transferred into the linked account same day?
If you're transferring from your Bankwest TeleNet Saver to your Bankwest everyday account, it should happen immediately.
Will I still earn the bonus interest when I withdraw from the account? No minimum monthly deposits that I have to make?
You will still earn the bonus interest rate when you make withdrawals from your Bankwest TeleNet Saver account.
When does bonus variable rate apply?
You’ll receive the bonus variable rate for 4 months if you’re a new customer, regardless of deposits or withdrawals made during each month.
Can you please explain the bonus variable rate?
The bonus rate for this account applies for 4 months. During this time you don’t need to make regular deposits and there are no withdrawal limits.