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Bankwest TeleNet Saver account

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An introductory variable interest rate of 0.95% p.a. for the first 4 months on your first Bankwest TeleNet Saver.

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 0.05% 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.

0.95% p.a.

Maximum variable rate

0.05% p.a.

Base interest rate

0.9% p.a.

Bonus interest rate

for 4 months

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Details

Product NameBankwest TeleNet Saver
Maximum Variable Rate0.95% p.a.
Standard Variable Rate0.05%
Bonus Variable Rate0.90%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age12

Expert review

Shirley Liu

Review by


Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

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

Key features

Competitive interest rate of 0.95% 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 0.05% p.a.

After the introductory period is over, you will receive the standard variable rate on your savings. Any excess balance over the $5,000,000 amount will also receive the standard variable rate, even during the introductory period.

Launch savings calculator


How to apply

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

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.

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6 Comments

  1. Default Gravatar
    Lorraine
    August 13, 2019

    If I went with the Tele net Bankwest offer can I pull the money out after the initial 4 months is up

    • Default Gravatar
      Nikki
      August 14, 2019

      Hi Lorraine,

      Thanks for getting in touch! Yes, you can withdraw the money after the 4-month intro period is up. After the introductory period, 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.

      Note that you can also make withdrawals during the 4-month period. The bonus interest is going for the first 4 months regardless of how many withdrawals you make.

      Hope this helps. Feel free to reach back out for further assistance.

      Best,
      Nikki

  2. Default Gravatar
    Grace
    October 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?

    • Avatarfinder Customer Care
      Clarizza
      October 26, 2016

      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.

      Regards,
      Clarizza

  3. Default Gravatar
    Helen
    June 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?

    Regards
    Helen

    • Avatarfinder Customer Care
      Shirley
      June 3, 2016

      Hi Helen,

      Thanks for your question. You’ve actually posted on finder.com.au 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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