Bankwest TeleNet Saver account

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.

• 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 needed

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 my 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.