In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Bankwest TeleNet Saver account

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Bankwest TeleNet Saver - DISCONTINUED

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

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Maximum variable rate
0.60% p.a.
Base interest rate
0.6%p.a.

Our verdict

An introductory variable interest rate of 0.6% p.a. for the first 4 months on your first Bankwest TeleNet Saver.

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

Pros

  • Introductory rate of 0.60% p.a. for first 4 months
  • $0 Account keeping fees
  • High transaction limit

Cons

  • Interest rate drops to 0.6% after the introductory period
  • Bonus rate only available on your first TeleNet Saver
  • Designed to be linked to a Bankwest transaction account

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

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 0.6% 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.

Details

Key details

Product Name Bankwest TeleNet Saver - DISCONTINUED
Maximum Variable Rate 0.60% p.a.
Standard Variable Rate 0.60% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 12

Key features

Competitive interest rate of 0.6% 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 0.6% 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.

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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.

Your reviews

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Shirley Finder

Publisher

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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


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Nikki Angco

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


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1450401011@qq.com

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?


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Clarizza Fernandez Finder

October 25, 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


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Helen

June 02, 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


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Shirley Liu Finder

June 03, 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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