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The Bankwest Telenet savings account is made for telephone or internet banking, hence the name 'Telenet'! The savings account has no fees, unlimited phone and internet transactions and a special 5.80% intro rate for the first 6 months.
Key features: The 5.80% special intro rate is a stand-out feature but what makes this even more impressive is the high $5 million balance limit. So if you have a spare $5 million lying around, throw it into the Bankwest Telenet account and earn over $146,700 a month in interest. Of course, we're not all millionaires, so another great feature is the no minimum balance or deposit requirements.
Once the intro period end the Bankwest Telenet still has a competitive 4.75% standard variable rate. There's no account fees and interest is calculated daily and paid into your account monthly. The Telenet account has 24/7 access and the unlimited phone and internet access will give you the freedom to transfer money whenever you feel like it, wherever you are. The Bankwest Telenet has to be linked to a transaction account but the upside is it can be with any Australian financial provider.
With all this freedom to access your savings you may be concerned that you'll be tempted to save less. But you can set up an automated direct debit to ensure you're regularly saving and getting the most out of the Telenet account's high interest rates.
Who it's good for: The Bankwest Telenet is ideal for savers looking for a high interest savings account that can push their savings sky-high without any balance or deposit restrictions!
Any catches? This is only a phone and internet savings account, so there's no branch access. The special interest rate is also not available to previous Telenet Saver customers.
| Product Type | Overall | Price | Features | Service | Convenience | Trust |
|---|---|---|---|---|---|---|
| Bankwest savings accounts |
8.0
Based on 183 Bankwest savings account reviews |
7.8 | 6.8 | 8.0 | 8.0 | 7.9 |
Read Bankwest savings account reviews by the Mozo community
BankWest is the bank best known for its Happy Banking initiative, which aims to make banking a more positive experience. Originally from Western Australia, BankWest has attracted thousands of customers around the country with its competitively priced products such as the TeleNet Saveraccount. In late 2008 the bank was bought by the Commonwealth Bank, who have promised to retain the BankWest brand. So if you like the sound of Happy Banking, check out BankWest's range of personal banking products including savings accounts, bank accounts, credit cards, home loans and more.
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