Thumbnail icon for Bankwest

Bankwest TeleNet Saver

Interest rate
0.05% p.a.(for $0 and over)
Maximum rate
1.15% p.a. (for $0 to $5,000,000)

Mozo editorial review Bankwest TeleNet Saver

Last updated: 14 July 2020.

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What's hot
  • 1.15% special variable intro rate for 4 months
  • balances up to a whopping $5 million
  • no deposit or minimum balance requirements
What's not
  • Special variable intro rate only available to new customers
Mozo snapshot

The Bankwest TeleNet savings account is made for telephone or internet banking, hence the name TeleNet! The savings account has no maintenance or transaction fees (fees may apply to linked account), unlimited phone and internet transactions and a special 1.15% variable intro rate for the first 4 months when you open your first TeleNet Saver account. 

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Key features

The special 1.15% variable 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 Saver account. Of course, we're not all millionaires, so another great feature is the no minimum balance or deposit requirements.

The Bankwest TeleNet Saver has to be linked to a Bankwest Transaction Account and once the intro period ends the interest rate reverts to a 0.05% standard variable rate. There's no account maintenance or transaction fees (fees may apply to linked account) and interest is calculated daily and paid into your account monthly. 

The TeleNet Saver 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. 

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 Saver account's high variable interest rates.

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Who is it good for

The Bankwest TeleNet Saver is ideal for savers looking for a competitive variable interest savings account that can push their savings sky-high without any balance or deposit restrictions!

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Any catches

This is only a phone and internet savings account, so there's no branch access. The special variable interest rate is also not available to previous TeleNet Saver customers.

Details

Rates and fees information correct as at 5 August 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.05% p.a.

  • Balances from $0: 1.15% p.a.
    Balances from $5,000,000: 0.05% p.a.

  • Bonus variable intro rate for the first 4 months

Fees
  • $0.00

  • n/a

  • Unlimited free transactions from phone and internet.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • Must link to a Bankwest transaction account

  • none

  • none

Customer Reviews

How are Bankwest savings accounts rated by the Mozo community?

Overall customer rating
8.0/10
Price
7.7/10
Features
6.8/10
Customer service
8.1/10
Convenience
8.1/10
Trust
8.0/10

Latest reviews of Bankwest TeleNet Saver

  • Overall 10/10
    Awesome customer services very clear on fees.

    I recommend this bank to my families and friends, I find the bank pretty good with their customers services and clear on with all the your banking needs with ATM and online banking i have no troubles with BankWest.

    Read full review

    I recommend this bank to my families and friends, I find the bank pretty good with their customers services and clear on with all the your banking needs with ATM and online banking i have no troubles with BankWest.

    Price
    6/10
    Features
    9/10
    Customer service
    8/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Norani, Western Australia reviewed over 4 years ago
  • Overall 8/10
    Definitely 'friendly' banking

    Amazing service.

    Read full review

    Amazing service.

    Price
    7/10
    Features
    7/10
    Customer service
    10/10
    Convenience
    6/10
    Trust
    8/10
    Less
    Amy, Western Australia reviewed over 4 years ago
  • Overall 9/10
    Nodbodys better than bankwest

    BankWest is an all round good bank to be with.

    Read full review

    BankWest is an all round good bank to be with.

    Price
    8/10
    Features
    5/10
    Customer service
    6/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Ariahna, Western Australia reviewed over 4 years ago
  • Overall 10/10
    Great customer serive and interest rates

    Excellent bank. Always very helpful. Great online banking system and interest rates. No faults.

    Read full review

    Excellent bank. Always very helpful. Great online banking system and interest rates. No faults.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    9/10
    Trust
    10/10
    Less
    Tawa, Queensland reviewed over 4 years ago
  • Overall 10/10
    Great customer service

    Very convenient ATM just outside retirement village and everything else can be done on line.

    Read full review

    Very convenient ATM just outside retirement village and everything else can be done on line.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    John, Western Australia reviewed over 4 years ago
Bankwest

About Bankwest

Bankwest is all about making your finances simple. Originally from Western Australia, Bankwest has attracted thousands of customers around the country with its competitively priced products such as the Hero Saver. In late 2008 the bank was bought by the Commonwealth Bank, which has promised to retain the Bankwest brand. So if you like the sound of simple banking, check out Bankwest's range of personal banking products including savings accounts, bank accounts, credit cards, home loans and more.

See Bankwest savings accounts

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Bankwest

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0.01% p.a.(for $0 to $5,000,000)

1.25% p.a. (for $0 to $250,000)

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Westpac

Westpac

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3.00% p.a. (for $0 to $30,000)

0.40% p.a.(for $0 and over)

Yesup to $250,000

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HSBC

HSBC

Serious Saver

2.10% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

Yesup to $250,000

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MyState Bank

MyState Bank

Bonus Saver Account

1.75% p.a. (for $0 to $250,000)

0.15% p.a.(for $0 and over)

Yesup to $250,000

Promoted

Citi

Citi

Online Saver

1.55% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yesup to $250,000

Promoted

Bankwest

Bankwest

Hero Saver

1.25% p.a. (for $0 to $250,000)

0.01% p.a.(for $0 to $5,000,000)

Yesup to $250,000

Promoted

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.65% p.a. (for $1 to $250,000)

0.20% p.a.(for $1 and over)

Yesup to $250,000

Promoted

HSBC

HSBC

Flexi Saver

1.25% p.a. (for $0 to $5,000,000)

0.01% p.a.(for $0 to $5,000,000)

Yesup to $250,000

Promoted

Westpac

Westpac

Life (18-29 years old)

3.00% p.a. (for $0 to $30,000)

0.40% p.a.(for $0 and over)

Yesup to $250,000

Promoted

HSBC

HSBC

Serious Saver

2.10% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

Yesup to $250,000

Promoted

MyState Bank

MyState Bank

Bonus Saver Account

1.75% p.a. (for $0 to $250,000)

0.15% p.a.(for $0 and over)

Yesup to $250,000

Promoted

Citi

Citi

Online Saver

1.55% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yesup to $250,000

Promoted

Bankwest

Bankwest

Hero Saver

1.25% p.a. (for $0 to $250,000)

0.01% p.a.(for $0 to $5,000,000)

Yesup to $250,000

Promoted

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.65% p.a. (for $1 to $250,000)

0.20% p.a.(for $1 and over)

Yesup to $250,000

Promoted

HSBC

HSBC

Flexi Saver

1.25% p.a. (for $0 to $5,000,000)

0.01% p.a.(for $0 to $5,000,000)

Yesup to $250,000

Promoted

HSBC

HSBC

Serious Saver

0% p.a.(for $0 and over)

2.10% p.a. (for $0 to $1,000,000)

Promoted

Bankwest

Bankwest

Hero Saver

0.01% p.a.(for $0 to $5,000,000)

1.25% p.a. (for $0 to $250,000)

Promoted

HSBC

HSBC

Flexi Saver

0.01% p.a.(for $0 to $5,000,000)

1.25% p.a. (for $0 to $5,000,000)

Promoted

Newcastle Permanent

Newcastle Permanent

Smart Saver

0% p.a.(for $0 and over)

2.00% p.a. (for $0 and over)

Promoted

ANZ

ANZ

Progress Saver

0.01% p.a.(for $0 and over)

0.85% p.a. (for $0 and over)

Promoted

Auswide Bank

Auswide Bank

Ziggy Kids Saver

0.01% p.a.(for $0 and over)

2.01% p.a. (for $0 and over)