Bankwest TeleNet Saver

1.00% p.a.(for $0 and over)

2.70% p.a. (for $0 to $5,000,000)

 

Bankwest TeleNet Saver Review

Rates and fees information correct as at 17 October 2018.

Review published: 1 February 2012

What's hot:

  • 2.70% 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 2.70% variable intro rate for the first 4 months when you open your first TeleNet Saver account. 

Key features:

The special 2.70% 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 1.00% 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.

Who it's good for:

The Bankwest TeleNet Saver is ideal for savers looking for a high variable 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 variable interest rate is also not available to previous TeleNet Saver customers.

How are Bankwest savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.0

Based on 1350
Bankwest savings accounts reviews

7.7 6.8 8.1 8.1 8.0

Read Bankwest savings account reviews by the Mozo community

Latest reviews of Bankwest TeleNet Saver

Bankwest

Bankwest TeleNet Saver savings account review

Overall rating   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.

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 2 years ago

Bankwest

Bankwest TeleNet Saver savings account review

Overall rating   8 / 10

Definitely 'friendly' banking

Amazing service.

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 2 years ago

Bankwest

Bankwest TeleNet Saver savings account review

Overall rating   9 / 10

Nodbodys better than bankwest

BankWest is an all round good bank to be with.

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 2 years ago

Bankwest

Bankwest TeleNet Saver savings account review

Overall rating   10 / 10

Great customer serive and interest rates

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

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 2 years ago

Bankwest

Bankwest TeleNet Saver savings account review

Overall rating   10 / 10

Great customer service

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

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 2 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 1.00% p.a.

  • Balances from $0: 2.70% p.a.
    Balances from $5,000,000: 1.00% p.a.

  • Bonus variable intro rate for the first 4 months

Fees

  • $0.00

  • none

  • Unlimited free transactions from phone and internet.

  • none

  • none

  • none

  • none

  • none

  • none

  • $0.00

  • $0.00

  • none

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

About Bankwest

Bankwest is the bank best known for Making Banking Easier, an 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 Hero Saver. 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 Making Banking Easier, check out Bankwest's range of personal banking products including savings accounts, bank accounts, credit cards, home loans and more.

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