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Online Savings Account - BankWest Telnet

Discussion in 'Finance & Banking' started by archangelsupreme, 7th Oct, 2007.

  1. archangelsupreme

    archangelsupreme Well-Known Member

    Joined:
    7th Sep, 2007
    Posts:
    206
    Location:
    Australia
    Hey,

    Just wondering what everyone thinks is the best internet savings account out there.

    Although Citibank has that 7.25% rate which is the highest, it's only up until December and u must keep a $5k minimum.

    I'm currently with ING and want to switch to a higher savings account. ING is 6.15%.

    I'm looking at the Bankwest Telnet saver account which offers 7% and no fees, with the no minimum deposit (is this right? some sites say u need $1k minimum deposit????)

    Is this the one to go for?
     
  2. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi Archangel,

    I don't know how much you've got but I'd be leaning towards the BWA as opposed to CITI.

    Two reasons I don't like the Citibank Plus Linked Savings account, first it's a honeymoon rate, secondly you don't get paid 7.25% on your first $5,000 as it's in a different account (hence, the LINKED Account).

    I would get your amount that you wish to deposit, lets say "x".

    I would calculate the average interest rate you would be paid vs the BWA rate...

    Bit tricky to do, though the Citibank reverts back to 6.25% (https://www.citibank.com.au/global_docs/onlinetools/all_rates_frameset.htm) after 31st Dec 07 which is about 2.5 months away.

    BWA reverts back to 6.50% after 12 months (BankWest - Bank of Western Australia Ltd. - BankWest TeleNet Saver).

    Since the BWA has the promotional rate for longer and the reversionary rate is higher than Citibank, I'd go for BWA personally.

    Cheers,

    Dan
     
  3. archangelsupreme

    archangelsupreme Well-Known Member

    Joined:
    7th Sep, 2007
    Posts:
    206
    Location:
    Australia
    Thanks. Yes, that's the reason why I would prefer BankWest over the other one.

    Though are there any hidden catches for BankWest as say compared to ING Direct which I find gives me a lot of freedom, though too bad the interest rate is not really that high?
     
  4. Alan

    Alan Well-Known Member

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    15th Aug, 2005
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    603
    Location:
    Sydney