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

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.

You must have a Bankwest everyday account to apply

In the application process, you'll be prompted to indicate the details of your Bankwest everyday account. This savings product is only available to individuals who have an everyday banking account with Bankwest.

How is my interest calculated?

Your interest is calculated daily and paid monthly.

$0 Account keeping fees

There are no monthly account keeping fees with the Bankwest TeleNet Saver. However, please note, there may fees associated with your linked Bankwest everyday account.

Online, phone and mobile banking available

You will be able to make transfers between your TeleNet Saver account and everyday account using phone or online banking. Bankwest provides customers with a free app for iPhone and Android mobile devices that gives you the same accessibility to your savings as online banking does.

$0 Minimum deposit requirement

There are no monthly minimum balance or deposit requirements with this account.

Direct debit available for this account

For no charge you can opt to have periodic payments directly debited into your account electronically.

Daily withdrawal limit

There's a $2,000,000 daily transaction limit for this account.

Bankwest is covered by the Government Guarantee

Since Bankwest is an Authorised Deposit-taking Institution (ADI) your deposits are covered by the Government Guarantee of up to $250,000 per person, per institution.

Launch savings calculator

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.

Depository requirements. You will need to be able to transfer a minimum of $1 from your Bankwest transaction account when opening this one. If you don't already have a Bankwest transaction account you will be prompted to open one before continuing with the application for the TeleNet Saver.

Documentation needed

Once you have met the eligibility requirements you will need to be able to provide certain documentation as you go through the application. This will include:

Tax file number. The tax file number (TFN) or exemption code is used by Bankwest to determine at which withholding rate they should use for your earned interest. If not provided they are obligated to withhold taxes at the highest marginal rate.
Identification. Your passport or driver's licence will serve as the photo identification needed to complete the application. If you are new to Bankwest you may be asked to visit a branch or participating post office in order to complete the identity verification.
Linked account information. The details of your Bankwest transaction account will be needed, including the BSB and account number.

What happens after I submit my application?

After the application has been submitted, Bankwest will send you a confirmation email. If they have all of the details needed, your TeleNet Saver account will be opened immediately. If not, you will be notified of the necessary steps you need to take next in order to have the account opened in your name.

Sources

Bankwest TeleNet Saver account

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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

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?

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

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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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs. See full profile

Bankwest TeleNet Saver account

Pros

Cons

Key features

Competitive interest rate of 0.6% p.a. for the first 4 months on your first TeleNet Saver

Reverts to a standard variable rate of 0.6% p.a.

You must have a Bankwest everyday account to apply

How is my interest calculated?

$0 Account keeping fees

Online, phone and mobile banking available

$0 Minimum deposit requirement

Direct debit available for this account

Daily withdrawal limit

Bankwest is covered by the Government Guarantee

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

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