Bankwest Savings Accounts
The Western Australian State Government established Bankwest in 1885 to help with the development of its farming industry. It was known then as the Agricultural Bank of Western Australia. In 1945 it became a trading bank and to recognise its wider role in the community its name was changed to the Rural Industries Bank of Western Australia. For the following 50 years it continued to grow until it reached the stage where it became recognised as a Western Australian market leader in banking. In 1994 it changed its name again, this time to the Bank of Western Australia Ltd, once again to better reflect its expanding role in the community, it was at this time that it started trading under the name Bankwest. The same name it still trades under today.
| Savings Account | Account Details | Maximum Variable Rate p.a. | Standard Variable Rate p.a. | Bonus Interest p.a. | Fees | Min Balance/Min Deposit | |
|---|---|---|---|---|---|---|---|
 Bankwest TeleNet Saver |
This is the longest intro rate out there. The new kid on the block! |
5.65% | 4.25% | 1.40% | 0 | $0/$0 |
 
|
In December 1995 the Bank of Scotland acquired Bankwest from the Western Australia State Government and as part of the sale agreement 49 percent of its shares had to remain in the hands of the public. These shares were first listed on the Australian Stock Exchange on February 1, 1996.
In 2001 the Bank of Scotland, a major British clearing bank, merged with another large British financial organization, Halifax Group pic. This merger created a new company known as HBOS pic. HBOS pic then became the major shareholder in Bankwest and in 2003 acquired all the remaining shares in the company.
The Commonwealth Bank, Australia’s largest bank, acquired Bankwest from HBOS pic on December 19, 2008. This acquisition meant that Bankwest then became part of the mighty Commonwealth Bank Group and Australia’s leading provider of banking services that includes:
- Retail banking.
- Premium banking.
- Business banking.
- Institutional banking.
- Fund management.
- Superannuation.
- Insurance.
- Investment and share broking.
Bankwest is now a fully owned subsidiary of the Commonwealth Bank of Australia and a full service bank with the ability to handle all the Commonwealth Group’s financial segments in which it is an active partner. In its home state of Western Australia Bankwest remains a market leader as it continues building on its rich history and sound state wide presence. This presence is seen through its extensive network of shop front stores and business centres that allows for personal one on one dealings with a qualified representative. There are also direct and third party distribution opportunities and agencies as well as convenient electronic banking facilities with 24 hour access 7 days a week through phone or online.
Bankwest savings.
As would be expected with a bank the size of Bankwest, the savings opportunity it affords its customers are wide and varied – and second to none other. Bankwest shares your exhilaration with you as you watch your savings grow. That’s why those at Bankwest, who help ensure you get access to the best interest rates that they can offer, say it is important to choose savings and investment accounts that will return you consistent high interest rates with little, or better still, no fees.
One of these savings accounts is the Bankwest TeleNet Saver. This is an online savings account that pays high interest. For starters you will get a variable interest introductory rate of 6.15 percent p.a. that applies for the first 12 months. After the introductory period ends the balances kept in the account will earn you 4.50 percent p.a. And there are no fees to pay nor is there any minimum balance to have to worry about. In short this is what you get with Bankwest Telenet Saver:
- No fees.
- No minimum deposit.
- New accounts attract a special introductory interest rate offer.
- $5 million maximum.
- Rates are subject to change as this is a variable interest rate account.
Another top savings account is the Gold Term Deposit Account. This account will give you a return of 6.20 percent for 7 months on a fixed rate for a period of 7 months. With a Gold Term Deposit you are allowed to invest as little as $5,000 and up to $2 million if you have that amount floating around not earning you anything at the moment. This rate of return is guaranteed as long as you can resist from making any withdrawals.
Then there is the Bankwest Regular Saver Account. This is the savings account that is ideal if you are starting to save because it rewards you for practicing good savings habits. All you have to do is to make sure that you deposit anything from $50 to $500 every month, make no withdrawals and have this Regular Saver account linked to another Bankwest eligible account. If you think you can handle that Bankwest will reward you with an earnings of 7.00 percent variable interest rate p.a. Once again there will be no monthly fees to pay and you can access your account either by phone or online any time you wish to do so.
Bankwest – a good corporate citizen.
You will go a long way before you will get better savings offers than that made available by Bankwest. Bankwest ,while trying to make savings profitable in these ways is also regarded as a good corporate citizen in Western Australia. The bank has an ongoing Community Sponsorship that assists various organizations that need help. At the present time it is focusing on assisting education, arts, health and welfare, research, community and business awards and indigenous affairs.
Compare Bankwest savings accounts now.
Bankwest is part of the history of Western Australia. It has been there with the farming community through drought, flood and famine. As Western Australia has overcome obstacle after obstacle so has Bankwest. It is now giving back in many ways not the least through encouraging savings within the community.
