on 18-01-2016 03:40 PM
Seems like a very poor product for the client but unbelievably beneficial for the bank when minor conditions not met.
Solved! Go to Solution.
on 18-01-2016 07:40 PM
I agree @Mmish, Bankwest's online savings account conditions are restrictive.
Bankwest use to be a market leader with these products. You can see a response from @PeteW on this matter within the Will Bankwest consider reinstating its savings account interest rate competitiveness? post.
There's also some information answered in this post, What incentive is there to choose a term deposit over an online savings account?
on 19-01-2016 12:04 PM
Hi @Mmish, we offer a range of savings accounts with different ways of earning interest, for example our TeleNet Saver account offers a standard interest rate with no minimum deposit requirement and you can withdraw from this account as often as you like.
The Hero Saver is designed to reward you for good savings behaviour by adding money to your account each month. We try to add variety to our products as all our customers have different needs.
on 19-01-2016 12:53 PM
hmm how is a clients need to effectively earn 0 interest.
Other providers out there at least pay a reasonable base amount if you don't meet the conditions to the bonus interest.
Seems like a product slighted very much to the benefit of the bank when not meeting those condition ie thanks for allowing us to use your money and here is 0 interest to compensate......
on 02-10-2016 12:42 PM
I followed all the rules by keeping my funds in the account through the month of September. I then made a withdrawal on 1 October. Why is no interest credited to my account for the month of September?
on 03-10-2016 10:32 AM