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Hero saver

Posted by Mmish Mmish
Message 1 of 6 1,078 Views
Why does the hero saver effectively pay no interest when conditions not met. In that case the bonis interest is not bonus. It is effectively 0% or the bonus interest. Unlike other banks that at least pay majority of interest and the bonus interest is a much smaller add on amount......

Seems like a very poor product for the client but unbelievably beneficial for the bank when minor conditions not met.

Please advise
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Re: Hero saver

Posted by cgm cgm
Message 2 of 6 1,075 Views

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?

 

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Re: Hero saver

Posted by LyndsC LyndsC
Message 3 of 6 1,072 Views

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.

 

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Re: Hero saver

Posted by Mmish Mmish
Message 4 of 6 1,070 Views

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......

 

 

 

 

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Re: Hero saver

Posted by chappelldean chappelldean
Message 5 of 6 629 Views

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?

 

 

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Re: Hero saver

Posted by LyndsC LyndsC
Message 6 of 6 626 Views

Hi @chappelldean, for security reasons we can't access or discuss any personal account information over the Forum, so I can't see what's happened here. If you can give us a call on 13 17 19, we can look into this for you. Thanks.

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