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Will Bankwest consider reinstating its savings account interest rate competitiveness?

Posted by cgm cgm
Message 1 of 5 634 Views

Bankwest was known for its savings account interest rate competitiveness in 2006 and 2007.  The Telenet saver interest rate trumped all Australian banks.

 

Bankwest won the Best Online Savings Account by Money Magazine.  I believe it won this category multiple times.

 

Do you ever consider leading in savings account interest rates again?

 

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Re: Will Bankwest consider reinstating its savings account interest rate competitiveness?

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Posted by PeteW PeteW
Message 2 of 5 631 Views

It's a good question @cgmitchell. We were operating in a very different economic environment at the time and it was clear that savings/deposits played a very strong part in our strategy however like with all banks operating in a very different market now, we've adapted our strategy and this has resulted in our savings rates remaining competitive but aren't market leading like you've pointed out.

 

Our customers will however find we have other great deals and offers with our other products. I can't commeent specifically on what our strategy is or how it'll change in future and what impact, if any, that'll have on our interest rates for savings accounts.

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Re: Will Bankwest consider reinstating its savings account interest rate competitiveness?

Posted by cgm cgm
Message 3 of 5 613 Views

What a shame about interest rates on savings accounts! Smiley Sad  But you're right, Bankwest is still offering some great products!

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Re: Will Bankwest consider reinstating its savings account interest rate competitiveness?

Posted by JeffreyWright JeffreyWright
Message 4 of 5 481 Views

I  have 2 accounts that are Estate of ...and I am the Executor.  The rates are penalized low, and I cannot transfer funds from one of them....for some reson unknown to me.  So therefore I cannot utilize on line banking like you want me to.  The rate ius quoted today at 1 % in your Floreat Branch and I am disatisfied with this account .

 

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Re: Will Bankwest consider reinstating its savings account interest rate competitiveness?

Posted by LyndsC LyndsC
Message 5 of 5 477 Views

Hi @JeffreyWright, I'm sorry to hear you're dissatisfied. I'd like to arrange a call to look into this for you. Can you please send me an email with your contact number and the details of this post to forum@bankwest.com.au and I'll arrange a call to look into it. Thanks

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