Need a better deal? Here's Australia's highest savings interest rate

Choosing the best savings account can be a tricky business as the range of products out in the market has never been greater. Bankwest has gained the spotlight in recent years, moving outside its traditional base in Perth and making the big step to go national.

The bank's target market is what we would call the savvy customer - being someone who is prepared to spend a bit of time learning about a product, and adapt there transactions to suit the product where required. With Bankwest, your effort will be rewarded with savings from higher interest rates and lower (or no) bank fees.

So how can Bankwest customers take advantage of this? Well, according to their website, the Regular Saver offers Australia's highest intro interest rate, at a staggering 8.00% p.a. - that's higher than their mortgage interest rate!

The Regular saver also offers the following benefits:

  • Absolutely no fees
  • No minimum deposit
  • Access to your account 24/7 via online banking
  • Interest paid monthly
  • Links to another Bankwest account

Here's how it works - If you deposit between $50 and $500 each calendar month and don't make any withdrawals, you'll get Australia's highest interest rate of 8% p.a. and of course pay no fees. When your Regular Saver Account has been open for a year, your savings balance will be automatically transferred to your linked Bankwest account for you to use as you like. Then you can start saving for the next year!

The Regular Saver is not for people with a lot of money to invest, as the extension of the 8% p.a. interest rate is limited to a maximum of around $6,000. However, if you are saving for something specific - perhaps an annual holiday or your children's school fees - Bankwest provides an excellent motivation for a regular savings plan with the highly competitive interest rate.

For a linked account, we would suggest you take a look at the Hero Transaction Account, or the Lite Transaction Account for optimum savings. So if you want to be a 'savvy customer' - how could you take advantage of the Bankwest Regular Saver?

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Published on November 11-th, 2007 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.

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