Is Bankwest (Australia) safe enough?

Question

I do not know much about financial stuff. I want to go for term deposit with Bankwest. Bankwest gives good interest rate but i am worried about safety. There are not enough number of bank branches in melbourne as compared to ANZ or NAB.

What if they will declare like... We are in lose and closing down or something like that?

Will i get my money back? Is Bankwest really safe?

Answer 1

Hi,

Say if bank west is in trouble, the most likely scenario a bigger bank will take over and absorb it. so in a way it is safe.

The bank need to report to APRA each year about their financial position and if APRA found the bank is in shaky ground they will take some sort of action or give recommendation to the financial institution.

you can find out more about APRA charter on http://www.apra.gov.au/AboutAPRA/upload/... or you can go to their website to find out more info about APRA.

Hope it helps.

Cheers

Answer 2

Bankwest is fantastic, I have always banked with them. They are very safe and reliable and offer the best interest rates even with kids accounts. there arent many branches over east as it is a West Australian bank.

Answer 3

yes, my mum did some searching recently and found they are the best to bank with.

Bank of Western Australia (known as Bankwest) is growing around our area. A number of new branches have opened.

I'm actually going to open up an account this weekend with them.

I know this isn't anything to go on...but I like their tv commercials too. LOL