Is putting money into BankWest Online Savings account safe?

Question

I'm interested getting a Telenet saver account with BankWest because it has high savings interest rate. But since it's not a big major bank like Commonwealth, NAB, ANZ etc... I'm not sure whether it's safe? Is it safe to put my savings there?? Are they a good bank?

Answer 1

Why not go with the safest bank which is RaboPlus! They have a AAA credit rating compared to BankWests AA- rating!

Their website is http://www.raboplus.com.au

Answer 2

if it is fdic insurance why not. check fdic.gov to make sure they are

Answer 3

As the saying goes Bank West is as safe as the Bank of England, and that is backed by the British Government.  Did you know that Bank West are now owned by The Bank of Scotland? I believe the Bank of Scotland is larger than any of the Big Four in Australia. I have banked with them for many years with full confidence . Yes, go ahead, and take advantage of what is possibly the best account available for savers at present. If fact this statement was made in the press recently about Bank West having the best saving account. Go to a branch near you and check out their account which is paying about 9.7% pa. I did not come across it on the internet. With this account you can put in a maximum of up to $500.00 per month, each month, for twelve months. You must make a deposit every month or you lose the interest that you would have earned for that month. At the end of twelve months the money is transfered out into the other account you need to have which pays 8.25% for the first six months and then drops to 7.5% ( not sure if this is the correct rate). This account will allow you to deposit any amount up to a maximum of $5,000,000.00. However you only need to have $1.00 in that account minimum. Good saving.