Bankwest wins inaugural Cannex deposit account rating award
Bankwest has been named the winner of Cannex’s ‘Best Value Australia Savings’ award in its star ratings report on deposit accounts.
In making the award, Cannex researched and rated 428 deposit products, including online saver, bonus saver, cash manager, and junior saver accounts.
Financial analyst Peter Arnold said the award recognises the institution that has consistently offered high interest rates and impressive products across a range of savings products.
“Bankwest led the way over the past six months with consistently high savings across the board, reaching 8.70 per cent at their peak, higher by 1.45 per cent than the [Reserve Bank of Australia] cash rate.
“It is up there with the best returns on fixed deposits, online saving and transactions accounts, providing customers with several options to make the most of current savings opportunities.”
The new star ratings award has been introduced in an environment of “fierce competition among the institutions for a bigger share of consumers savings”, he said.
Accordingly, he said deposit rates in Australia have climbed to a 10-year high over the past six months, and for the first time in 10 years deposit rates of late have actually overtaken the money market rate.
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