AMP, Bankwest luring savers

Savers need to search hard for the best deals in savings accounts. Last month Bankwest launched a savings account called Smart eSaver, now with a base rate of 3.25 per cent. Depositors earn the “smart rate” of 5 per cent in any month they don't make any withdrawals.

Bankwest also has one of the more popular high-interest online savings accounts, TeleNet Saver, which has a 12-month introductory rate of 4.25 per cent and a base rate of 3.45 per cent with unlimited transactions.

Also last month, AMP Banking launched a high-interest transaction account, AMP First, offering a rate of 4.35 per cent and unlimited access via Eftpos, Bpay, a cheque book, internet and phone banking. The monthly account fee is $5.

Source: Sydney Morning Herald