BankWest lifts the bar on high yield

Bank of Western Australia yesterday said it would increase the “special introductory interest rate” it pays on its Telenet Saver deposit account (which lacks transaction facilities) to 6.4 per cent from 6.0 per cent, effective this Friday. ING Direct had been paying interest to select customers at 6.4 per cent since early this year. Though ING’s advertised interest rate on its “savings maximiser” account remains at 5.4 per cent, it will have to increase this rate before long. Elders Rural Bank and Home Building Society increased their respective high yield accounts by 0.25 percentage points last week.