• Australian (ASX) Stock Market Forum

Hello and welcome to Aussie Stock Forums!

To gain full access you must register. Registration is free and takes only a few seconds to complete.

Already a member? Log in here.

BankWest accounts safe?

Discussion in 'International Markets' started by prawn_86, Sep 18, 2008.

  1. prawn_86

    prawn_86 Mod: Call me Dendrobranchiata

    Posts:
    6,637
    Likes Received:
    4
    Joined:
    May 23, 2007
    Ok so i have a vested interest in this as both my partner and I have BankWest accounts.

    http://www.news.com.au/business/story/0,27753,24364168-462,00.html

    Correct me if im wrong, but HBOS own BankWest, so what would happen to BW accounts if HBOS went under?

    Is it probably a smart move to move all our funds into our standard, non-interest bearing 'big 4' account for a couple weeks to see what happens?
     
  2. prawn_86

    prawn_86 Mod: Call me Dendrobranchiata

    Posts:
    6,637
    Likes Received:
    4
    Joined:
    May 23, 2007
  3. noirua

    noirua

    Posts:
    9,548
    Likes Received:
    279
    Joined:
    Feb 2, 2006
  4. Bushman

    Bushman

    Posts:
    1,312
    Likes Received:
    4
    Joined:
    Jun 6, 2007
    Now no-one wants HBOS!
     
  5. Timmy

    Timmy white swans need love too

    Posts:
    3,457
    Likes Received:
    0
    Joined:
    Sep 30, 2007
    lol - merge with Lloyds is on
     
  6. noirua

    noirua

    Posts:
    9,548
    Likes Received:
    279
    Joined:
    Feb 2, 2006
    Your account is now at, Lloyds TSB Halifax Bank of Scotland BankWest.
     
  7. cordelia

    cordelia

    Posts:
    274
    Likes Received:
    0
    Joined:
    Dec 27, 2007

    I owe Bankwest money......not the other way round.....They have none of my money....
     
  8. kransky

    kransky

    Posts:
    289
    Likes Received:
    0
    Joined:
    Dec 12, 2006
    i get something like 7% interest in my netbank saver account with commbank

    i feel like its relatively safe.. aussie banks are relatively tightly regulated comapred to many overseas banks by the sounds..
     
  9. Awesomandy

    Awesomandy

    Posts:
    348
    Likes Received:
    1
    Joined:
    Jun 16, 2007
    Bankwest should be safe... for now... Keep making use of the 8.10% interest rate in their telenet saver, I would say, but I'm still hesitant to use anything like a term deposit.
     
  10. GreatPig

    GreatPig Pigs In Space

    Posts:
    2,368
    Likes Received:
    8
    Joined:
    Jul 9, 2004
  11. BIG BWACULL

    BIG BWACULL

    Posts:
    704
    Likes Received:
    0
    Joined:
    Oct 20, 2006
    What ever you do dont do what the Germans just did DOH:banghead:

     
  12. noirua

    noirua

    Posts:
    9,548
    Likes Received:
    279
    Joined:
    Feb 2, 2006
    Australia Bank has bought BankWest from HBOS.
     
  13. Pommiegranite

    Pommiegranite

    Posts:
    801
    Likes Received:
    0
    Joined:
    Apr 13, 2007
    8.7% 2 year term deposit is looking mighty good now, for those who ignored the scaremongering, and parked their cash there a couple of months back.
     
  14. GreatPig

    GreatPig Pigs In Space

    Posts:
    2,368
    Likes Received:
    8
    Joined:
    Jul 9, 2004
    Commonwealth Bank.

    GP
     
  15. Uncle Festivus

    Uncle Festivus

    Posts:
    2,983
    Likes Received:
    16
    Joined:
    Jan 17, 2007
  16. Pommiegranite

    Pommiegranite

    Posts:
    801
    Likes Received:
    0
    Joined:
    Apr 13, 2007
    Far too simplistic.

    Also with CBA completing the aquistion of BW by Jan09, doesn't that mean that BW savers (locked into higher rates) will have the same risk as CBA savers (locked into lower rates)?
     
  17. Uncle Festivus

    Uncle Festivus

    Posts:
    2,983
    Likes Received:
    16
    Joined:
    Jan 17, 2007
    I've dealt with them from a business angle and let's just say they were very eager to come on board with some money, despite the average fundamentals of the proposal, because they were trying to gain Eastern state market share. Who knows, now that the CBA are behind them the company philosophy might change to a more cautious approach?
     
  18. Pommiegranite

    Pommiegranite

    Posts:
    801
    Likes Received:
    0
    Joined:
    Apr 13, 2007

    I take it CBA has done a DD on BW's balance sheet, and didn't see anything to be afraid off......at the moment. I maintain that when the property sector collapse becomes obvious, that this is when we will really find out what banks are really worth - 6-12 months
     
  19. grace

    grace

    Posts:
    1,246
    Likes Received:
    0
    Joined:
    Nov 9, 2007
    CBA have picked up Bankwest at 80% of book value. Westpac picked up StGeorge at over 2.7 times book value, from what I read. I think they bought at the right price, even though they know that some write-offs are coming. Silly Westpac made their move too early!:D

    Bankwest were trying to throw money our way. What they were willing to lend us, I could not even contemplate borrowing! 30% equity! They were doing just about anything to drum up business in the east.
     
Loading...

Share This Page