# BankWest accounts safe?



## prawn_86 (18 September 2008)

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?


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## prawn_86 (18 September 2008)

http://www.independent.co.uk/news/b...where-the-fate-of-hbos-was-sealed-934232.html

That article paints a bit of a better picture, but i am still wary...


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## noirua (18 September 2008)

prawn_86 said:


> http://www.independent.co.uk/news/b...where-the-fate-of-hbos-was-sealed-934232.html
> 
> That article paints a bit of a better picture, but i am still wary...




I seem to remember that HBOS tried to sell BankWest and no one wanted it.


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## Bushman (18 September 2008)

noirua said:


> I seem to remember that HBOS tried to sell BankWest and no one wanted it.




Now no-one wants HBOS!


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## Timmy (18 September 2008)

Bushman said:


> Now no-one wants HBOS!




lol - merge with Lloyds is on


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## noirua (18 September 2008)

prawn_86 said:


> 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
> 
> ...




Your account is now at, Lloyds TSB Halifax Bank of Scotland BankWest.


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## cordelia (18 September 2008)

noirua said:


> Your account is now at, Lloyds TSB Halifax Bank of Scotland BankWest.





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


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## kransky (18 September 2008)

prawn_86 said:


> 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?




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..


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## Awesomandy (18 September 2008)

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.


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## GreatPig (19 September 2008)

A couple of articles about BankWest in relation to the HBOS merger.

http://www.thewest.com.au/default.aspx?MenuID=3&ContentID=98583

http://www.theaustralian.news.com.au/story/0,25197,24367812-20142,00.html


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## BIG BWACULL (20 September 2008)

What ever you do dont do what the Germans just did DOH



> *Nein! Germans transfer $500 million to collapsing bank*
> By Stuart Fagg, ninemsn Money
> September 18, 2008
> 
> ...


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## noirua (8 October 2008)

Australia Bank has bought BankWest from HBOS.


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## Pommiegranite (8 October 2008)

Awesomandy said:


> 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.




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.


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## GreatPig (8 October 2008)

noirua said:


> Australia Bank has bought BankWest from HBOS.



Commonwealth Bank.

GP


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## Uncle Festivus (8 October 2008)

Pommiegranite said:


> 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.




Risk is proportional to rate?

https://www.aussiestockforums.com/forums/showpost.php?p=243098&postcount=29


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## Pommiegranite (8 October 2008)

Uncle Festivus said:


> Risk is proportional to rate?




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)?


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## Uncle Festivus (8 October 2008)

Pommiegranite said:


> 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)?




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?


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## Pommiegranite (8 October 2008)

Uncle Festivus said:


> 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?





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


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## grace (8 October 2008)

Pommiegranite said:


> 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




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! 

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.


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