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Date Published : Tuesday, February 12, 2008
BankWest has a long a colourful history in Western Australia. Founded in Perth in 1895, its move nationwide has led it to become the sixth most powerful bank in Australia, with an ever-increasing customer base.
Established by the government of Western Australia and its state bank, BankWest commands a healthy 25 per cent share of the state's banking services.
In its heartland, BankWest is almost unrivalled. The farming community of Katanning has only ever had one bank, BankWest, which celebrated its 85th anniversary last year.
BankWest state manager Jim Watson said: "We've seen immense change in Katanning over the last 85 years - not just in terms of banking, but also in the way the town has grown to be a significant sheep farming region in rural Western Australia."
However, BankWest is no longer Australian-owned. In 1995, Halifax Bank of Scotland (HBOS) bought it from the government, but offered 49 per cent of the shares back to the public. In 2001, HBOS bought the remaining shares to put it totally in the hands of the British firm.
BankWest offers a wide range of banking services, often localised for the different locations it serves. Current and savings accounts, credit cards, home and personal loans, investment and transaction accounts plus insurance are all covered by the company.
Money Magazine has, over the past five years, awarded BankWest 13 prizes across a range of products including credit cards, personal loans, high interest savings accounts and home loans.
With offices now in Adelaide, Sydney, Brisbane and Melbourne, BankWest has gradually moved away from its heartland to take on the big boys.
Australian savings accounts compared and reviewed.
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