In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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MyState Bank Bonus Saver Account

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MyState Bank Bonus Saver Account
Maximum variable rate
5.00% p.a.
Base interest rate
0.05%p.a.
Minimum deposit
$20

Our verdict

Earn up to 5% p.a. on your savings and access your money whenever you need it.

This account offers a maximum bonus rate of 5% which is really competitive today’s market. Not only does this account offer an attractive rate, but it’s also quite easy to get it.

The monthly deposit required to earn bonus interest with this account is just $20. In comparison, other bonus savings accounts require you to deposit $1000 or more per month. You’re also required to make five or more Visa Debit card transactions from your linked MyState transaction account each month to earn the bonus interest. There’s no set amount you need to spend to meet this requirement, so it could be as simple as buying five coffees in the month or buying five bus or train tickets.

Make sure you can meet the bonus rate conditions, because if you don’t one month you’ll earn the low base rate of just 0.05%. You’ll be eligible for the bonus interest rate the following month, though.

You’re also permitted to make as many withdrawals from your savings as you need to while still being eligible for the bonus interest. However, don’t fall into the trap of withdrawing from your savings just because you can. The less money you keep in your account, the less interest you’ll earn.

Pros

  • Up to 5.00% interest on your savings.
  • Small monthly deposit requirement of just $20 to earn the bonus interest.
  • Make withdrawals and still be eligible to earn the bonus interest.
  • Google Pay and Apple Pay available on linked MyState transaction account.

Cons

  • Must make at least five or more Visa Debit card transactions from your linked transaction account to earn the bonus interest.

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

The MyState Bank Bonus Saver Account offers bonus interest on your balance each month you deposit at least $20 and make 5 or more Visa Debit card transactions from your linked MyState transaction account.

You also have the freedom to withdraw from the account at any time without losing your bonus interest, as long as you meet the above conditions. Read on to learn more about this high interest savings account.

Details

Key details

Product Name MyState Bank Bonus Saver Account
Maximum Variable Rate 5.00% p.a.
Standard Variable Rate 0.05% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 13

Best Savings Account Finalist

Congratulations to MyState Bank Bonus Saver Account for being a finalist in the Best Savings Account category in the 2024 Finder Awards.

Full list of 2024 winners

Key features

Bonus interest rate up to 5% p.a.

This account offers a standard base rate of 0.05% and a bonus rate of 4.95% each month you meet the account requirements. To earn the maximum interest rate of up to 5% p.a. you need to deposit at least $20 into the account each month and make five or more Visa Debit card transactions from your linked transaction account. Bonus interest is available on balances up to $250,000.

Make withdrawals whenever you need to

Provided you meet the above account conditions, you can still be eligible for the bonus interest even when you need to withdraw from the account. This gives you the freedom to access your funds when you need to.


How to apply

You can open a MyState Bonus Saver Account online in less than 10 minutes. Make sure you meet the eligibility requirements and have the necessary documents handy before you begin the application.

Eligibility

  • Age requirement. You must be at least 13 years of age.
  • Residency requirement. You must be an Australian resident or citizen with an Australian residential address.

Your reviews

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Alison Finder

Editor

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Maria Olgie

February 19, 2024

Can 13 year olds hold this account?


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Sarah Megginson Finder

March 25, 2024

Hi Maria, Yes the minimum age is 13 for this account.


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Darryl

September 22, 2023

A number of banking institutions are now primarily online banking platforms, but do they offer the ability to deposit cash into accounts at all. If they do , how do you go about it ?


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Alison Banney Finder

September 29, 2023

Hi, you can deposit cash using Bank@Post at Australia Post stores.


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Darryl

September 22, 2023

There are a number of banking institutions that are now primarily online platforms, but do they offer the ability to deposit cash into the account at all.


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Alison Banney Finder

September 28, 2023

Hi, you can deposit cash into most bank accounts using Bank@Post at Australia Post offices.


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Shan

March 11, 2023

Does this account have internet banking (via computer) and/or via mobile app?


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Alison Banney Finder

March 13, 2023

Hi Shan,

Yes, you can access this account via Internet banking on desktop, or via the MyState Banking app.

Thanks,

Alison


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rainier

July 21, 2022

CAn you open multiple savings goal on this savings account?


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Alison Banney Finder

August 14, 2022

Hi Rainier,


With MyState bank, you can open an account for up to 2 people. Before opening an account, make sure to read the Product Disclosure Statements and Terms & Conditions for more details.


Regards,

Alison


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