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Maximum variable rate: 4.40% p.a.
Base interest rate: 0.10% p.a.
Minimum deposit: $50

Summary

The Incentive Saver rewards you with more when you stick to your savings goals

The St.George Bank Incentive Saver rewards you with bonus interest when you make regular deposits. To get the maximum rate of 4.4%, you’ll need to grow the balance by at least $50 a month for those aged 21 or over, or $0.01 a month for those under 21.

Get $50 cashback when you open a new Incentive Saver Account and Complete Freedom Account, and deposit $50 into the Complete Freedom Account within 10 days . Ends 20 Apr 2026. T&Cs apply.

Pros

$0 Monthly service fees
Earn bonus interest by growing your balance
Great for people saving towards a goal

Cons

Interest rate is not as competitive as some other accounts in the market

Details

Key details

Product Name	St.George Incentive Saver
Maximum Variable Rate	4.40% p.a.
Standard Variable Rate	0.10% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	14

Key features

Base rate

The base rate of interest is the minimum amount of interest you earn if you fail to meet the bonus interest conditions. The base rate of interest is 0.1% p.a.

Bonus rate

The bonus interest rate is 4.3% p.a. You're rewarded with the bonus rate each month you grow your balance by $50 If you're under 21, you only need to grow your balance by $0.01.

This gives you the potential to earn up to 4.4%, which is available on your balance up to $249,999.99.

No fees

The St.George Bank Incentive Saver costs nothing to open and there are no monthly fees. You can make one free withdrawal a month, subsequent withdrawals will incur a fee.

Making withdrawals

This account does not include a debit card. If you need to, you can transfer money out of the account using Internet banking or the mobile banking app. You will still earn the bonus interest, so long as you grow your balance by at least $50 each month.

Making deposits

Grow your savings balance automatically by setting up a direct deposit to the Incentive Saver. You can deposit funds to the Incentive Saver the same ways you can deposit funds in any bank account: by visiting a St.George branch and making a cash deposit, online transfers using the 'Pay Anyone' feature or BPAY. If you're transferring funds from another St.George bank account, the funds will clear in the St.George Incentive Saver immediately.

SMS and email alerts

Get SMS or email notifications when there's a deposit or withdrawal to your Incentive Saver account.

Personal customers

This account is available to personal customers only. You can't apply for this account in the name of a business or fund such as a self managed super fund.

Joint application

You can apply for the Incentive Saver as an individual and you can also lodge a joint application.

Internet banking

If you're a new customer to St.George, register for St.George Internet Banking when you apply for the Incentive Saver. Internet banking lets you view and manage your money online. View electronic statements and make payments from your computer, tablet or mobile internet connected device.

Electronic statements

Get your account history and activity delivered right to your inbox when you opt to receive electronic statements. The document is password protected and electronic Statements reduce paper consumption.

How to apply

You can visit St.George website to open a St.George Incentive Saver in under 10 minutes. Before you proceed to the application, check your eligibility for the Incentive Saver.

Eligibility

Eligibility. To apply for this account you must be over the age of 14 and you must be a permanent Australian resident. This account is open to personal individual applications and personal joint applications, applications in the name of a fund or business are not permitted.

Documentation needed

If you're a new customer, you need to verify your identity with St.George. The online application also includes registration for Internet banking. To verify your identity, you need to provide one of the following forms of identification.

Identification. You're required to provide one form of photographic identification or two forms of non-photo ID to complete the online identity verification process. Primary photographic identification includes: Australian or foreign passport, Australian or foreign driver's licence, a foreign national identity card or Australian 18+ Proof of Age Card.
Tax File Number (TFN). St.George ask you to provide your TFN so they can calculate the correct tax rate to apply to your interest earnings. If you don't provide your TFN to St.George, any money you earn from this account will be taxed at the marginal tax rate.

What happens after I submit my application?

Once you submit the application, you will be contacted on your email letting you know about the next steps. You may be required to visit a St.George branch to provide further identification, if not, you can start making deposits to your St.George Incentive Saver right away.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. St.George Bank Incentive Saver information page
2. St.George Bank Incentive Saver TMD

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Alison Finder

Editorial Manager, Money

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Iris

January 15, 2026

Incentive Saver Account. I add $50 a month to my savings account atvthe beginning of the month. Can I make one withdrawal without losing my bonus interest. Do I need to make another deposit before the end of that same month?

Sarah Megginson Finder

January 19, 2026

Hi Iris,

To earn bonus interest on the St.George Bank Incentive Saver, you must grow your account balance by at least $50 a month (for customers 21 or over). At the end of the month your balance must be at least $50 higher (excluding interest paid). So if you make a withdrawal and the account hasn’t increased by at least $50, you would need to make another deposit within the month to make sure it reaches the minimum $50 increase. Hope this helps!

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Albert

January 01, 2026

Is the interest on the incentive saver paid at the end of the calendar month or every 31 days.

Ceyda Erem Finder

January 02, 2026

Hi Albert, the interest is calculated and paid at the end of the calendar month, provided you meet the criteria and grow your balance by at least $50.

Wendy

November 23, 2025

Can the interest earned in the incentive saver account be moved to another St George account when it is earned or every fortnight or month?

Sarah Megginson Finder

November 24, 2025

Hi Wendy,

If you transfer the money to another account, you will be making a withdrawal so you will no longer be eligible for interest for the month, because you haven’t met the conditions. You may want to look at other high interest savings accounts that don’t have “make no withdrawals” as a condition. Hope this helps!

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Girl

September 01, 2025

What happens when you reach $249999, do you need to close incentive account, is interest still paid?

Alison Banney Finder

September 02, 2025

Hi,

You will still be able to earn bonus interest on the portion of your balance over $250,000, however it will be at a lower rate. Currently, the bonus variable rate for balances $250k+ is 4.25% p.a. (when conditions are met).

Thanks,

Alison

Gis

July 25, 2025

Is there a maximum amount you can have in this account to receive the interest ?

Sarah Megginson Finder

July 27, 2025

Hi Gis,

Yes, this is eligible on balances up to $249,999.99.

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

St.George Bank Incentive Saver

Pros

Cons

Key features

Base rate

Bonus rate

No fees

Making withdrawals

Making deposits

SMS and email alerts

Personal customers

Joint application

Internet banking

Electronic statements

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Sources

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