In this guide

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

St.George Bank Incentive Saver

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St.George Incentive Saver
Maximum variable rate
5.25% p.a.
Base interest rate
1.85% 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. You’ll get 1.85%, plus a bonus 3.3% for a total of 5.15% p.a. To get the maximum rate of 5.25%*, 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.
*Extra 0.1% p.a. for 3 months, for new customers who apply online, with balances under $250,000.

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

In this guide

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

Details

Key details

Product Name St.George Incentive Saver
Maximum Variable Rate 5.25% p.a.
Standard Variable Rate 1.85% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 14

Finder Awards badge

Congratulations, St. George!

St.George Incentive Save received the highly commended award for 'Kids Savings Account' in the 2024 Banking Product Awards.

Full list of 2024 winners

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 1.85% p.a.

Bonus rate

The bonus interest rate is 3.3% 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 5.25%, which is available on your entire balance.

*Extra 0.1% for the first 3 months for new customers who apply online, with balances under $250,000.


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.

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Alison Finder

Editorial Manager, Money

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Rolly

February 09, 2025

If I meet all the criteria and open online will I get 5.25% plus .10% that will make it 5.35% for the first 3 months. The extra .10% for the first 3 months confuses me because it says the maximum interest on this account is 5.25%


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Sarah Megginson Finder

February 13, 2025

Hi Rolly,


Apologies if it was unclear. The bonus savings amount is 5.15% p.a. and with the additional bonus interest, is becomes 5.25%.


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Dorothy

January 20, 2025

If you meet the monthly deposit criteria, is the full 5.25% interest calculated and applied based on your whole balance for that month. ie compounding interest each month provided you make the necessary deposits each month.

I ask because a st George teller told me you only get 1/12th of the interest awarded each month??? which didn’t sound right to me.


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Sarah Megginson Finder

January 20, 2025

Hi Dorothy,


The interest rate of 5.25% is an annual interest rate so, it’s calculated and divided monthly. For instance, if you have $10,000 and meet all the conditions, at 5.25%, you’ll earn $538 in interest (thanks to compounding). This means around $43-44 per month is credited to your account in interest.


Hope this helps!


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Chantal

October 30, 2024

Hi

I will have my super place in my incentive saving account but once a year I will need to withdraw $20000 to keep going for the year. I will still make deposits every fortnight of $200. How will it works? Thank you


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Angus Kidman Finder

October 31, 2024

Hi Chantal, In the month where you withdrew the $20,000, you would only earn the base rate, not the bonus rate, as in that month your overall balance wouldn’t grow. In other months, you would earn the bonus rate because of the regular deposits.

Note that the bonus rate only applies to balances below $250,000 – assuming your super is more than that, you might want to consider dividing it into other accounts or pursuing other strategies. Also worth remembering that balances above $250,000 with any single bank aren’t protected under the government bank guarantee – another reason to potentially look at diversifying where you keep your funds. Hope this helps!


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Ben

October 22, 2024

So essentially you cannot ever withdraw the interest earnt without losing interest the flooring month because as the interest is added the balance grows and you must keep it above the new balance by $50. Is this correct ?


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Sarah Megginson Finder

October 22, 2024

Hi Ben,


In a way, yes! The goal of the incentive saver is to provide an incentive to grow your balance. This is not an account designed for you to withdraw from regularly – it’s designed with conditions in place to incentivise you to keep growing the balance.


If you’d prefer a savings account that offers high interest, but allows you to withdraw regularly without penalty, there are several other options such as ubank and AMP. You can review some options here.


Hope this helps!


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Stephen

September 17, 2024

Will my 15yr old child really need to get a TFN when opening this account?


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Angus Kidman Finder

September 18, 2024

Hi Stephen, While you don’t technically have to get a TFN to open this account, if you don’t supply one then St.George will withhold interest at the maximum tax rate, which could significantly reduce what you earn. This will be the case with pretty much any interest-earning account in Australia. In practice, your child is going to need a TFN once they start working anyway. Hope this helps!


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