In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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St.George Bank Incentive Saver

St.George Incentive Saver

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Maximum variable rate
5.25% p.a.
Base interest rate
Minimum deposit


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 5.25%, you will need to grow the balance by at least $50 a month for customers aged 21 or over. Customers aged under 21 only need to grow their balance by $0.01 a month to be eligible for the bonus interest.

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


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


  • 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


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

Best Kids Savings Account Finalist

Congratulations to St.George Incentive Save for being a finalist in the Best Kids Savings Account category in the 2024 Finder 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. 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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January 31, 2024

If you withdraw on the incentive savings account, do you lose the bonus interest just for that month you withdraw on, do you start getting the bonus interest once it’s earnt the $50 a month again


Sarah Megginson Finder

March 25, 2024

Hi Jen,

Yes the criteria resets every month, so you will be eligible to earn the bonus interest again the following month.



January 17, 2024

1st How many joint incentive savings accounts can i have with my wife at any one time I wish to split my account to maximise interest received

2nd is interest paid daily so if i transfer money between these accounts will i loose the bonus on the transferring account and be paid the bonus on the receiving account if transfer is early in the month eg 2nd

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Richard Whitten Finder

January 23, 2024

Hi Barry,

You can open multiple accounts. On the 2nd question you may need to ask the bank as this is quite detailed. Please note that interest is calculated daily but paid monthly.



November 22, 2023

How can I find out what the bonus and variable interest rates have been for 2023 so far please, on my BankSA incentive saver account?


Sarah Megginson Finder

November 24, 2023

Hi Carol, We’re a review site and not affiliated with St George, so we can’t provide personal advice or customer service. You should be able to find this information in online banking, but if you’re having trouble finding it, we recommend you reach out to St George for customer support – you can contact them on 13 13 30.

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August 31, 2023

Hi, could the interest rate change on a monthly basis or daily at any time?

Is there a maximum balance for the incentive saver account?


Alison Banney Finder

September 08, 2023

Hi, the interest rate is variable meaning it can change at any time. No, there is no maximum balance limit.



August 21, 2023

hi I just wanted to ask you are these incentive savers using compound interest on you money? and if the deposit is not touched will you receive the full 5% ie 3.15% + 1.85% compounding daily and recived every month?




Alison Banney Finder

August 23, 2023

Hi, yes it’s compound interest calculated daily and paid monthly. To receive the full bonus rate you need to grow your balance by $50 each month (excluding interest you receive).

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