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MyState Bank Bonus Saver Account

Alison Banney
Alison Banney
Last updated:  

Earn up to 1.2% p.a. on your savings and access your money whenever you need it.

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.

$20

Minimum deposit

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Details

Product NameMyState Bank Bonus Saver Account
Maximum Variable Rate1.2% p.a.
Standard Variable Rate0.10%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age13
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Expert review

Alison Banney

Review by

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This account offers a maximum bonus rate of 1.2% 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 0.1%. 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.

Key features

Bonus interest rate up to 1.2% p.a.

This account offers a standard base rate of 0.1% and a bonus rate of 1.1% each month you meet the account requirements. To earn the maximum interest rate of up to 1.2% 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.
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4 Comments

    Default Gravatar
    Annette
    December 11, 2018

    Is there a cap on the balance of the account to earn the full 2.6%?

    Reply
      Avatarfinder Customer Care
      Jhez
      December 14, 2018

      Hi Annette,

      Thank you for your comment.

      The maximum interest rate is up to 2.60% p.a. if you meet the conditions. You earn bonus interest for the month when you:

      – Deposit $20 or more in to your Bonus Saver Account each month.
      – Make five or more eligible VISA Debit card transactions each month from your linked account.

      The bonus interest is payable on balances up to $150,000.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

      Reply
    Default Gravatar
    Laura
    November 27, 2018

    Do you still get the 2.6% p.a. interest if you don’t make the 5 transactions from the linked MyState transaction account?

    Reply
      Avatarfinder Customer Care
      Jeni
      November 27, 2018

      Hi Laura,

      Thank you for getting in touch with finder.

      You would get the standard variable rate at 0.80% p.a. if you did not meet the bonus rate’s eligibility requirements, which are monthly deposit of at least $20 and making 5 or more Visa Debit card transactions from your linked MyState transaction account.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

      Reply
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