MyState Bank Bonus Saver Account

Earn up to 1.1% 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.

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Alison Banney

Last Updated Jan 5, 2021

1.1% p.a.

Maximum variable rate

0.05%p.a.

Base interest rate

$20

Minimum deposit

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Product Name	MyState Bank Bonus Saver Account
Maximum Variable Rate	1.1% p.a.
Standard Variable Rate	0.05%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	13

Pros

Up to 1.1% 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.

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 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 1.1% 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.

Key features

Bonus interest rate up to 1.1% p.a.

This account offers a standard base rate of 0.05% and a bonus rate of 1.05% each month you meet the account requirements. To earn the maximum interest rate of up to 1.1% 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.

No account keeping fees

This savings account has no monthly account keeping fees to worry about.

Link to a MyState transaction account

You need to link your MyState Bonus Saver Account to a transaction account with MyState, such as the Glide Account or Everyday Account. If you don't already have one you'll receive one at the same time as your new MyState Bonus Saver Account. The transaction account that you choose will come with a linked Visa Debit card.

Set up regular payments into your savings

You can set up automatic regular transfers from your linked MyState transaction account to your Bonus Saver Account, to help you save effortlessly.

Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay available

You can use Apple Pay, Samsung Pay, Google Pay, Fitbit Pay and Garmin Pay on your linked MyState transaction account, to make secure contactless payments with your phone or smartwatch.

Mobile banking app

Use the MyState Bank App to keep up to date with your savings, check your balance and transfer funds between your MyState account when you're on the go.

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.

Account purpose. This account is meant for personal use only, not for business use.

Documentation needed

Personal identification. A valid driver's licence, passport, birth certificate or Medicare card is needed to verify your identity online.
Transaction account details. You will need to provide information about your MyState transaction account to link to your new Bonus Saver Account. Don't worry, if you don't yet have one you'll receive one at the same time as you open your Bonus Saver Account.

Personal information. Your full name, date of birth and physical address will all be required while filling out the application.

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4 Comments

Annette
December 11, 2018

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

finder 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

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?

finder 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

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