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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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Product Name | MyState Bank Bonus Saver Account |
---|---|
Maximum Variable Rate | 1.2% p.a. |
Standard Variable Rate | 0.10% |
Monthly Account Fee | $0 |
Minimum Opening Deposit | $0 |
Minimum Age | 13 |
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.
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.