Earn up to 5% p.a. on your savings and access your money whenever you need it.
This account offers a maximum bonus rate of 5% 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.
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.
| Product Name | MyState Bank Bonus Saver Account |
| Maximum Variable Rate | 5.00% p.a. |
| Standard Variable Rate | 0.05% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 13 |
Congratulations to MyState Bank Bonus Saver Account for being a finalist in the Best Savings Account category in the 2024 Finder Awards.
Full list of 2024 winners
Alison Finder
Editor
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Alison Banney Finder
September 29, 2023
Hi, you can deposit cash using Bank@Post at Australia Post stores.
Darryl
September 22, 2023
There are a number of banking institutions that are now primarily online platforms, but do they offer the ability to deposit cash into the account at all.
Alison Banney Finder
September 28, 2023
Hi, you can deposit cash into most bank accounts using Bank@Post at Australia Post offices.
Shan
March 11, 2023
Does this account have internet banking (via computer) and/or via mobile app?
Alison Banney Finder
March 13, 2023
Hi Shan,
Yes, you can access this account via Internet banking on desktop, or via the MyState Banking app.
Thanks,
Alison
rainier
July 21, 2022
CAn you open multiple savings goal on this savings account?
Alison Banney Finder
August 14, 2022
Hi Rainier,
With MyState bank, you can open an account for up to 2 people. Before opening an account, make sure to read the Product Disclosure Statements and Terms & Conditions for more details.
Regards,
Alison
Annette
December 10, 2018
Is there a cap on the balance of the account to earn the full 2.6%?
Jhezelyn Finder
December 13, 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
Darryl
September 22, 2023
A number of banking institutions are now primarily online banking platforms, but do they offer the ability to deposit cash into accounts at all. If they do , how do you go about it ?