Product details
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.
If you don’t meet the account requirements to earn the bonus interest one month, you can still be eligible to earn the bonus interest the next month.
- Product Name
- MyState Bank Bonus Saver Account
- Maximum Variable Rate
- 2.50% p.a.
- Standard Variable Rate
- 0.80% p.a.
- Bonus Variable Rate
- 1.70% p.a.
- Introductory / Bonus Offer Conditions
- To earn bonus interest for any calendar month you must deposit at least $20 into your Bonus Saver and make 5 or more Visa Debit card transactions from your linked MyState transaction account.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Minimum monthly deposit for bonus interest rate
- $20
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Minimum Age Requirement
- 13
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of MyState Bank Bonus Saver Account?
Bonus interest rate up to 2.50% p.a.
This account offers a standard base rate of 0.80% and a bonus rate of 1.70% each month you meet the account requirements. To earn the maximum interest rate of up to 2.50% 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.
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.
Pros
- Up to 2.50% 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.
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.
Documents 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.
Is there a cap on the balance of the account to earn the full 2.6%?
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
Do you still get the 2.6% p.a. interest if you don’t make the 5 transactions from the linked MyState transaction account?
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