Product details
The MyState Special eSaver account offers competitive, tiered variable interest rates, starting from 1.00% p.a. for balances of $0 - $4, 999. This means that the more you save, the more interest you will earn. Unlike other savings accounts on the market, there are no ongoing deposit requirements to earn interest and there is no minimum opening balance, so you can get started today.
This savings account allows you to withdraw money whenever you may need it, without impacting the interest you earn. It’s the best of both worlds, halfway between a savings account and an everyday account.
- Product Name
- MyState Bank Special eSaver Account
- Maximum Variable Rate
- 1.00% p.a.
- Standard Variable Rate
- 1.00% p.a.
- Bonus Variable Rate
- 0.00% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $2.75
- Minimum Age Requirement
- 14
- Maximum Age Requirement
- No Maximum Age
What are the features of the MyState Special eSaver?
It’s important to check what features this account offers and compare it to similar accounts in the market to make sure you’re selecting the best account for your needs. If you don’t believe a savings account is the best fit for you, take a look at the other accounts offered by MyState.
Earn up to 2.20% interest
This account provides tiered interest rates, with higher rates for higher balances. The interest rate tiers are as follows:
| Balance | Variable interest p.a. |
|---|---|
| $0-$4,999 | 1.00% |
| $5,000-$49,999 | 2.20% |
| $50,000+ | 2.20% |
No minimum balance required
There is no minimum balance required to open an account and you can start earning interest on balances as low as $1.
No ongoing deposit requirements
There are no ongoing deposit requirements in order for you to earn interest for your balance, so even if you don’t deposit any money in a month, your balance will still earn you interest.
No account keeping fees
There are no monthly account keeping fees associated with this account, so your hard earned cash can go straight to your savings.
Unlimited mobile and Internet transactions
This account is designed for saving so it does not come with a linked debit card. However, accessing your money when you need is easy with unlimited mobile and Internet transactions.
Direct credits available
Have money directly credited into this account, for example, your salary.
Interest paid quarterly
Interest on this account is paid on 31 March, 30 June, 30 September and 31 December each year.
Pros
- Earn a competitive rate of interest on your balance
- $0 monthly account fee
- Unlimited mobile, internet transactions
- No minimum balance or ongoing deposits required
Cons
- No debit card
- Lower interest rate for lower balances
How to apply
You can apply online in less than 10 minutes. Before you begin your application, make sure you meet the following eligibility requirements and have the below documentation handy.
Eligibility
- Age requirements. You must be over the age of 14 to apply for this account.
- Residency. You must be an Australian resident with an Australian residential address.
- Personal details. You will need to provide your personal details including your full name, date of birth and contact details.
Documentation required
- Identification. You will need to provide either your Medicare card, your driver's licence and/or your passport.
- Tax file number. MyState will be required to deduct tax from your savings at the top marginal rate if you do not provide your tax file number (TFN).
You have the option to save the progress of your application and come back later.
After you have completed the online application please allow up to 3 business days for your accounts to be set up. You can set up Internet banking by going to your nearest MyState branch or calling the MyState customer service team.
I have $120,000.00 to invest in an interest bearing account. I do not want one which has a bonus component which is withdrawn after a stated period, requires any top up or has fees attached. What is the best investment offer?
Hi Tom!
Thanks for the comment.
You may visit this page and use our calculator to choose the rates we have available. It would show the list of financial institutions that you can choose from.
Based on your stated preferences, you may also consider credit unions as they are known for less fees and better rates than most banks.
Click “Go to Site” of “More green button to proceed with your account opening.
Hope this helps.
Cheers,
Jonathan