MyState Special eSaver Account
Earn up to 0.05% p.a. on balances up to $24,999 with no monthly deposit requirements or access restrictions
The MyState Special eSaver account offers competitive, tiered variable interest rates, starting from 0.05% p.a. for balances up to $24,999. Balances over this earn even more interest, meaning 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.
Earn 0.05% interest on balances up to $24,999
This account provides tiered interest rates, with higher rates for higher balances. Balances under $24,999 will earn 0.05%.
See the tiered interest rates below.
|Balance||Interest rate p.a.|
|$25,000 - $49,999||0.1%|
|$50,000 - $149,999||0.35%|
|$150,000 - $249,999||0.6%|
|$250,000 or more.||0.75%|
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.
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.
- 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.
- 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.
What happens after I submit my application?
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.
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 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.