In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert
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St.George Bank Incentive Saver

St.George Incentive Saver

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Maximum variable rate
5.25% p.a.
Base interest rate
1.85%p.a.
Minimum deposit
$50

Summary

The Incentive Saver rewards you with more when you stick to your savings goals

The St.George Bank Incentive Saver rewards you with bonus interest when you make regular deposits. To get the maximum rate of 5.25%, you will need to grow the balance by at least $50 a month for customers aged 21 or over. Customers aged under 21 only need to grow their balance by $0.01 a month to be eligible for the bonus interest.

*Extra 0.1% p.a. for 3 months for new customers who apply online, with balances under $250,000.

Pros

  • $0 Monthly service fees
  • Earn bonus interest by growing your balance
  • Great for people saving towards a goal

Cons

  • Interest rate is not as competitive as some other accounts in the market

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert

Details

Key details

Product Name St.George Incentive Saver
Maximum Variable Rate 5.25% p.a.
Standard Variable Rate 1.85% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 21

Key features

Base rate

The base rate of interest is the minimum amount of interest you earn if you fail to meet the bonus interest conditions. The base rate of interest is 1.85% p.a.

Bonus rate

The bonus interest rate is 3.3% p.a. You're rewarded with the bonus rate each month you grow your balance by $50 If you're under 21, you only need to grow your balance by $0.01.

This gives you the potential to earn up to 5.25%, which is available on your entire balance.

*Extra 0.1% for the first 3 months for new customers who apply online, with balances under $250,000.


How to apply

You can visit St.George website to open a St.George Incentive Saver in under 10 minutes. Before you proceed to the application, check your eligibility for the Incentive Saver.

Eligibility

  • Eligibility. To apply for this account you must be over the age of 14 and you must be a permanent Australian resident. This account is open to personal individual applications and personal joint applications, applications in the name of a fund or business are not permitted.

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Carol

November 22, 2023

How can I find out what the bonus and variable interest rates have been for 2023 so far please, on my BankSA incentive saver account?


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Sarah Megginson Finder

November 24, 2023

Hi Carol, We’re a review site and not affiliated with St George, so we can’t provide personal advice or customer service. You should be able to find this information in online banking, but if you’re having trouble finding it, we recommend you reach out to St George for customer support – you can contact them on 13 13 30.


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Ilse

August 31, 2023

Hi, could the interest rate change on a monthly basis or daily at any time?

Is there a maximum balance for the incentive saver account?


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Alison Banney Finder

September 08, 2023

Hi, the interest rate is variable meaning it can change at any time. No, there is no maximum balance limit.


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George

August 21, 2023

hi I just wanted to ask you are these incentive savers using compound interest on you money? and if the deposit is not touched will you receive the full 5% ie 3.15% + 1.85% compounding daily and recived every month?

Thanks

George


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Alison Banney Finder

August 23, 2023

Hi, yes it’s compound interest calculated daily and paid monthly. To receive the full bonus rate you need to grow your balance by $50 each month (excluding interest you receive).


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Wayne

August 02, 2023

Hi. Can I safely withdraw some of my interest each month without losing my bonus. ?


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Alison Banney Finder

August 07, 2023

Hi Wayne, you need to grow your balance by $50 per month (excluding interest) to earn bonus interest. You are able to withdraw some money during the month, as long as your balance is $50 higher at the end of the month than it was at the start.


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Wayne

July 31, 2023

G’day. I have a Incentive saver with St. George. To get the bonus interest you must bank $50 minimum a month. If at the end of the month can I transfer that bonus interest to another of my St. George accounts without losing the bonus interest for the following month? I noticed Tom asked the same question, but does that mean I can take out the interest as I didn’t put that in, the bank did. Thanks.


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Raj Lal Finder

August 21, 2023

Hi Wayne,

As long as you grow your balance by $50 per month (excluding interest), it should be fine.


Thanks

Raj


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