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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

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.

No fees

The St.George Bank Incentive Saver costs nothing to open and there are no monthly fees. You can make one free withdrawal a month, subsequent withdrawals will incur a fee.

Making withdrawals

This account does not include a debit card. If you need to, you can transfer money out of the account using Internet banking or the mobile banking app. You will still earn the bonus interest, so long as you grow your balance by at least $50 each month.

Making deposits

Grow your savings balance automatically by setting up a direct deposit to the Incentive Saver. You can deposit funds to the Incentive Saver the same ways you can deposit funds in any bank account: by visiting a St.George branch and making a cash deposit, online transfers using the 'Pay Anyone' feature or BPAY. If you're transferring funds from another St.George bank account, the funds will clear in the St.George Incentive Saver immediately.

SMS and email alerts

Get SMS or email notifications when there's a deposit or withdrawal to your Incentive Saver account.

Personal customers

This account is available to personal customers only. You can't apply for this account in the name of a business or fund such as a self managed super fund.

Joint application

You can apply for the Incentive Saver as an individual and you can also lodge a joint application.

Internet banking

If you're a new customer to St.George, register for St.George Internet Banking when you apply for the Incentive Saver. Internet banking lets you view and manage your money online. View electronic statements and make payments from your computer, tablet or mobile internet connected device.

Electronic statements

Get your account history and activity delivered right to your inbox when you opt to receive electronic statements. The document is password protected and electronic Statements reduce paper consumption.

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.

Documentation needed

If you're a new customer, you need to verify your identity with St.George. The online application also includes registration for Internet banking. To verify your identity, you need to provide one of the following forms of identification.

Identification. You're required to provide one form of photographic identification or two forms of non-photo ID to complete the online identity verification process. Primary photographic identification includes: Australian or foreign passport, Australian or foreign driver's licence, a foreign national identity card or Australian 18+ Proof of Age Card.
Tax File Number (TFN). St.George ask you to provide your TFN so they can calculate the correct tax rate to apply to your interest earnings. If you don't provide your TFN to St.George, any money you earn from this account will be taxed at the marginal tax rate.

What happens after I submit my application?

Once you submit the application, you will be contacted on your email letting you know about the next steps. You may be required to visit a St.George branch to provide further identification, if not, you can start making deposits to your St.George Incentive Saver right away.

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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?

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?

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.

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

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).

Wayne

August 02, 2023

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

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.

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

St.George Bank Incentive Saver

Pros

Cons

Key features

Base rate

Bonus rate

No fees

Making withdrawals

Making deposits

SMS and email alerts

Personal customers

Joint application

Internet banking

Electronic statements

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

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