St.George Bank Incentive Saver

- 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
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 |
Your reviews
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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?

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
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?