St.George Incentive Saver

St.George Incentive Saver

Maximum Variable Rate


Standard Variable Rate


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

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

Product details

The St.George Bank Incentive Saver rewards you with bonus interest when you make regular deposits. To earn the maximum variable rate of 1.60% p.a. customers aged 21 and over need to grow their balance by at least $50 a month. Customers aged under 21 only need to grow their balance by $0.01 a month to be eligible for the bonus interest.

Product Name
St.George Incentive Saver
Maximum Variable Rate
1.60% p.a.
Standard Variable Rate
0.40% p.a.
Bonus Variable Rate
1.20% p.a.
Introductory / Bonus Offer Conditions
Grow your savings by $50 each month, or $0.01 if you're under 21, to earn bonus variable interest. Interest rates shown are for balances up to $99,999
Monthly Fee
Minimum Opening Deposit
Minimum monthly deposit for bonus interest rate
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the St.George Bank Incentive Saver?

  • 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 0.40% p.a.
  • Bonus rate. The bonus rate of interest for balances up to $99,999 is 1.20% 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 1.60% p.a. on your balance up to $99,999. Balances over this amount earn a higher rate of interest.
  • 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.


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


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

How do I apply for the St.George Bank Incentive Saver?

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. 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.

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.

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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