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 earn the maximum variable rate of 0.9% 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.
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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 0.2% p.a.
Bonus rate
The bonus rate of interest for balances up to $99,999 is 0.7% 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 0.9% 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.
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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