I haven't used this bank before but there've been 4 deals posted on OzBargain going back to 2016
MyState Bank hasn't dropped their rates since the last RBA rate drop
- (there might be a rate drop yet to come/an official response from MyState would be helpful)
Base interest rate is 0.80% p.a.; if you deposit $20 a month into the Bonus Saver and do 5 transactions, the savings rate boosts to 2.60% p.a.
- it says you can make withdrawals without affecting your bonus savings rate
- bonus interest is only paid on up to $150,000 (Kudos Thangcuoi)
You have to link to one of their Glide or Everyday transaction accounts. (Everyday has a monthly fee that needs $2000 deposit to waive)
I am applying now.
After selecting my address, it flagged it with a red symbol saying that this entry was required.
I ended up deselecting postal address is the same, then reselecting it, to get past that block.
I ended up getting a message about a hiccup in the process along with an application number. I've been told to wait half an hour and try applying again, this time for a Glide Account with Bonus Saver attached. (Not applying for a Bonus Saver, with Glide Account)
Having come back now, there is an email to tell me my account is already set up (I didn't have to re-apply)
An email said a temporary password would be sms'd. It never arrived. I rang and they sent it immediately.
Unlike one of the other banks, the bonus interest is payable based on satisfying the eligibility criteria in the current month (and not the previous month).
Interest is calculated daily on whole balances and paid monthly. Bonus interest is applied on top of the base rate if:
• the Bonus Saver account receives deposits totalling at least $20 each month; and
• five eligible* Visa Debit transactions are made and settled on your linked Everyday, Glide or Basic Account in the same calendar month