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MyState Bank; 2.6% p.a. on the Bonus Savings Account

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  1. I haven't used this bank before but there've been 4 deals posted on OzBargain going back to 2016

  2. 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)

  3. 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)

  4. You have to link to one of their Glide or Everyday transaction accounts. (Everyday has a monthly fee that needs $2000 deposit to waive)

  5. It is on the list of ADIs


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).

https://www.mystate.com.au/Portals/0/documents/interest-rate...

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

Related Stores

MyState
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closed Comments

  • +1

    Is this an introductory rate or ongoing? This is higher than term deposit rates @ big 4 banks

    • +1
      1. Savings rates have typically been higher than term deposit rates for over a decade.

      2. This is not an introductory rate.

      3. There is a question whether they are going to drop this variable rate

  • I've had my home loan with MyState (Previously The Rock) since 2012. Have been a great bank, always get to talk to an Australian.

  • +3

    For one with the rates already adjusted, would check out Bank of Queensland Fast Track Saver
    2.5% if $2000 deposit a month, no withdrawl limit;
    https://www.boq.com.au/personal/banking/savings-and-term-dep...

    • +1

      Earn Bonus Interest variable rate by depositing $1,000 a month (like your salary) to your linked Day2Day Plus Account*

      • correction,
      • Yep my bad, it is indeed $1000!

  • +2

    Bonus interest is payable only on balances up to $150,000. The base rate of interest will be paid on the portion of any balance exceeding $150,000.

    This will kill the deal for some people.

    For me the 5 VISA Debit card transactions each month from your linked account is too much work. The monthly deposit requirement can be automated.

    • I agree but have been doing it for ING and it's not so bad if you go to Woolworths and buy one banana/milk/whatever and split payment 5 ways. That way I can still earn points on my purchases and it takes all of 5 minutes once you are shown how to do it for the fists time.

  • How about ubank??

    • UBank is fine but it's 2.41%. But it has decreased after the second Reserve Bank cut already and MyState Bank has not. If/when it does it may even drop below UBank. It's wait and see with MyState, Australian Unity, RAMS and some other smaller FI's.

      • Australian Unity is now down to 2.35%

  • +2

    MyState have now dropped their rate to 2.50%.

    Equal highest, after adjustments for the RBA dropping the rates. Only 0.09% higher than UBank, though now 0.2% higher than Move Bank.

    (RAMS is yet to make a move)

    When I say highest, I mean on the spreadsheet from Whirlpool members

    • +1

      Here's hoping Rams announces they will keep the rates the same on their Saver, before the new month starts

      • +1

        The trouble with RAMS is if you put money in and they announce the new rate later you cannot withdraw without penalty till the 1st of the following month.

        • There is that.

          Rams 2.55% possibly/probably dropping
          MyState 2.50% after the drop … I guess MyState seems safer.

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