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1.20% p.a. Interest on Bonus Saver Account @ MyState Bank

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1.20% p.a. Interest on Bonus Saver Account @ MyState Bank
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competitions on 17/02/2021 - 10:39 mystate.com.au (232 clicks)
Last edited 17/02/2021 - 13:02 by 1 other user

No honeymoon rate or hard hoops to jump.
Just three steps to 1.20%

Open account

Deposit $20+ into your Bonus Saver Account each month

Make 5+ settled Visa Debit transactions each month using your linked Glide Account (you know, like for paying for stuff)

"As a company that is committed to a sustainable community, MyState does not directly invest in any coal, gas or oil projects. Our investment policy states that we invest our money with other approved deposit taking institutions (ADIs)."
Source: https://www.marketforces.org.au/info/compare-bank-table/

Financial Bank Account Savings Account

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MyState Bank
MyState Bank

closed Comments

  • jv on 17/02/2021 - 10:42
    -2

    MyState Bank

    UBank ???

  • aligind4h0us3 on 17/02/2021 - 10:42

    App looks like garbage

    • shortielah on 17/02/2021 - 10:50
      +1

      The App isn't great, but it's also not garbage

  • jv on 17/02/2021 - 10:45
    +5

    MyState does not directly invest in any coal, gas or oil projects

    They only do it indirectly ?

    • competitions on 17/02/2021 - 11:06
      +1

      Yeah it does sound like a politician's waffle. #greenwashing

      • abc on 17/02/2021 - 11:08
        -3

        Probably to satisfy their main client base in Tassie.

  • mrtee on 17/02/2021 - 10:49

    This or the previous post?

    • abc on 17/02/2021 - 11:07
      +6

      Macbank all the way. Honeymoon rate and zero hoops to jump through for the same standard rate.

  • ewand7 on 17/02/2021 - 10:50

    I'd prefer Up at 1.1%

    • jv on 17/02/2021 - 11:01

      Up at 1.1%

      Not as interesting…

  • mcnugget on 17/02/2021 - 11:08
    +4

    Macquarie same rate, zero hoops, better app

  • The-Kremlin on 17/02/2021 - 11:08
    +1

    What's the point of earning interest at this rate? You are literally loosing money in real terms…

    • miarn on 17/02/2021 - 12:18
      +6

      Better than 0%

      • The-Kremlin on 17/02/2021 - 16:36

        This is why the poor get poorer and rich get richer during these times…using money to leverage and work for you and invest it makes a lot more sense that keeping it in the bank and loosing money in real terms.

    • Chicken Kyiv on 17/02/2021 - 14:58

      better return than hiding your cash like Narcos

  • montemaj on 17/02/2021 - 11:13
    -1

    Macquarie Bank is only for 4 months
    https://www.macquarie.com.au/everyday-banking/savings-accoun…

    • c64 on 17/02/2021 - 11:20
      +5

      ? macquarie is 1.35% for 4 months then 1.20%

  • avoidfullprice on 17/02/2021 - 11:25
    +1

    Better saving terms than ING by looks of it.

    • Barginer on 17/02/2021 - 11:31

      Yes but it has a new requirement starting 1 March

      "- in addition to the Current Eligibility Criteria, from 1 March 2021 you must also ensure that the balance of your nominated Savings Maximiser account at the end of the month (excluding interest) is higher than it was at the end of the previous month."

      Edit: Above relates to ING requirements. So agree with MyState has better terms.

      • zorbo on 17/02/2021 - 13:06
        +1

        For ING this isn't a big deal though. I just set up a recurring monthly payment of $1 from my everyday acc to my savings acc.

        Still get the 1.35% that way, and is good for anyone who has a balance of 100k+ (1.35% only on balances of up to 100k)

  • AnonyL on 17/02/2021 - 12:21

    What 'hard hoops' do other banks make you jump through?

  • SWill on 17/02/2021 - 12:35

    Why interest rate gone up? what's gonna happen to all housing markets?

    • mrtee on 17/02/2021 - 13:03

      They might put interest rates up again

  • mrtee on 17/02/2021 - 13:03

    What does 1.2% translate to monthly, if you bank 10k.

    • NikeGS on 17/02/2021 - 13:45

      10 bucks

      • mrtee on 17/02/2021 - 14:05

        After tax?

        • wakie on 17/02/2021 - 18:28

          before

    • whooah1979 on 06/03/2021 - 12:50

      $0.33 per day gross.

  • danielh on 17/02/2021 - 13:11
    +1

    For comparison:
    ING: 1.35% up to $100,000
    Macquarrie: 1.20% up to $249,999
    UBank: 1.10% up to $249,999

    For those with < $100,000 cash then ING is a non brainer.

    • c64 on 17/02/2021 - 13:45
      +3

      providing your balance is going to increase each month …

      • JSONBourne on 17/02/2021 - 14:05
        -1

        Not hard to automate transferring $1

    • Ironic fear on 18/02/2021 - 01:58

      At 1.35% you're literally better off gambling with $135 a month.

      Or investing in penny stocks/crypto.

      Or buying things to resell.

  • mrtee on 17/02/2021 - 18:29

    Anything concerning in the fine print?

    • bluesky on 17/02/2021 - 20:14
      +2

      These are some limits, so long as you are aware going in, and it does not pose a problem down the track.

      • Osko limit $2500
      • Max online transfer per day $10K
      • Between $10-$25K transfer, need to call up
      • Transfers above $25K - will need to fill a form.

      Also, all outbound transfers have to go through the glide account.

      • mrtee on 17/02/2021 - 20:20
        +1

        Cheers.

    • johnmelb on 06/03/2021 - 12:32

      And after 1 outbound transfer with Osko of $2k you need to open a ticket because other outgoing transfers aren't possible anymore …
      I was hoping it was a glitch, but tried for 3 days, now I contacted them.

  • johnmelb on 06/03/2021 - 12:01
    +1

    Be careful with MyState. I've been using them to put some savings in, never did any debit transactions until this week. I just realized that all my money is blocked - no debit transfers possible anymore.

    After 1 debit transaction succeeding, all my debit/outgoing transfers are immediately returned now.
    This has been ongoing for a few days - even $0.1 or $0.01 transfers are not going through anymore. 2 days ago I thought it was a glitch, but after trying 3 consecutive days, I now filed a complaint.

    (These were Osko transfers, that "succeeded". When I check the account I see the money back into the account with "NPP DR CORR". I'm using the same account details that were saved in the app and for which I had 1 successful transaction last week. Trying other accounts has the same problem, so I have no way to access my money and cash withdrawal limited to $1000 at the atm.).

    So only deposit money you don't need access to (at least immediately).

    Edit: transaction I did just now, showing successful and then the money is returned.

    • bluesky on 06/03/2021 - 18:41

      Pls share what they say when they get back to you about your complaint. I have been using their Osko transfers, and so far have not encountered any issues. I have transfer out issues with 86 400 instead, where transfer to some accounts fail (won't even go as standard transfers); the error asked to contact them. Haven't bothered yet. Maybe due to similar reasons.

      • johnmelb on 06/03/2021 - 18:59
        +1

        I'll definitely report back, wasn't expecting this.
        Just opened ticket this morning, so I'll give it until next week.

        • bluesky on 06/03/2021 - 19:07

          Not sure if this is relevant in your case, but one time I spoke with a bank, which might have been 86400, and was told some systems detect what they consider suspicious transaction patterns for Osko transfer. If detected, further transactions are blocked until a reset. I tend to make a small Osko transfer, if it succeeds in real-time, then I proceed to a larger one. Apparently, this can be considered a suspicious pattern in some cases.

          • johnmelb on 09/03/2021 - 21:09

            @bluesky: Still no response from mystate.
            Regular transfer worked for small amount.
            Osko still Auto rejected for any amount.

            • bluesky on 11/03/2021 - 00:14
              +1

              @johnmelb: If you are in no hurry, wait for their response. But if you want this resolved sooner, give them a call. I have rung them before and received very good and helpful cust support.

              • johnmelb on 15/03/2021 - 21:29

                @bluesky: The response I got is useless.
                They claim the issue is with an inactive payid.
                But it worked once, second transfer didn't work.
                Payid works with another bank.

                And it took 2 weeks to formulate a response like that.
                All transfers via the app are failing because they default to osko.

                My response will be less than 2 weeks (transfer all my money out and close this account).

                • bluesky on 15/03/2021 - 22:39

                  @johnmelb: Sorry to hear they cannot fix your issue. I generally rely on BSB/Acct transfers instead of Payid, so have not encountered this before. A pity you have to close your account.

                  • johnmelb on 15/03/2021 - 23:21
                    +1

                    @bluesky: BSB/acc transfer is also not working via the app, so I have to go via website all the time.

  • whooah1979 on 06/03/2021 - 12:05

    Just three steps to 1.20%

    😆.

    This doesn't cover the annual CPI.

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