Interest Rate Increase On Savings Account MyState.com.au My State Bank

OzyBe on 04/05/2021 - 14:08

Haven't had a notification from a bank for a while stating that interest rates on savings account have increased for a while.

Just got an email from My State, advising interest rate has increased to 1.20%

Long way to go, but at least in the right direction.

Usually it is the other way around, with an interest rate decrease and no notification.

From the email below:

great news for your Bonus Saver Account…
We’re excited to let you know that MyState Bank have increased the interest rate on the following Savings Account effective 5 May 2021.

What this means for you
You'll earn a total variable rate of 1.20% p.a. (that's the variable base rate of 0.10% p.a. plus a variable 1.10% p.a. bonus) when the Bonus Saver Account eligibility criteria is met. This is a very competitive rate for a banking savings product in Australia, helping you to reach your saving goals faster!
How to earn bonus interest
Get base interest every month and receive bonus interest1 on balances up to $250,000 when you:
• Make an eligible deposit1 of $20 or more in to your Bonus Saver Account each month; and
• Make five or more settled (not pending) eligible1 Visa Debit card transactions each month from your linked account (excludes ATM withdrawals, transfers, balance enquiries and EFTPOS cash-out only transactions).

Financial

Related Stores

MyState Bank
MyState Bank

Comments

  • mrvaluepack on 04/05/2021 - 14:15
    -2

    A whole 0.10% increase!!! WOW!! Whoppie!!

    • iforgotmysocks on 04/05/2021 - 14:22
      +1

      I know you're excited but it really isn't that much

    • djones145 on 04/05/2021 - 14:33
      +2

      after years of dropping rates from 5 to 0.5~1 percent, any increase of any amount is celebration

  • Drakesy on 04/05/2021 - 14:26

    Huzzah, at least they're finally going in the right direction

  • iNeed2Pee on 04/05/2021 - 14:26
    +1

    Funny.

    They are awfully quiet when they lower it, but then want the accolades when they raise it.

    • SF3 on 04/05/2021 - 14:59

      sounds just like our pollies.

    • bluesky on 06/05/2021 - 05:49

      Actually, MyState is more forthright than some others. On 29/03/21, they sent out an email informing of their rate reduction on 1 April from 1.20% to 1.10%. And similar notifications on the previous rate changes too.

  • Donaldhump on 04/05/2021 - 14:34

    mad thats its going up, but its nice for once.

  • oldrocker on 05/07/2021 - 11:47

    I'm in the market for a savings account and at least this is going in the right direction! I'm ready to close my allocated pension cash account that's paying ZERO interest but charging monthly fees and putting itnto a Savings account

  • rektrading on 05/07/2021 - 18:32

    The only way to get a palatable interest rate is through the bank of DeFi.

Login or Join to leave a comment
Login Join