MyState Bank Bonus Saver Account 1.60% p.a. Interest on Balance up to $250,000 (Deposit & Spend Requirements)

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SomeGuyOnOzB on 10/06/2022 - 11:11 mystate.com.au (140 clicks)
Last edited 10/06/2022 - 15:34 by 2 other users

Got an email last night. A 3rd bank (MyState) announced an increase to it's savings rate yesterday.

Going up from 1.10% p.a. to 1.60% p.a. on 15 June 2022 and beating some of the other top current contenders who are paying 1.35% p.a. $20 deposit & 5 settled VISA Debit transaction per month required to qualify.

Remember ING is going to offer 2.1% p.a. on up to $100,000 so this is for people:

• who are spreading the money across multiple accounts
• prefer to bank with MyState instead of ING for whatever reason

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May more banks up their savings rate!

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MyState Bank

• 

  muwu on 10/06/2022 - 11:28

  +6

  prefer to bank with MyState (insert your online savings provider) instead of ING for whatever reason

  How about a reason being not wanting to jump through half a dozen convoluted eligibility criteria to hope you don't miss out on the advertised interest rate for that month.

  I count my cents more than is probably time efficient for me personally, but I'm not going through their lengths to edge my interest higher.

  Will see what UBank and AMP do this month…

  • 

    aerobot on 10/06/2022 - 11:36

    +4

    Am with UBank, and they only increased their rates (to 1.35%) last month. I'm hoping all these other banks increasing their rates to higher than theirs will convince UBank to do another increase… if not, I'm jumping ship to another bank

    • 

      KangaDrew on 10/06/2022 - 16:37

      +1

      Macquarie are sitting at 1.8% (intro rate for 4 months) but it moves to 1.5% base as of June 17th. So both their tranx and savings accounts will be sitting at 1.5% in a week. No conditions thankfully.

  • 

    raowler on 10/06/2022 - 16:51

    wanting to jump through half a dozen convoluted eligibility criteria ?
    ING only has three of them…..

    Deposit at least $1K from an external account into an eligible ING account > salary
    Make a minimum five card purchases via the linked ING transaction each month (which are settled) > five coffees
    Grow the balance of the savings account each calendar month (not including interest) > use roll up on the five coffees to nearest $

    job done.. .

    • 

      Yola on 11/06/2022 - 10:59

      +3

      Still it is the most onerous of all the banks.

      • 

        airpoe on 11/06/2022 - 11:35

        +1

        plus its only 100k

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  smiles on 10/06/2022 - 11:35

  -1

  wow - great. Home loan interest rates are about 5+ % and Savings Account interest rates are at 1.6%

  • 

    muwu on 10/06/2022 - 11:48

    Okay, great. Open a bank and loan out your savings to a property purchaser at 1.6% and report back to us on your balance sheet. Cheers!

  • 

    muwu on 10/06/2022 - 11:50

    +3

    Home loan interest rates are about 5+ %

    Without knowing your individual home loan needs, I'd make a general suggestion that you might want to consider re-fi