This was posted 1 year 6 months 7 days ago, and might be an out-dated deal.

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Incentive Saver 4.00% p.a. Interest with No Balance Cap (Requires $50 Balance Growth Per Month) @ St George, BoM, BankSA

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Incentive Saver 4.00% p.a. Interest with No Balance Cap (Requires $50 Balance Growth Per Month) @ St George, BoM, BankSA
Go to Deal
Viper8 on 04/11/2022 - 01:59 stgeorge.com.au (3372 clicks)
Last edited 10/02/2023 - 12:20 by 1 other user

From St George's Facebook page:

"St.George Incentive Saver total variable rate with bonus interest will increase by 0.85% p.a. to 4.00% p.a., effective 9 November."

  • Base interest of 1.35% with bonus interest of 2.65%.

  • To obtain bonus interest you must grow your account by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21) and your account balance does not fall below $0.

  • No spend requirements.

  • A key standout is that the bonus interest requires no cap on your savings balance unlike all the other deals capping your balance to $250k or less.
    However keep in mind that the government Financial Claims Scheme only guarantees deposits to a cap of $250,000 per account-holder.

This is a higher rate than the deals posted for Ubank and ANZ, has no monthly spend requirements like the ING deal, and is not a temporary locked rate like the Macquarie deal.

Note Bank of Melbourne and BankSA will be offering the same product under different names (all part of the Westpac group).

Enjoy.

Financial Bank Account Savings Account

Related Stores

St.George Bank
St.George Bank
Bank of Melbourne
Bank of Melbourne
BankSA (Bank of South Australia)
BankSA (Bank of South Australia)

closed Comments

            • Viper8 on 04/11/2022 - 13:21

              @ShouldIBuyIt: Does any bank directly contact all their customers every time there is a change to savings account rates?
              I thought this was only done for products requiring mandatory repayments, like loans and mortgages.

              • ShouldIBuyIt on 04/11/2022 - 14:59

                @Viper8: Yes, got emails from both ING and Ubank. It's not like it's costing them anything to send an email…
                You'd think it's a big deal, especially because Westpac didn't raise the rate at all so far.

                Also I thought FB was pretty much dead. Only using it for the market.

                • Viper8 on 04/11/2022 - 16:23

                  @ShouldIBuyIt: Yes they have. They always change theirs before the budget spin-offs do. Up 0.9% to 3.5% from the 9th.

              • iglot on 06/11/2022 - 09:16

                @Viper8: Macquarie bank send me an email every time the interest rate on my transaction account is going up.

          • capslock janitor on 04/11/2022 - 21:22

            @Viper8: https://www.facebook.com/157770080973744/posts/pfbid036uXMAb…

            Proactive? Ngl this the first time I'm seeing STG come up in the battlefield this past month or more

  • Ziggy28 on 04/11/2022 - 12:17
    +2

    If you already have a transaction account with any of these banks, it's simple to open the incentive saver. If not, prepare to have delays and stuff with IDs and all thanks to the Optus and Medibank hacks

    • Duece1995 on 04/11/2022 - 12:59

      Yes. I was an existing customer and it was a simple process to add the incentive saver account. You can go into any BOM branch to set up or even call the branch directly. BOM actually contacted me to alert me of the account and interest available. My partner was not a customer and we required to open a joint account. Took 10min in the branch to set up

    • z28 on 04/11/2022 - 13:24

      I have credit card with them, would that make any difference ?

      • Ziggy28 on 04/11/2022 - 14:45

        Best to give them a call, I suppose you need to open a transaction account in order to access this incentive saver. However unlike the big banks, there are no monthly transactional fees

    • peacefulpeanut on 06/11/2022 - 12:45

      I opened an Incentive Saver account yesterday (Saturday), it took me about 10 minutes top to get it done including online ID check and downloading the app on my phone. I'm also affected by Optus hack.

      • Ziggy28 on 06/11/2022 - 18:23

        When doing the ID check, were they more strict or still the same?

        • peacefulpeanut on 08/11/2022 - 07:08

          I've never done ID check with St George before. But when I signed up, the check was done very fast, about 1-2 minutes, through Equifax.

  • aneil915 on 04/11/2022 - 13:08

    Is it easier to verify my ID if I'm a current Westpac customer or makes no difference?

  • FujiFruit on 04/11/2022 - 13:13

    Does the bank tell you if you are a short by $50 ?

    • wetwork on 04/11/2022 - 13:49
      +3

      No. It's up to you to set up auto transfers etc to ensure you don't get dudded.

  • letmecry on 04/11/2022 - 13:24
    +3

    Their website & security are horrible.
    You cannot put special characters in & limit to 8-12 chars

    Sign up and their internal went wrong then you have to fill it all again
    Sign up and vadidate sms code, it took you back to the sign up form

    Give up

    • RotundPolarBear on 04/11/2022 - 15:03
      +1

      Yeah I agree with this. I tried to setup a St George account for their referral bonus recently and my account was approved but I couldn't access their online banking with the credentials provided. Their system just seems like an antiquated mess, particularly in this day and age, and not very seamless.

      I also just gave up.

      • puglikesabargain on 04/11/2022 - 17:10
        +1

        Yes I had the very same problem - I had to ring their Internet banking support area, who initially had problems explaining what next to do….resolved in the end.

    • akafinal on 04/11/2022 - 15:11
      +1

      Same experience, I've tried 3 times and same error. Give up!

  • OpticalCog on 04/11/2022 - 14:38
    +1

    Online chat with Westpac - asked if they would be increasing the 18-29s Life account to match/beat these rates.
    Apparently, they will be increasing the rate on the 9th of Novemeber to 4.3% (base 1.0% + bonus 2.15% + S&S 1.15%)

    Obviously, this 4% deal is much better given practically no limits/hoops but thought ide put this here in case anyone else was about to start pulling the 30k out of Westpac at 5k/day for this.

    (FYI rep also advised the regular eSaver/Life rates would increase to 3.5% on 09/11 so well below these rates - kinda odd their main brand is lower than these? idk)

    • Viper8 on 04/11/2022 - 16:25

      As above, the announced 3.5% is equal highest among the big 4. Why go any higher when most of the masses refuse to shop beyond the big 4?

    • StarPlatinum on 04/11/2022 - 21:15

      I have an account with both I use westpac simply to top up my opal card to meet the requirement and as a uni student I meet that 5 min spend

    • capslock janitor on 04/11/2022 - 21:28

      4.3% u say… When announcement?

      And here I was gradually pulling out my money as well
      Easier to deposit than withdraw there tho

      • capslock janitor on 05/11/2022 - 12:42
        +1

        Says total 4.00 S&S from 9/11 @OpticalCog
        https://www.westpac.com.au/personal-banking/bank-accounts/sa…

        • OpticalCog on 06/11/2022 - 12:51

          Thank you for letting me know. Bit annoyed rep had it wrong.

          From the chat, I screenshot "1.00% p.a. variable base interest while the variable bonus is 2.15% this 09/11/2022 (variable bonus interest only). The spend&save bonus interest is still at 1.15% p.a. (on up to $30,000)." Doubt it's worth arguing with a bank though…

          • capslock janitor on 09/11/2022 - 10:37
            +1

            @OpticalCog:

            pulling the 30k out of Westpac at 5k/day for this.

            can bump daily limit in app up to 50k

  • cheaptech20 on 04/11/2022 - 15:46
    +3

    I wonder whether St George is increasing their rates ahead of the others - but will slow down…

  • bunnikins on 04/11/2022 - 20:03
    +1

    I have a question, wife is a student and I work full time. My basic understanding is, if I open up a joint account we will have to pay tax on the earnings based upon my tax bracket since we are married. Want to check that if she opens up an account, does she need to pay tax on the earnings since the husband is earning or there is no tax since she is not earning?

    • Viper8 on 04/11/2022 - 20:31
      +5

      Have your wife open the account then add you as a signatory. You both have full control of the account but all interest goes exclusively to your wifes taxable income.

      • bunnikins on 04/11/2022 - 21:29

        Thanks

      • ivyholmes on 06/11/2022 - 09:51

        how do you apply for home loan in this case (bank account named as a wife account and she is a student, husband works full time)?

        • Viper8 on 06/11/2022 - 11:01

          Highly doubt the bank would approve a student a mortgage as a single applicant. She's meant to be able to pay it on top of living expenses single handidly.

          Anyway what's the reason in wanting to? You don't pay tax on offset accounts, and if it's an investment then you want it in your name to offset against your taxable income which would be in a higher tax bracket.

          • ivyholmes on 06/11/2022 - 11:07

            @Viper8: My reason is i would like to get 4% interest as per this promotion, but we would like to apply home loan sometime next year. Do you have any idea a better way to do it? I'm a student now and currently looking for job too, and my husband is working full time

            • Viper8 on 06/11/2022 - 11:49

              @ivyholmes: The mortgage and savings accounts are completely separate. You can put them in whosever's name(s) you want and then fill out additional signatory forms to give the other person access snd control.

          • ivyholmes on 12/11/2022 - 22:05

            @Viper8: Hi Viper, we went today to St. George to add my husband as a signatory, but the banker asked my husband TFN. is it matter?

            • Viper8 on 12/11/2022 - 22:59

              @ivyholmes: That's very strange. I'd follow up to clarify.

              • ivyholmes on 12/11/2022 - 23:18

                @Viper8: I asked why do I need my husband TFN, he said dont need to if he doesn't want. But I'll clarify again maybe tomorrow. Do you know how the fastest way to transfer funds in large amount?

                • Yola on 13/11/2022 - 06:54

                  @ivyholmes: Transfer into the account or out. If in from what FI? If out it has been mentioned that you can increase the transfer limit to $100k in the App for St George. I have a BoM account and I can increase the limit to $100k in their web banking so maybe you can do that in St George too.

                  • ivyholmes on 13/11/2022 - 08:54

                    @Yola: I have combank account to transfer to st. george, i think I have to call them to increase the transfer limit, do you know how many days it will be received?

                    • Yola on 13/11/2022 - 09:29

                      @ivyholmes: When you get the increase approved ask them if it will go via OSKO - I think both Combank and St George have OSKO. Combank has a procedure where if it's a transfer to a new payee they delay it for 24 hours to aid in scam prevention. I would make a small payment today to bypass this and to ensure that the large sum ends up in the correct account. Generally, I find that if I transfer funds in the morning, they get to the other account around 10 pm the same day if not using OSKO or if the amount is above the OSKO limit.

                      • ivyholmes on 13/11/2022 - 10:28

                        @Yola: I've called them and they said, the transfer will wait 24h before its arrive, and it will do the same thing in the next day transfer 24h as well. They said because it is a larger amount, the transfer wont via OSKO to protect the funds

                • Duece1995 on 06/12/2022 - 21:09

                  @ivyholmes: You need to provide tax file numbers to anyone listed on the account otherwise you will pay tax on any interest earned at the highest tax bracket.

  • capslock janitor on 04/11/2022 - 20:56
    +1

    Any sign up BONUS?

  • Pufff on 05/11/2022 - 12:33

    Does anyone know if you had lets say $10k, which is $50 more than the previous month, for 25 days for example but then you made a full withdrawal. Does STG withhold the bonus interest for the 25 days which you had the money there or you are not eligible for the bonus the next month?
    Thanks

  • FullCreditToTheBoys on 05/11/2022 - 20:45
    +4

    Scrolling through St George's announcement history (on bloody fb of all places), it looks like they did not pass on the June RBA 0.50% increase to any of their savings accounts that particular month.. but then they have slowly been giving an extra 0.05-0.25% in some of the months after that.
    November's 0.85% increase to their incentive saver accounts (vs RBA 0.25% increase) for a total of 4% with minimal hoops, looks to have put them up near the top of the current offerings.
    So if they stay on par with future RBA increases moving forward, then this account might actually be handy to have.

  • OldBugger on 06/11/2022 - 13:34

    If I have funds currently in UBank - when is the best time to transfer them out and into St George? 9 Nov, 25 Nov or 1 Dec?

    • Yola on 06/11/2022 - 16:25
      +2

      9 Nov to get the higher rate ASAP but make sure you still deposit $200 into ubank to receive the bonus rate for 9 days.

  • temporiser on 06/11/2022 - 14:32

    I notice ING have just announced they’re going to increase their rate to 4.30%.

    https://newsroom.ing.com.au/ing-announces-interest-rate-chan…

  • glyptothek on 07/11/2022 - 12:39

    Will you still earn the bonus interest if you withdraw from the Incentive Saver account, but have increased amount by $50 earlier? If yes, do you earn the bonus interest for the entire month?

    • Yola on 07/11/2022 - 16:46

      I think you would not get the bonus interest. It is stated in the post.

      To obtain bonus interest you must grow your account by at least $50 a month To obtain bonus interest you must grow your account by at least $50 a month t

    • izkai67 on 09/11/2022 - 19:03

      I had a chat with CS, your balance on last business day of a month must be $50 or more than your balance on first day of that month. You can make as many withdraw or deposit in between that month. so long that requirement met.

  • ichatting on 08/11/2022 - 14:50

    having trouble opening the account online, customer service told me they've had these issues and to call 13 .. number .. blah ..

    • ivyholmes on 09/11/2022 - 12:46

      I've opened an account but there is no email at all

    • ivyholmes on 09/11/2022 - 15:59

      I called them and they said it would take 48 hours to activate the account! OMG

  • stang65 on 09/11/2022 - 15:27
    +1

    Tried twice to open an account with BOM. Both times get to the last step and then get an error message which kicks me out. Seems on par with my BOQ experience. I can't believe institutions of this size can't even get an account opening procedure correct.

    • Yola on 09/11/2022 - 16:31

      When I opened one years ago, I had to go into a branch to activate it.

  • izkai67 on 09/11/2022 - 20:29

    system error when clicking submit button, lots of bugs, unsafe and unreliable bank

  • senoreddie on 09/11/2022 - 23:54

    This is a crazy af deal. Only need to grow it by $50 and you get to choose either St Georges, Bank of Melbourne or Bank of SA? What's the catch here

    • timhn on 10/11/2022 - 08:39

      You have to bank with them !!!!

  • tlai on 10/11/2022 - 07:40

    As a exiting customer, took 2 clicks to open another account.. Accidentally opened a new savings account as well..

  • Celorne on 10/11/2022 - 12:14
    +1

    Anyone able to clarify how the mechanics of these accounts work?
    What happens if:
    * I have $10,000 in the account at the end of the January (End of Month = $10,000; Interest = 4.00%)
    * I take out $9,000 to buy a car in February (End of Month = $1,000; Interest = 1.35%)
    * I deposit $500 in March (End of Month = $1,500; Interest = ??)

    Does the interest rate in March increase back to 4.00% as I have increased the value of the account by >$50 from end of month February to end of month March?

    • Yola on 10/11/2022 - 16:36
      +1

      Have a look here and maybe ask also if no wiser
      https://forums.whirlpool.net.au/thread/374pqzpz?p=3

    • SearchAndSave on 11/11/2022 - 09:45

      From their (St.George T&Cs and Fees):
      - For example, for the period from the day after the last business of May to the close of business on the last business day of June.
      - Definition of business day for the purposes of credit interest calculation, a business day is Monday to Saturday inclusive, excluding national public holidays.
      - Interest is not included for the purpose of calculating bonus conditions

      Your balance at the last day of January is $10,000
      Your balance at the last day of February is $1,000 → No bonus Interest for February
      Your balance at the last day of March is $1,500 → Yes bonus Interest applied for March

  • umoddbro on 10/11/2022 - 13:36

    If you're thinking of opening an account with BoM…. Don't, they're a pain in the arse to deal with.

  • sim36 on 16/11/2022 - 11:35

    same (profanity) as ING.

  • archiexyz on 16/11/2022 - 18:51

    For the criteria where the balance must stay above $0, does that mean you can't get bonus interest in the first month?

  • SearchAndSave on 17/11/2022 - 14:55
    +4

    From their website: "your account balance does not fall below $0".

    Yes, you will get bonus interest in the first month because its balance either starts with whatever amount you can put in in the very day your account is opened and becomes active or $0 if no money is deposited on that day. Either case your balance is not negative (falls below $0).

    Their real trick is: "Incentive Saver account" is a term deposit in disguise. You have to keep your money all the same + $50 more every month. So if you find a better deal with another bank, you need to wait to till the end of the current month before making a total withdrawal.

    Their trick is well hidden, it takes me a while to figure this out.

    • niniksa on 17/11/2022 - 15:42
      +6

      I think we should withdraw the whole amount on the 1st of next month, not the end of current month. Otherwise, we will lose the bonus interest for the whole current month.

      • moneyhungry on 16/12/2022 - 05:21
        +1

        Works if you only have 100k invested otherwise you will need to wait until the 3rd to go into a branch to withdraw larger amounts therefore losing interest.

  • amorn on 26/11/2022 - 12:00

    Can you stack it with Maxi 4.10% and also Bonus $40 with Complete Freedom Account (Deposit $500 in 30 Days & Make 5 Debit Card Trans) @ St. George, Bank of Melb, Bank SA?

  • moocher on 06/12/2022 - 16:49

    FYI for those who don't already bank with St George and want to open a joint Incentive Saver account: Whilst direct bank transfers can be made to the Incentive Saver from other banks, we were told by staff that their system won't let them proceed to open a joint Incentive saver unless a (fee-free) joint transaction account is also opened at the same time and linked.

  • Duece1995 on 06/12/2022 - 21:24
    +1

    I wonder if the full 0.25% will be added to the interest for the incentive saver account.

  • bk1973 on 14/12/2022 - 11:09

    Opened the incentive saver with Bank of Melb. Wouldn't work online (errors), so went to a branch to do it. Luckily I had nothing to do that day as it took a long while. They tried to get me to open a transaction account, but I declined. Now I see there's the $40 bonus for opening the complete freedom account, so glad I held off. The $40 will help offset the 45 minutes it took to open an incentive saver.

    • Yola on 14/12/2022 - 11:13

      Yes, they are quite strange. Same thing happened to me.

  • me1stt on 09/02/2023 - 15:40
    +4

    Westpac subsidiaries St George, Bank SA and Bank of Melbourne will increase Incentive Saver accounts by 0.25% from 21 February 2023 taking the total rate to 4.25% p.a.

    • oldrocker on 10/02/2023 - 04:31

      Thanks for the update

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