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Maxi Saver 4.10% p.a. Interest for 3 Months (New Online Application Only) @ St George Bank, Bank of Melbourne, BankSA

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Maxi Saver 4.10% p.a. Interest for 3 Months (New Online Application Only) @ St George Bank, Bank of Melbourne, BankSA
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Ppuglikesabargain on 10/11/2022 - 10:49 stgeorge.com.au (593 clicks)
Last edited 10/11/2022 - 18:37 by 1 other user

Maxi Saver 4.00% p.a. interest for first 3 months for new customers. Apply online and get extra 0.10% p.a. bonus for first 3 months. 0.85% p.a. ongoing after 3 months. No balance cap on interest calculation. No balance growth requirements.

As the St George Bank website states, "now is a great time to consider opening an account online and earning an extra 0.10% p.a. for the first 3 months. The online offer total introductory rate is a combination of the standard variable rate of 0.85% p.a., a fixed bonus rate of 3.15% p.a. and an online bonus rate of 0.10% p.a.

Offer available from 9th November 2022 for a limited time only. New Maxi Saver customers only. Offer may be varied or withdrawn at any time. To hold a Maxi Saver account, you must also hold an eligible St.George transaction account in the same name and be registered for Internet and Phone Banking. If you don't already have one, we will set up a Complete Freedom everyday account for you when you open a Maxi Saver account."

For the first three months from opening an account, this option may be better than the Incentive Saver Account (https://www.ozbargain.com.au/node/734527?page=1#comment) due to the extra 0.1 percent p.a. bonus, and no monthly $50 balance growth requirement. Both the Maxi Saver and Incentive Saver products offer unlimited online access to your savings with a linked Freedom transaction account.

A key standout with the Maxi and Incentive Saver products 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.

Note Bank of Melbourne and BankSA are offering the same product (all part of the Westpac group).

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

  • annarchon on 10/11/2022 - 10:52
    +2

    0.85 % p.a.Standard variable
    rate after the first
    3 months

    • Imposter on 10/11/2022 - 10:56

      The online offer total introductory rate is a combination of the standard variable rate of 0.85% p.a., a fixed bonus rate of 3.15% p.a. and an online bonus rate of 0.10% p.a. (4.1% p.a.)

      My understanding is that after 3 months you will not have the online bonus rate of 0.10% p.a., which comes to 4% p.a. in total (if no interest rise by RBA)

      • Celorne on 10/11/2022 - 11:06
        +3

        That's how I first read it, but seems like it drops back down to 0.85% after 3 months based on the rates page

      • me1stt on 10/11/2022 - 11:07

        Incorrect. You can confirm with their banker. Only the incentive saver gives 4% for long term.

      • annarchon on 10/11/2022 - 11:11

        4.00 % p.a.Total
        intro
        rate
        The rate for the first 3 months as a new Maxi Saver customer. The introductory rate is a combination of the standard variable rate of 0.85% p.a. and a fixed bonus >rate of 3.15% p.a.1

        You get 4.1 if you sign up online, 4 in store. Both are 3 month bonus.

        It literally right there on the linked page. With the big 4% total intro rate.

      • zbc on 10/11/2022 - 11:44
        +1

        No, you also lose the fixed bonus of 3.15. That’s what makes it a bonus.

      • Imposter on 10/11/2022 - 12:47
        +1

        I read the T&C again and yes, my understanding is not correct.

        I'll also revoke my upvote for the post :(

  • Dr-Bargain on 10/11/2022 - 11:02
    +2

    The worst bank I dealt with. You can never verify your identity online. You need to go to one of their branches. I went to the BOM and the staff is not helpful.
    They don't issue you a debit card when you open an account. You have to call customer support and order it. and what's really annoying is, they only ship the card to their branches and you have to go there to pick it up.
    These are the frustrations I had with them so far. I guess they won't stop from there.

    • Ok computer on 10/11/2022 - 11:27
      +1

      For me they have been OK.
      Staff helpful
      App is mostly good.
      OSKO good
      Phone support responsive

      Ubank on the other hand…..

      • dudleydoright on 10/11/2022 - 13:32

        I haven't had much dealings with UBank but the one time I had an issue I was able to get help relatively quickly and clearly. Don't have any issues with the (new) app either.

        There are some issues around the old/new accounts that I wish they'd just pull the trigger and merge but other than that it's been fine.

        • tekisei on 10/11/2022 - 16:20

          I just got merged and it's a pain to update all of my payees for that account, and telling friends and family to update their details

          Also no ASP in the new setup.

          Should have merged the other way instead.

    • Bruceflix on 10/11/2022 - 11:31
      +1

      My son opened an account with them this week. We couldn't do online ID verification as he was born overseas and doesn't have an Australian birth certificate. But contrary to what you said, they did issue a physical debit card (although a temporary one) once his ID was sighted. His "proper" debit card is being shipped to our home address. This was for St George Bank via a BankSA branch.

    • Stopback on 10/11/2022 - 11:40

      You can never verify your identity online

      Did it with st george, app sucks though.

  • jimbler on 10/11/2022 - 11:04
    +1

    It seems a bit redundant. It's basically just the incentive saver account except you get +.1% interest for 3 months. You'd think they could have just offered existing and new users with that account already the +.1% for the next 3 months.

    • yht on 10/11/2022 - 11:06
      +1

      Agreed, why we would need Incentive as we have Maxi Saver as no increment requirement and same rate ?

      • dudleydoright on 10/11/2022 - 13:35

        After 3 months the Maxi Saver rate drops to .85%, not 4%. On the other hand the requirements for the incentive saver aren't too onerous.

    • puglikesabargain on 10/11/2022 - 11:07

      yes it really is…all very strange. However, I now have opened a Maxi Saver (and transferred funds out of the Incentive Saver) to get the extra 0.1 percent - a matter of principle lollll.

      • jimbler on 10/11/2022 - 11:10
        +1

        Yeah I just opened one as well, but it just becomes Incentive Saver #2 in 3 months time.

    • skid on 10/11/2022 - 11:58
      +2

      You can withdraw from the Maxi Saver without affecting the interest earned unlike the Incentive Saver.

    • zt7891 on 10/11/2022 - 12:00
      +3

      There is a big difference between the 2 accounts.

      Maxi: You get the bonus rates without any requirements for the first 3 months if you are a new customer that hasn't opened a Maxi account. After 3 months, it falls back to the standard rate, which currently is 0.85%. There is no more bonus after 3 months.

      Incentive: The bonus rate does not expire as long as you increase your balance by at least $50 (excluding interest) each month. So 4.00% each and every month, as long as the requirements are meet (not sure if there are any restrictions on withdrawals affecting the bonus, need to check the T&CS)

  • adrianehm on 10/11/2022 - 12:59
    +1

    If it's just an intro rate then Macquarie at 4.25% seems better for first 4 months

    • FujiFruit on 10/11/2022 - 13:31

      I have Macquarie bank 3.7% and last week told them to increase it to 4.25% and they said they will call me back and no one did. Then I called again yesterday and they put me through so many people and said they will forward it but just move the money if u need to another bank as they don’t think I will get the 4.25% , but in the mean time I’m still waiting to get call back to get approved or not. I think I’m just going to move it to stgoerge .

      • Harsh Deep on 10/11/2022 - 15:09

        i want to know as well please. m at intro 3.70 as well, if they don't increase i have to move back to ubank

        • FujiFruit on 15/11/2022 - 11:35
          +1

          So macquarie got back to me today and said they won't put up the interest rate for me to the current 4.25% as that is only for new customers. So im moving on today…

      • puglikesabargain on 10/11/2022 - 16:55

        I had an awful time trying to open a term deposit with Macquarie, I gave up - never again!!!!

  • artkingjw on 10/11/2022 - 16:37
    +1

    If this deal is for new Maxi accounts, could you in theory, close your old Maxi account, then immediately open a new one? I just opened a Maxi for myself, but I only had the Incentive account previously. I have family members who are on old Maxi accounts, wondering if they could do this close-then-open trick to get the bonus. Cheers

  • FujiFruit on 11/11/2022 - 19:58
    +3

    No I rang already . They said and on website it says u can’t have maxi saver for 18 months to be considered as new customer

  • FujiFruit on 15/11/2022 - 12:08

    I tried opening this account with stgeorge today 4 times and it keeps saying after entering all the details sorry we are experiencing problems, pls try again later

  • Mad Max on 15/11/2022 - 15:25
    +1

    I think this is currently one of the best deals available. No hoops (for 3 months) and no balance limit.
    And StGeorge is owned by Westpac so quite safe.

    • puglikesabargain on 15/11/2022 - 17:23

      I think so too, especially having no balance limit

  • payless69 on 16/11/2022 - 14:39
    -2

    Comrade 'banese: Headcount for every slaughtered capitalist! Be poor, be happy!

  • Jes68Best on 19/11/2022 - 06:27

    Thx op. I have opened a bank account but closed half of a year ago. Am I qualified as a new online customer?

    • souths123 on 21/11/2022 - 16:05
      +1

      from what someone else said, you had to have closed the old maxi account 18 months ago

  • souths123 on 21/11/2022 - 15:42

    I was positive that this was 4.15% when I opened it and it showed in my account info in the app as well now showing as 4.1%….am I dreaming that I saw this? or is this like 1984 where they change the info so you can't tell and start second guessing yourself …maybe it was just wishful thinking? IDK…I was pretty sure that was the total rate

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