Bonus Saver Account: 4.50% p.a. Interest on Balance up to $250,000 ($20 Deposit & 5 Transactions Required) @ MyState Bank

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puglikesabargain on 14/03/2023 - 15:41 mystate.com.au (72 clicks)
Last edited 31/05/2023 - 15:07 by 1 other user

Although currently this is not the best offer on the market following the March RBA decision, new and existing savers of this smaller banking player (based in Tasmania) will receive 4.50 percent through the MyState Bonus Saver account - effective from 1 April 2023.

To receive this new rate each month, MyState Bank customers are required to deposit $20 and make five settled Visa Debit transactions each month using a linked Glide Account.

Savings.com.au and Open Comparison Leaderboard provide information on other rates currently available in the market - https://www.savings.com.au/news/rba-savers-march-2023 and https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

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MyState Bank

• 

  M00Cow on 14/03/2023 - 15:45

  +5

  Meh, ubank you just have to pop in $200/mth (which you can take out) to get 4.60% from 1Apr.
  No faffing about with transactions, etc.

  https://www.ozbargain.com.au/node/761037

  • 

    payless69 on 14/03/2023 - 16:38

    $20 is 10 times less and every 1st I do get 5 17c sale items at Coles so prefer a small bank to an institution that has just lost huge on the share market.

    • 

      M00Cow on 14/03/2023 - 16:59

      $20 is 10 times less

      Can't argue with those accounting skills.

      every 1st I do get 5 17c sale items at Coles

      So you get paid less interest, then make the small (?) bank to have a loss for your transactions five times over? Nice work!

      that has just lost huge on the share market.

      Ok, maybe your accounting skills aren't so crash hot. Their parent company NAB has been posting record profits. $2b for the 2022 dec quarter. That's $2,000,000,000 more money they made in 3mths. Not really a loss.

      https://www.nab.com.au/about-us/shareholder-centre/financial…

      • 

        payless69 on 14/03/2023 - 17:02

        Been using ubank from day one.
        Their payment speed has eclipsed all of my 32 other banks used.
        But I get loathed all the time when I show people just how fast the money arrives.

  • 

    puffinfresh on 14/03/2023 - 17:07

    & uBank's app has a nice easy to use, smooth UI.
    MyStateBank's is awful.

    • 

      M00Cow on 14/03/2023 - 17:14

      -1

      The upgraded ubank app & bank itself is really good. It's nice having instant transfers.

      But when it comes down to it, it's all about the interest. I've earned more interest in the last 3mths then I did last FY. Cost of living might have increased by 10% but the interest is well & truly covering that.

  • 

    Nedkellyinthebush on 14/03/2023 - 18:25

    +1

    Does anybody know how to add your TFN to ubank? There is no option in the app. And the Website say you have to call them wtf is there a better way?

    • 

      billsa on 14/03/2023 - 21:17

      probably not, they seem to think that we're still in the previous century.

• 

  competitions on 14/03/2023 - 16:19

  +3

  @curt67 would you please consider adding a new column to the Google spreadsheet - daily withdrawal limit.

  • 

    puglikesabargain on 14/03/2023 - 16:26

    Unfortunately I do not maintain the spreadsheet but only put a link to this useful document. Cheers

    • 

      competitions on 14/03/2023 - 17:36

      +1

      @curt67 thanks anyway. Would be a useful addition for ppl that move funds around.

• 

  bk1973 on 14/03/2023 - 16:46

  This is a partial rate increase. It's currently 4.35%, so just an increase of 0.15%.

  Not a "deal", but Amp is increasing from 4.1 to 4.6%, but you have to wait until 1st May. Just a deposit for that one. No card usage or growing balance each month.

  • 

    puglikesabargain on 14/03/2023 - 16:52

    +3

    But AMP has recently increased the minimum monthly deposit to $1,000 (from $200) and it must be made in the month previous to qualify for bonus interest. https://www.amp.com.au/banking/info/p/amp-saver-account?extc… This has ruffled feathers amongst its customers. MyState Bank states "the increase effective from 1 April 2023, takes the total increase across February and March to 50 basis points" .(0.5 percent)

    • 

      payless69 on 14/03/2023 - 17:05

      But AMP was the first to remove their gender gap on board members.
      CWA would be proud if they could all get to join them?

• 

  shaibankek2 on 14/03/2023 - 18:56

  Where's the bargain?

• 

  Yola on 15/03/2023 - 14:28

  This is unfortunate. For the past 12 months or so this bank had interest equal to ubank but commencing 2 weeks earlier. Seems they have changed their strategy.