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Incentive Saver 5.15% p.a. up to $250,000 (Grow Balance $50/Month) + 0.1% for 3 Months for New Customers Online @ St George


1.85% + 3.30% bonus

enjoy a variable savings rate of up to 5.15% p.a.* when you grow your account balance by $50 each month* and your account balance does not fall below $0

increased by 15bps since last RBA hike. haven't seen posted yet.

One of the higher rates especially for those with >1m (5% over 250k)

Interest Rate Desc
5.15% p.a. Total variable rate, combining a variable base rate of 1.85% p.a. and a variable bonus* rate of 3.30% p.a. for account balances remaining below $250,000.
5.00% p.a. Total variable rate, combining a variable base rate of 1.85% p.a. and a variable bonus* rate of 3.15% p.a. for account balances of $250,000+.
1.85% p.a. Variable base rate on your balance, for those months when your balance does not grow*.

Online Offer for New Customers:

Earn up to 5.25% p.a. with a variable base rate of 1.85% p.a., a variable bonus* rate of 3.30% p.a., and an extra 0.10% p.a. to your variable bonus rate for the first 3 months when you open online. New customers only on balances remaining below $250,000. After 3 months the total variable rate will apply.

Related Stores

St.George Bank
St.George Bank

closed Comments

  • -5

    i just registered AMP

  • +3

    Great find op. Hope this will wake up some other banks to up their game.

    • Bankwest: hope they wake up from their 4.6% (1% credit +3.6% bonus) offering…

  • If someone can help, explain. So if I transfer, now or last day of this month or first day of the next month, what would be the best way so I receive the interest with my current bank for November and interest with my new bank (for example now St George) for December? Thanks in advance

    • most banks usually calculate the interest daily on your balance. depending on the rules with your current bank it would be best to transfer 1st December to get this rate with St George for that month.

      If your bank does not have any rules then you should transfer now.

      • Im with ubank. Thanks for the explanation

  • One of the better Westpac group deals.
    But I prefer the ease of use of Ubank and Ing.

    • Why do they have different deals? Why do they keep the facade of being different banks?

      • Global deception. Do not kill directly but torture your victim by absolute deception.
        CBA is another deceptor.

  • Bank of Melbourne also have the same offer.

  • What is the equivalent at westpac?

    • Depends for under 25 it’s higher like 5.2% might go higher now cause of the increase. On the site for everyone else it’s just 5%

  • +1

    Actually, it is 5.15% up to $249999.99. The rate is only 5.00% if you have $0.01 more at $250000.00 according to https://www.stgeorge.com.au/personal/bank-accounts/bank-acco…

    • +1

      Thanks. Not worth it for me then.

  • increased by 15bps since last RBA hike

    Could've sworn it was 5.1% before now it's 5.15%.

    Nvm that was only first 3 months. It's 5.25% for the first 3 months now

  • ING has up to 5.5%, but there are few hoops to jump through.

  • Still much better off in offset if you have a mortgage. Assuming variable rate of 6.25% offset is equivalent to about 9.5% HISA if you have a decent taxable income

  • +1

    Some tips, on how to get the best interest rate out of St George & what to avoid doing

    St George will pay the best interest of 5.15% up to 249,999.99 (5% on the entire balance if you go over - only 1.85% if you do not grow the balance by $50 after interest is paid). So split your balance if you have more money into multiple incentive accounts & keep them well below the threshold (say $200K). When interest is added & you add the $50 to keep the bonus going it stays unde the limit. Also if you need to draw the money in an emergency, you can do so & impact only one account for interest calculations.

    Move the money on the 1st of each month (if it is not a Sunday/PH - will come back to that) on a new Incentive account - you also get an extra 0.10% for 3 months (while the offer lasts) on the new account. You can effectivey achieve a 5.25% by moving to a new incentive on a 3 month cycle (until the offer lasts).

    Do not do internal transfers on Sunday (any Sunday). St George will not pay interest for the transfer money for that date. It is an ongoing issue with their systems. The transfer is instant & money is available in the receiving account, but even though all posting dates match as nex day, St George will treat it as money went out on the Sunday for the sending account & money went in on Monday for the receiving account (despite all transaction posting dates set to Monday). If this bad behaviour (crooked) is reported to ASIC (and should) it will cost them millions in financial penalties as well as even more in bad publicity. Still, they know about it as customers keep complaining to them but they seem unable to fix their antiquated processing systems (or even understand what the issue is).

    Good news is that you can do external transfers instantly (even on a Sunday) to other bank accounts via OSKO from the freedom account up to $100K.
    That makes the internal Sunday transfer daylight roberry even more offensive.

    If you are "shifting" money between incentive accounts on the 1st of each month, do not bother if that is a Sunday (or public holiday). Skip that until the next month when the 1st day is any other day but Sunday/PH. This is because St George applies their own unique special rules for interest calculations at the end of the month when that falls on a Sunday or public holiday. It is so confusing that they do not fully understand what their systems are doing - dodgy AI has taken over -:)

  • +1

    Another St George Tip

    If you want to send large amounts, say $100K from St George to AMP (5.20% now - 5.40% from 1st Feb) and you need it to be instant, best to 1st transfer to another bank that fully supports OSKO, like CBA, and from there to AMP. The reason for that is that AMP only supports fast payments not OSKO. That is not a problem if transfering from other banks (CBA, UBANK , CUA etc.) as they will happily downgrade from OSKO to a fast near instant payment, but St George is just different (in a bad way & not likely to improve anytime soon), so you will not receive & be able to use that money until the next business day (that could be a problem if you needed that money for a home deposit etc. etc.). When transferring money from St George you always have to plan ahead & take public holidays & Sundays into consideration. Also keep in mind that you have to transfer from the Freedom account to utilise OSKO.

    • I sent $100 from St George to WestPac this morning, didn’t receive yet. It might need over the night even with small amount transformation.

      • the amazing fact is that if you sent the same $100 via CBA to Wespac that owns St George, it would have been (almost) instant, everything going to overnight processing is slow as …

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