Quick Overview

Available with MyState Bank?

Bonus Interest

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$250,000 Deposit Guarantee

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Osko Payments

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ATM Access

✅ access major bank ATMs fee-free with the linked transaction account

No Regular Fees

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Pay ID

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Joint Savings

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MyState Bank Bonus Saver Review

The Bonus Saver Account is a high-interest savings account designed to reward consistent savers. Customers can earn bonus interest each month if they meet specific conditions, such as making a minimum deposit and not withdrawing any funds.

  • As it stands, every month customers must: Deposit $20 into their savings, and make 5 eligible transactions on the linked ‘Glide’ transaction account.

  • The maximum interest rate applies to the first $250,000 only.

The deposit criteria is less onerous than other banks' bonus saver accounts. However, a large bulk of the competitive interest rate is made up of bonus interest; the base interest rate is just 0.05% p.a. meaning if you forget to meet the criteria, you will earn very little interest that month.

On application, savers might like to supply their Tax File Number (TFN) to avoid being charged the highest maximum marginal tax rate on their interest earnings.

Other savings accounts on offer

  • Special eSaver: No deposit conditions, and a higher rate of interest the higher your deposit. Much lower interest rate than the Bonus Saver.

  • Christmas Account: Pays interest from 1 November to gear you up for the festive season.

  • SMSF: Enquire with MyState about a savings account geared for your self-managed super fund.