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MyState Bank Bonus Saver Account 3.85% p.a. Interest on Balance up to $250,000 (Deposit & Spend Requirements)

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MyState Bank Bonus Saver Account 3.85% p.a. Interest on Balance up to $250,000 (Deposit & Spend Requirements)
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Ppuglikesabargain on 03/11/2022 - 14:58 mystate.com.au (136 clicks)
Last edited 03/11/2022 - 17:19

On 15 November 2022 MyState Bank will increase the interest rate on Bonus Saver Accounts from the current maximum 3.6 percent to 3.85 percent.

An account holder will earn a total variable rate of 3.85% p.a. (the variable base rate of 0.05% p.a. plus a variable 3.80% p.a. bonus) when the following Bonus Saver Account eligibility criteria is met on balances up to $250,000.

• Make an eligible deposit of $20+ into the Bonus Saver Account each month; and
• Make 5+ settled (not pending) eligible Visa Debit card transactions each month from the linked Glide account (excludes ATM withdrawals, transfers, balance enquiries and EFTPOS cash-out only transactions).​

A comparable rate (ie 3.85 percent) will be offered by UBank effective 1 December 2022 - https://www.ozbargain.com.au/node/733978

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MyState Bank
MyState Bank

closed Comments

  • Fergy1987 on 03/11/2022 - 15:12
    +2

    Meanwhile Great Southern Bank still holding firm at 2.7% or some sh1t - Quick to pass on their home loan rate increases though.

  • BudgetAce on 03/11/2022 - 15:21

    Does anyone know how does MyState Bank compare with UBank ? they both offer the same 3.85% rates. But what about services like PayID, Osko instant fund transfer, debit card with Apple and Google Wallet, etc ? Trying to decide which to go with.

    • dcep on 03/11/2022 - 15:25

      Not answering your questions.

      But would be wise to include security feature like authentication via bank app (instead of sms) within your consideration.

      • BudgetAce on 03/11/2022 - 15:28

        Sure. That is a great point. I have seen my friend's UBank app and it does support fingerprint authentication on top of SMS for fund transfers. Not sure abt MyState Bank ?

    • puglikesabargain on 03/11/2022 - 15:45
      +1

      Daily transfer limit for myState Bank is automatically set at $5,000. You can however, increase or decrease this limit up to a maximum of $10,000 on standard transfers only, if you are registered for two-factor authentication. If your account has SMS security enabled, you will be able to transfer up to $2,500 a day on NPP/OSKO - otherwise the slower Standard External Transfer option is only available. Higher transfers can be arranged by calling their customer service centre. Payid to send and receive is offered by MyState Bank.

      • BudgetAce on 03/11/2022 - 16:03
        +1

        Thank you @curt67. Would you know if they also offer a debit card that can be added to Apple Pay or Google Wallet ? What is the age limit for this account, like can my teenage kids below 18 yr old also get an account ?

      • Yola on 03/11/2022 - 17:07
        +1

        Increase to $50k by calling anymore have to fill in a form and email. They do usually approve in a few hours.

        • Chris T on 05/11/2022 - 09:00

          This is my only significant gripe about MyState Bank. To transfer out more than $50K per day you have to fill in and sign a form, and then email it to them with a copy of your drivers licence. That's really poor from a security perspective. The higher limit only applies for up to 3 days, and then you have to do it all again next time you want to do a big transfer.

          • Yola on 05/11/2022 - 16:08

            @Chris T: Yes, this is correct. At least they approve the form quickly had to wait much longer for AMP to approve a similar form.

    • Yola on 03/11/2022 - 17:11

      Actually, MyState Bank will commence 3.85% on 15 November and ubank not till 1 December. Last month it was 12 October vrs 1 November.

      • puglikesabargain on 03/11/2022 - 17:18

        Isn't that what I had posted above ???

        • Yola on 03/11/2022 - 17:36

          I was responding to BudgetAce but it did not appear under his post.

  • LittleTicket on 03/11/2022 - 16:03

    MyState still holding out on that $50 bonus for joining them…

    • Dr-Bargain on 03/11/2022 - 16:30

      same here. Saw they mentioned they'll payout after the 29th of November on one of their FB comments

      • Churna on 03/11/2022 - 16:53

        Dec 15 is payout. 14 days after end of promotion

  • simba-au on 03/11/2022 - 17:13
    +1

    ubank process is simple depoist $200/mth and done deal, no other complicated stuffs.
    if you have cheque, you can goto any nab branches and deposit straight to ubank high int acct since Ubank is owned by NAB

  • bresmith on 03/11/2022 - 22:23

    I'm looking for a 3rd savings account on top of ing and ubank and this looks the next best (in front of ANZ) for my needs. Does anyone know if PayPal transfers from a linked card count towards the 5 settled transactions. I find this the easiest way to do them with ing and would like to do the same here.

    • Yola on 04/11/2022 - 10:32

      Yes I do the PayaPal transfers for MyState and it works. But have a look at Virgin their rate is usually higer if you have the funds locked. Currently 3.9% before this weeks increases. You can give notice every 32 days to withdraw and maintain the locked rate. Depends if you may want your funds quickly. It also has the 5 settled transactions requirement and I do PayPal plus $2000 deposit per month. You qualify for the bonus in the current month which is helpfull as you can open the account and start getting the bonus rate immediately.

  • payless69 on 04/11/2022 - 09:26

    Oops, the green dragon has just bitten them!

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