This was posted 2 years 1 month 18 days ago, and might be an out-dated deal.

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Incentive Saver 4.00% p.a. Interest with No Balance Cap (Requires $50 Balance Growth Per Month) @ St George, BoM, BankSA

1740
Incentive Saver 4.00% p.a. Interest with No Balance Cap (Requires $50 Balance Growth Per Month) @ St George, BoM, BankSA
Go to Deal
Viper8 on 04/11/2022 - 01:59 stgeorge.com.au (3374 clicks)
Last edited 10/02/2023 - 12:20 by 1 other user

From St George's Facebook page:

"St.George Incentive Saver total variable rate with bonus interest will increase by 0.85% p.a. to 4.00% p.a., effective 9 November."

  • Base interest of 1.35% with bonus interest of 2.65%.

  • To obtain bonus interest you must grow your account by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21) and your account balance does not fall below $0.

  • No spend requirements.

  • A key standout 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.

This is a higher rate than the deals posted for Ubank and ANZ, has no monthly spend requirements like the ING deal, and is not a temporary locked rate like the Macquarie deal.

Note Bank of Melbourne and BankSA will be offering the same product under different names (all part of the Westpac group).

Enjoy.

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

  • Jujovitu on 04/11/2022 - 02:42
    +8

    It's a good rate but the problem is losing the good rate if you need to access your money which you will inevitably do. It's not $50 deposit requirement, it's growing the balance by $50. Not sure the extra .15% is worth it. It may be for some who don't intend on touching the money for ages though.

    • Viper8 on 04/11/2022 - 02:50
      +6

      I've updated the title to make that clearer.

      We're offsetting our entire variable mortgage and need somewhere "safe" to store our excess savings for a couple years until our fixed mortgage expires. This is perfect for our situation IMO.

      • Spectatie on 04/11/2022 - 04:25
        +2

        We use this approach as well and this is a %1 better option than our current bank. Just need a bit more forward planning to integrate the increased loss of liquidity that this account brings.

    • PhilToinby on 04/11/2022 - 07:21
      +8

      I guess the idea is to put a good chunk of your savings in this account and a smaller amount in more flexible savings account like UBank, AMP, etc

      • OpticalCog on 04/11/2022 - 14:20
        +1

        This is what I've been doing had ~80% of my savings in westpac under 30s acc and ~20% in ubank.
        (worked great when I had <30k and westpac was giving ~3% during the pandemic). Looks like this is going to replace the westpac acc though its going to be great not having the 30k cap and 5 transaction requirements.

    • Hugh G Rection on 04/11/2022 - 07:26
      +4

      i'm with ubank, i'm not switching for .15%

      i am also enjoying the ubank app. also when I transfer from my bank its instant. if i didn't open my ubank, i would probably get this i guess.

      • PhilsComputerLab on 04/11/2022 - 10:36
        +4

        ubank is 3.6 so that's 0.4% better. On a 250k balance that's $1000 more per year.

        • Gavman on 04/11/2022 - 12:43
          -3

          Went up to 3.85% chief. So it .15% more. And if u factor in the fact if u need to draw some money for 1-2 months of the year the rate effectively becomes a lot less. Not worth it imo

          • md333 on 04/11/2022 - 12:49
            +7

            @Gavman: It won't be 3.85% for another month yet.

            • capslock janitor on 04/11/2022 - 20:47

              @md333: Keep in mind :uBank has no hard growth requisite. And no penalty for withdrawing anytime, which won't affect bonus.

              Just requiring deposit 200p/m and can take out instantly too pretty much.

          • PhilsComputerLab on 04/11/2022 - 12:52
            +4

            @Gavman: They tricked you 🙂 It's 3.6 for the entire November. Read the announcement carefully.

          • puglikesabargain on 04/11/2022 - 16:57

            @Gavman: ubank won't be raising their rate to 3.85% until 1 December. I would much prefer St George rate, 0.4 percent higher….

        • capslock janitor on 04/11/2022 - 20:45

          Doubt people will be keeping it there for a year.. So 80 odd bucks a month based on 1k.p.a.

      • Flintz on 04/11/2022 - 12:23
        +4

        Best thing I like about ubank is that all accounts are savings accounts. None of this transferring between accounts is needed. All bank accounts should be like this

        • capslock janitor on 04/11/2022 - 20:42
          +1

          I didn't get any interest on my Spend account balance thho as you say they're all savings.. No?

    • Tleyx on 04/11/2022 - 09:57
      +1

      To minimise take it out on 1st of month

    • jadamd on 04/11/2022 - 17:03

      Is there an option to open multiple accounts to split $$ so you would only lose interest on 1 portion if need to withdraw?

    • izkai67 on 04/11/2022 - 17:32

      just transfer min $50 every 25th of the month, dont make any withdraw you could lose track , it s similar with ING just lots easier less hoop and no capped for bonus interest.

      • capslock janitor on 04/11/2022 - 20:49

        Why 25ht

        • izkai67 on 05/11/2022 - 19:24
          +1

          just approx date, so it arrives by last day of month and increase your balance by $50

    • T Man on 15/11/2022 - 19:35
      +2

      This is true, however, you CAN dump all the money out on the 1st of a month, into another account, losing much less interest in the process.

      So, if you want the most out of your money (and let's face it, ozbargainers frequently do more for less), you can keep it here, then if you need to withdraw funds, dump it all into your ubank account on 1st of a month (may have to call to up your transfer limit). Only lose 2-3 days of interest for the transfer time.

      Also, if you have MORE than 250k sitting around. Having this as a second account is useful.

  • b00gie on 04/11/2022 - 02:46
    +2

    nice one, has osko too
    anyone know the st george osko daily limit?

    • Viper8 on 04/11/2022 - 02:54
      +4

      $5k.

  • jimbler on 04/11/2022 - 03:25

    Too late. I moved my money out months ago.

  • Duece1995 on 04/11/2022 - 05:03

    This is a great deal. Have opened an incentive saver account with BOM getting 3.15 % now jumping to 4.00%. Access to funds no lock in period. Just grow the account by $50 each month to get the intetest rate.

    • PhilToinby on 04/11/2022 - 07:33

      I've had Bank of Melbourne for years and have nothing good to say about them! Don't expect they will keep up with uBank or others. I am amazed that they are finally offering a decent rate, but am confident the others will overtake them soon. I could be wrong

  • XXRydeR on 04/11/2022 - 06:50

    So by grow the account does that mean we can't do the usual shuffle money out then back in?

    • z28 on 04/11/2022 - 09:58
      +1

      You can: deposit $X on first of the month, withdraw $X-50.01 at the end of the month. Balance will increase by $50.01 month to month not counting interest.

      • Wildesy on 04/11/2022 - 10:27
        +1

        How does the interest calculation work though? I thought it was calculated on your daily balance, not just on what you had come the last day of the month?

        • z28 on 04/11/2022 - 13:31
          +7

          Start with $0, put in $1000 on 1st of the month, withdraw $950 on last day, you will

          Get interest on $1000 for 29 days
          Get interest on $50 for 1 day
          Increase by $50 month on month
          Interest is calculated daily and credited monthly

          • Pufff on 04/11/2022 - 20:20
            +3

            @z28: So the closing balance only needs to be $50 over the last day of the previous month? Doesn't matter how high or low it goes during?

            • z28 on 04/11/2022 - 22:43
              +2

              @Pufff: That's how I understand it.

  • Duece1995 on 04/11/2022 - 06:55
    +1

    The total balance needs to increase by $50 each month to be eligible for the interest.

  • pete1812 on 04/11/2022 - 07:13
    +1

    Anyone know if this account can be opened for a child?

    • payless69 on 04/11/2022 - 09:19
      +1

      Use BOQ, they are childish!

  • StarPlatinum on 04/11/2022 - 07:24
    +3

    Holy shit this isn’t bad

    • virhlpool on 05/11/2022 - 00:23

      Only if it stays as good. ;)

  • adrianehm on 04/11/2022 - 07:47
    +2

    Wow 0.85% increase! At 4% they just jumped right in front of the pack overtaking uBank/myState/Virgin. Still below ING though, but no $250k cap is very interesting.

    I saw they also have a $40 offer ongoing for opening a spending account (Complete Freedom account). I'm actually quite tempted to use them now. Anyone have any feedback on their products/services?

    • SmashedAvocado on 04/11/2022 - 08:13
      +1

      I had a home loan with them, their service and apps were pretty good I might jump on this deal.

    • PhilToinby on 04/11/2022 - 08:18
      +2

      I used to like BoM when they had a local branch down the road from me and I had a regular contact at the bank that knew me and my family. Made it much easier to sort out home loans, credit cards, accounts for kids etc. I had UBank and ING direct previously and they were a bit hopeless for anything more than a standard savings/transaction account (that may have changed). Now BoM have shut down a number of smaller branches and with the service I get now I may as well be with an online bank

    • Quppa on 04/11/2022 - 08:45
      +4

      FWIW $250k matches the Financial Claims Scheme in the unlikely event the bank goes under.

      • Gavman on 04/11/2022 - 12:48

        Banks don’t go broke in OZ. Would have to be pretty corrupt. Can’t remember the last one that did.

      • capslock janitor on 04/11/2022 - 21:00
        +1

        So best to self cap at 250k anywayz

  • art-fanatic on 04/11/2022 - 08:20
    +6

    I like another poster recently took all my savings out of incentive saver. I wonder if they realised just how un competitive their rates have been for the last 3-4 years and are now trying to win us back. Unfortunately I don’t like the inflexibility of this account anymore so will be unlikely to move back. Also I would like to know that they will continue increasing rates as the RBA does, similar to ubank and others. It would suck to move all savings over and then they keep it at 4% while others move up. Assuming RBA keeps raising rates of course

    • capslock janitor on 04/11/2022 - 21:01

      What was inflexible?

      • art-fanatic on 05/11/2022 - 07:21

        You always have to increase the amount each month to get interest. If I needed to dip into savings, I was essentially paying extra to use that money in lost interest. It’s not as inflexible as some, but compared to ubank, it is not for me at the moment.

  • puglikesabargain on 04/11/2022 - 08:25

    The transfer limits imposed by St George seem ambiguous and the procedure clumsy - "Internet and Phone Banking – Payee Account Information (also known as Third Party). There is a cumulative limit of $5000 per account, per day, on accounts set up via Internet Banking. There is a maximum limit of $25,000 per day. For example: if you have 5 different accounts you can transfer $5,000 to each account per day. To increase the daily limit to $100,000, please download, complete and return a form".

    Therefore, does this mean it would be difficult and time-consuming to withdraw funds from an Incentive Saver account, should a better deal elsewhere come along in future?? :(

    • abc on 04/11/2022 - 08:31
      +1

      Not bad for people starting out / new accounts tho!

    • Viper8 on 04/11/2022 - 08:32

      As your quote says this can be increased to $100k.
      Recently I moved $30k between St Georges accounts in a single transaction instantly via the mobile app.

      • puglikesabargain on 04/11/2022 - 08:35
        +1

        Well I only refer to the plain english on the FAQs - https://www.stgeorge.com.au/online-services/internet-banking…. It refers to any transfers to any account. And is submission of a form really needed?

        • Viper8 on 04/11/2022 - 08:36
          +2

          I edited my comment about 5s before you posted this one lol.
          Yea just complete the form?

          • puglikesabargain on 04/11/2022 - 08:42

            @Viper8: You say you moved $30k "between St George accounts". What if I wanted to withdraw/transfer $250,000 from a St George Incentive Saver to another bank offering a better rate in future? Does this mean a $5000 limit per day to that other (external) bank account? Could it take days for them to process a form to increase the "daily limit" to $100k?

            • Viper8 on 04/11/2022 - 08:49
              +3

              @puglikesabargain: When I was with CBA the max limit was also $100k. When I left them I had to go in branch and use an international wire transfer form to get everything shifted in the one go (even though everything was domestic). The bennefit is that everything shows up in the new bank within minutes. I think there was a small fee.

              It potentially could take a while. I don't recall how long it took.

              • Duece1995 on 04/11/2022 - 08:54
                +7

                @Viper8: You can increase the amount to 100k to transfer funds through the app. Simple process took 2 minutes.

                • puglikesabargain on 04/11/2022 - 08:58
                  +3

                  @Duece1995: Thanks - They seriously need to update their website regarding transfer limits - talk about confusing and contradictory!

                  (update: I rang St George and they confirmed your advice that the transfer limit per payee can be increased to $100k in the app, no form is needed)

                • capslock janitor on 04/11/2022 - 21:02
                  +1

                  @Duece1995: 2 minutes or 3 days on 250

  • payless69 on 04/11/2022 - 08:39
    +2

    Thanks OP!
    Goodbye Ing!
    Goodbye ANZ
    Goodnight Suncorp…….

    • Weshouldgetsushi on 04/11/2022 - 10:47
      +2

      Suncorp is now so far off the market it hurts

      • payless69 on 04/11/2022 - 12:05
        +3

        And stupid ANZ paid 4.9 billions for their banking arm. Proof that one can't fix stupidity?

  • pennypincher98 on 04/11/2022 - 08:48

    Too late, already in ING :)
    Hated StG internet banking. Additionally, only letters and numbers allowed for passwords.

    • Richardc on 04/11/2022 - 10:06

      And only sms for 2FA.

    • aneil915 on 04/11/2022 - 11:25
      +4

      Yet ING is only a 4 digit pin

  • cakesyy on 04/11/2022 - 08:51
    -2

    Why does it say 3.15% p.a.??

    • pennypincher98 on 04/11/2022 - 08:53
      +2

      In 5 days

    • Duece1995 on 04/11/2022 - 08:53
      +1

      Read the post. Starts in 5 days.

      • cakesyy on 04/11/2022 - 13:01
        -1

        I hate to read now too?? Jeez.

    • next gen on 04/11/2022 - 10:02
      +2

      5 DAYS

      • dealsucker on 04/11/2022 - 12:33

        Can I open the account today as I am already with St George and then it will start after 5 days or shall I open it after 5 days?

        • capslock janitor on 04/11/2022 - 21:05

          I'm guessing it's variable so can open prior?

  • adrianehm on 04/11/2022 - 09:01
    +2

    Is there any actual difference between StGeorge/BoM/BankSA? Would opening an account with one be the same as the other?

    Looks like they are all offering exactly the same products and are all under Westpac. Seems kinda messy to manage so many different brands that are essentially the same.

    • Viper8 on 04/11/2022 - 09:17
      +2

      They all used to be independant and then Westpac bought them all out and runs identical products through them.

      In my city it even shows a St George branch on the BankSA branch locator.

      St George is the bigger of the 3.

  • yht on 04/11/2022 - 09:08

    Good luck verifying your id.

    • Weshouldgetsushi on 04/11/2022 - 10:48
      +8

      Nah - Optus has that covered for you.

  • Dr-Bargain on 04/11/2022 - 09:19
    +1

    Anyone who's using their mobile app, please comment your experience

    • sfac on 04/11/2022 - 09:24

      2nd tier

    • Duece1995 on 04/11/2022 - 09:37
      +4

      No issues. App is really easy to use.

    • StarPlatinum on 04/11/2022 - 09:43
      +2

      App isn’t bad better than westpac imo

      • capslock janitor on 04/11/2022 - 21:06

        New Westpac looks good but still a tad clunky

        • StarPlatinum on 04/11/2022 - 21:10

          St george interface is much better than westpac easier to use IMO. Surprising that they're owned by the same company

    • Dr-Bargain on 04/11/2022 - 10:08
      +1

      Thanks everyone. I'll sign up for an account

  • ShouldIBuyIt on 04/11/2022 - 09:30

    Opened an account with st George couple of years ago. They were as hopeless as CBA. Will stick with ING / Ubank, please and thank you.

  • DingoBlue on 04/11/2022 - 10:13
    +15

    You can have basically unlimited accounts.

    Example instead of $200k in one account have $100k + $50k + $30k + $20k

    If you need to withdraw some then only $20k account loses the bonus interest.

    (growing $50/m x 4 shouldn't be a big deal for you high rollers)

    • aneil915 on 04/11/2022 - 11:24

      oh this is some great info. thanks for posting.

    • capslock janitor on 04/11/2022 - 21:09
      +1

      If I was that high roller I'd have 100k, 75k, 25k

  • jkam on 04/11/2022 - 11:41
    +1

    If I open an incentive saver account today and in 5 days, will I get the 4% or still the 3.15% interest?

    • Viper8 on 04/11/2022 - 11:46
      +3

      4.00%. Same with any future increases.
      I've had one open a few months now and it automatically has the new higher rates applied every time. It's not a locked rate like the Macquarie 4-month introductory offer deal.
      So no need to wait.

  • triplenet on 04/11/2022 - 12:03
    +1

    Tried opening an account with them. couldn't verify the ID online. asked me to send the copy of ID's via Post (no branch in my city) at my own cost. Told them to cancel my application immediately. Best to go their branch if you have plan to open the account with them to avoid all those ID verification issues….

  • StopSpending on 04/11/2022 - 12:04
    +2

    If anyone knows these answers, it'd be great

    1. If I deposit just $20,000, then my interest should be $800 per annum, and hence at least $66 per month. Does that count towards the "grow your balance by $50"?

    2. And is interest calculated daily or monthly?

    3. How has St George's pro-activeness been with past interest rate increases? Have they increased in a reasonable time aft the feds?

    4. These banks are under Westpac group. Why isn't Westpac doing anything?

    • Squeezy on 04/11/2022 - 12:13
      +4

      No Terms and conditions listed yet but I'd imagine
      1) You would need to contribute $50 of your own - Interest they pay normally is excluded from this requirement
      2) almost all banks its daily
      3)
      4) The flagship name of most banks usually doesnt have decent rates for savers. They rely more on brand name

    • Viper8 on 04/11/2022 - 12:55
      +1
      1. No.
      2. Daily.
      3. Proactive. Yes.
      4. They did. Westpac increased savings rates by 0.90% to 3.50%, equalling ANZ and beating CBA and NAB.
      • ShouldIBuyIt on 04/11/2022 - 13:13
        +1

        4.Which account? Mine is still sitting at 2.6% and no comms from Westpac whatsoever.
        Nope

        • Viper8 on 04/11/2022 - 13:16
          +1

          As with this deal it's effective 9th Nov.
          Best check out their Facebook page for further details.

          • ShouldIBuyIt on 04/11/2022 - 13:18
            +3

            @Viper8: Well too bad for them, I'm moving all my funds to ING/Ubank. Bit stupid to only rely on FB for their comms.

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