As spotted on Savings.com.au:
MyState Bank will increase its Bonus Saver account rate to 4.35% from 13 February 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.
There's also $50 cash bonus promotion: https://www.ozbargain.com.au/node/753793
Referrer and referee each receive $50 after referee deposit $20 in their Bonus Saver account, and make at least 5 eligible VISA debit card transactions from their linked MyState transaction account in the same month.
Each referrer can refer up to 5 referees.
using a linked Glide Account
wtf glide
Transaction requirement can be met by using Beem and transfering money among your cards?
I was a long time ING customer and decided to go with MyState back in 2021 when ING introduced their extreme conditions for getting bonus interest rates. I did not mind the lower interest rates of MyState compared to ING with the view I would be supporting an Aussie bank. Boy was I wrong.
They track all your spending like a proper commie state bank and there's atm fee's depending on where one uses the card. To withdraw more than 10k from bonus saver, first you would have to send an email to head office for " approval " and you need to give " a reason " as to why you want to withdraw your own money !!
Absolute bunch of c's to deal with. Back to ING with no ATM fee's, better rates and no hassle to withdraw any amount.
It's may be from your commie state's requirements?
You need to show your passport to buy gold at Costco.
You need to show ID when cash out $5K from some banks too.
Which commie gave me -1?
Thanks for taking the time to share your experience. That email for approval comment has me triggered. I've jumped around a bunch of banks and those that pull stunts like that go on my 'NEVER AGAIN!' list. HSBC and CITI - I'm looking at you. I remember once I was told I had to print out, fill in and post a form to temporarily increase my transfer limit. There is nothing quite like being told you can't withdraw your money when you want to.
Rabo went on the list when they made me call them every month because "my savings interest had to be manually calculated and applied" - wtf.
email is not a secure medium as well. Big pass from me.
WTF - can you explain why they needed to manually calculate the interest??
Many years prior I had closed a Rabo savings account. Despite assurances that I did qualify for introductory bonus interest again, they could not alter my eligibility status. They told me to call every month and they would do a manual transfer equivalent to the bonus. They knew it was dumb. If I didn't call, I didn't get it.
Bank Australia pulled a similar stunt on me. I had call them to raise my daily transfer limit from $1000 to $10000 and give them a whole description as to why. They said they would process my request. A few weeks later I attempted to do a $6000 transfer and they declined it. Called them and was told the account manager declined my request as it was for business related use (which it wasn't) and its a personal account.
Told them that I'll be transferring all the money out and to close my account.
Holy hell. What a joke. Pretty sure business accounts are not strictly required. Reminds me of the last time I withdrew >$10,000 cash to privately buy a car. They 'are required' to interrogate you and get specific details about the purchase to stop shady activities. I get they have to report the transaction to the ATO, but anything more is an overreach.
It's petty nickel and dime stuff like what you mentioned that lose them a customer and their extended circle of friends and family forever.
Printing out a form and posting it ,that's off the chart's !! I should have added that with MyState, the other ridiculous part of sending the email for approval, is to attach 3 forms of primary ID. This is through the banking website that one has already gone through all the hoops/verification when logging in.
I have done this many times. You can email the form and only 1 form of id needed, unless it has changed in the last 2 months.
I think this should be added by OP in the description because its a big red flag on the bank
10K ain't great, but I just transfer out over a number of days.
That's fine if it worked out for you but sometimes people need more than the payment limit or ,whatever matters, access to their full balance whenever they wish to withdraw (and whatever they want to spend it on). The purpose of a Non-fixed term deposit account with a bank is to have complete liberty and liquidity over your accounts. I've just opened an account with MyState but now I would think before depositing more than their payment limit. I personally wouldn't like to send IDs and forms to change limits.
@SuperLate: Update: I was even wrong with their $10k limit to external bank accounts. I tried withdrawing 10k today but they said it would take 2-3days to reach my account. Their maximum limit for fast real time transfers is only $2.5k.
Moreover, they don't reply to any messages you send through app.
Provide reason for 10k+ is for formal money laundering and informal duty of care (granny getting scammed) requirements.
Yes, this is a bad bank. They do not have live chat. When you have problem, you email them, but they don't seem to reply or unresponsive. They don't paid out a promotion to me, when I did everything they told me to, email them to chase up, got no reply, it should have been auto paid, but….. Disappointing.
You can get this rate from other better bank anyway
where link ?
do they honestly think they can compete with ubank 4.35 % with barely a hoop deposit $200? someone in mystate should be fired.
ubank is not 4.35% until 1 March. MyState is 4.35% today. You need to deposit only $20 and make 5 settled transactions. I do mine by Paypal payments to another person. Takes 2 minutes.
Ubank is going to be 4.6% soon but no news from My state yet.
Received an email today - the Bonus rate will be 4.5% from April 1st
And I have received my $50 bonus for opening the account - nice
4.35% on everyday transactions account?