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Savings Accounts 4.25% p.a. Interest on All Deposits: Incentive (Grow Balance $50 Per Month), Maxi (for 3 Months) @ St George

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Savings Accounts 4.25% p.a. Interest on All Deposits: Incentive (Grow Balance $50 Per Month), Maxi (for 3 Months) @ St George
Go to Deal
Lpeacefulpeanut on 09/02/2023 - 23:55 stgeorge.com.au (835 clicks)
Last edited 10/03/2023 - 15:48 by 1 other user

I had been waiting for St George to increase its savings interest rates, and it was announced on twitter earlier today (9 Feb). The variable home loan interest rates also increase.

All new rates are effective 21 February 2023.

  • Interest is calculated on the total balance of your Incentive Saver & Maxi Saver with no limit on deposit amounts.

Incentive Saver
Current rate 4.00% p.a. (1.35% p.a. standard variable rate and 2.65% p.a. bonus variable rate)
New rate 4.25% p.a. (1.35% p.a. standard variable rate and 2.90% p.a. bonus variable rate)

  • You get bonus variable rate by growing your account balance by $50 each month and making sure your account balance does not fall below $0.

Maxi Saver
Current rate 4.00% p.a. (0.85% p.a. standard variable rate and 3.15% p.a. 3 month introductory fixed rate)
New rate 4.25% p.a. (0.85% p.a. standard variable rate and 3.40% p.a. 3 mth introductory fixed rate)

  • Introductory Promotional Rate Period is the first 3 months from the date your account is opened.
Financial Bank Account Savings Account

Related Stores

St.George Bank
St.George Bank

closed Comments

  • Turd on 10/02/2023 - 00:17
    -3

    Nice no limit, can now park all my cash I made from selling my 99 investment sydney house prices properties using ozbargain giftcards that i bought ;)

    • KangaDrew on 10/02/2023 - 01:05
      +4

      Cool story. Needs more 🐉 and 🦄.

  • MeesusEff on 10/02/2023 - 01:33
    +1

    What do the rates go to after 3 months though…

    • Iwantthatbargain on 10/02/2023 - 09:24
      +1

      I believe the 3 months limit is only for Maxi Saver account, not for Incentive Saver

  • Fergy1987 on 10/02/2023 - 07:23

    I assume this will include Bank of Melbourne too?

  • huntabargain on 10/02/2023 - 07:45

    Maxi Saver bonus interest: If you open a Maxi Saver account and you have not held an Maxi Saver Account before and you are a personal customer, you'll earn an Introductory Promotional Fixed Bonus Rate on top of the standard variable interest rates (standard base rate and bonus rate when the bonus rate criteria is met) during the Promotional Rate Period. The Promotional Rate Period is the first 3 months from the date your account is opened. Standard variable rate will apply to all Maxi Saver accounts

  • burningrage on 10/02/2023 - 07:56

    They should have done this before the 9th of Feb announcement. It's like they only up their Savings Interest rates by 25 basis points for every 50 basis points increase in home loan interest rates.

    • abc on 10/02/2023 - 09:31
      +3

      How do you think banks make their money?

      • burningrage on 10/02/2023 - 14:41

        Yea but then again when interest goes down, it would take them up to 1 mth to cut when and if they pass it but savers get the chop right away. Over time the gap widens. It used to be 200-250 basis points margin now it's ridiculously high around 350 to 400 basis points (4.25% savings, interest rate 7.79% and 8.38% - https://www.bankofmelbourne.com.au/personal/home-loans/manag…)

  • Look43Bs on 10/02/2023 - 10:08

    Is St George Bank going to close their branches???

  • payless69 on 10/02/2023 - 10:16

    Good interest but clumsy bank,
    no autopay warning, too many hoops, slow to get notified of ass cc charges
    c'mon Westpac do something properly?

    • izkai67 on 12/02/2023 - 18:53
      +1

      more hoops than ING?

      • payless69 on 13/02/2023 - 08:36

        just more unknowns left in limbo!!

  • Scrooge McDeal on 10/02/2023 - 11:06

    Does this rate apply for Bank SA too?

  • coxymla on 10/02/2023 - 11:36
    +1

    What's the point of the Maxi Saver when the Incentive Saver is strictly better?

    • huntabargain on 10/02/2023 - 11:48

      That is what I am trying to work out..

    • peacefulpeanut on 10/02/2023 - 12:02

      check their T&C. The main difference is that Maxi Saver can be linked to eligible St George transaction account and receive split interest.

  • Scrooge McDeal on 10/02/2023 - 11:48

    For how long is the Incentive Saver 2.9% bonus rate for?

    • Weshouldgetsushi on 10/02/2023 - 12:13
      +1

      Until the next move by the reserve bank. Or until the house of cards goes tits up.

  • souths123 on 10/02/2023 - 13:57

    damn, I was hoping they were going to do what State Bank did and increase by .35% (to 4.35%)

  • smiles on 10/02/2023 - 16:14
    +1

    Ubank is giving pretty good interest rates ( 4.1%) I think with few T&Cs - not really like a 3 month only deal but life long

    • Yola on 10/02/2023 - 17:28

      Going up to 4.35% on 1.3.23.

  • Thunderdownunder on 10/02/2023 - 20:36

    Good and thanks, my Incentive saver account gets better every month. I now make twice what I did for the whole year in one Month.
    Fruit on the sideboard but still trailing inflation by a long, long way.

  • Bargain434 on 13/02/2023 - 15:22

    Is it possible to get the interest increase if you already have an account with them, opened last month?

  • finbar on 15/02/2023 - 18:13

    It you open account middle of the month, do you get the bonus interest if you increase it by at least $50?

  • jyjyjy247 on 08/03/2023 - 22:30

    for those who signed up for the bonus interest on the maxi back in Nov, please check your accounts, i am missing 10 days of bonus interest and will be calling st george tmr to get this fixed

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