This was posted 1 year 6 months 12 days ago, and might be an out-dated deal.

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5.00% p.a. Interest on All Deposits: Incentive (Grow Balance $50 Per Mth), Maxi (for 3 Mth) @ St George/BOM/Bank SA

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5.00% p.a. Interest on All Deposits: Incentive (Grow Balance $50 Per Mth), Maxi (for 3 Mth) @ St George/BOM/Bank SA
Go to Deal
Duece1995 on 19/06/2023 - 09:54 stgeorge.com.au (1813 clicks)
Last edited 19/06/2023 - 12:39 by 1 other user

Note, no maximum or minimum deposit balance requirements apply to this rate - ie good for those who have > $250,000 to deposit.
Only catch is you must increase the total balance by $50 each month to receive the bonus interest.

  1. Incentive Saver Bonus Interest: 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.

  2. 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.

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

  • StarPlatinum on 19/06/2023 - 09:56
    +3

    50 dollars a month is very acheivable

    • chrism238 on 19/06/2023 - 10:00
      +3

      Yes. Just don't deposit all of your Lotto winnings at the start.

      • capslock janitor on 19/06/2023 - 11:15

        Why not

        • Carmen Sandiego on 19/06/2023 - 12:55
          +1

          If that's a genuine question - because you don't get interest on balances over $250k, nvm $1-$100m.

          And any and all interest is taxable.

          • bresmith on 19/06/2023 - 14:05
            +1

            @Carmen Sandiego: No limit on savings for this account so yes you would get interest on the total amount, although tax would be payable.

          • Igaf on 19/06/2023 - 14:35
            +3

            @Carmen Sandiego: Unlikely as it may currently be for a big Au bank, it's prudent to remember the $250K govt guarantee limit.

    • Grok on 19/06/2023 - 10:13
      +1

      Yes but it also means the account works like a term deposit not a savings account. If you pull out any money at all you lose almost a whole months interest.

      May suit some people like if you have maxed out your UBank account.

      • Onemoredeal on 19/06/2023 - 10:54

        A term deposit with no term but agreed it does. When I was unemployed and drawing down my savings this was no good and UBank would be better

        • Grok on 19/06/2023 - 11:00

          I just noticed from a comment below, it’s a promotional offer, so everything I said was bollocks.

      • DingoBlue on 19/06/2023 - 11:58
        +2

        Setup a whole bunch of accounts like 1k, 5k, 10k, 20k etc and then if you need to access any you don’t destroy the entire month gain.

        • capslock janitor on 19/06/2023 - 12:06

          How many savers can we open?

        • ausmisc on 19/06/2023 - 12:29
          +3

          I think some people just have 2 accounts and bounce between them on the 1st of each month

        • kcome on 27/06/2023 - 07:24

          May I ask do you get bonus 0.1% for online setup in all your incentive saver accounts?

      • greatlamp on 19/06/2023 - 12:05
        +1

        Ubank is not offering the best rates since they moved to the new app/environment. Seems like they need to recoup the $221 million they spent buying a phone app from 86400 by treating customers poorly.

        BoQ offers 5.1% (5.3% for under 35 y.o), it has some hoops but allows withdrawal.

        • Grok on 19/06/2023 - 13:54
          +1

          UBank are offering 5% from July so competitive but the upgraded platform completely sucks.

          You can’t take out more than $20k a day without calling them. So if you buy stocks every now and then a simple task becomes a chore.

          I am looking for another savings vehicle as an addition to UBank for my share trading but this one ain’t it either.

          • Yola on 19/06/2023 - 17:32
            +1

            @Grok: Yes the $100k with the previous ubank was much better.

      • citybargainhunter on 19/06/2023 - 12:24
        +1

        What if you take out $100 and put back $150?

        Regardless, for me personally, it seems to be the best Savings product I've seen so far.

      • souths123 on 19/06/2023 - 14:34

        you can take it out during the month, you just have to put what you take out + $50 at least before the end of the month

      • Hahuh on 20/06/2023 - 03:59
        +1

        Reminds me of my ANZ progressive saver account. Couldn't pull any money from that one or I would be given the base rate which was something like 0.01%

        Glad I'm out of that abusive relationship

    • RefusdClassification on 20/06/2023 - 06:07

      Yes, low income people would struggle to meet the $1000 per month deposit other banks require. I am seriously considering opening an account with St George.

      • Igaf on 20/06/2023 - 12:29

        Very few people can't deposit $12K a year I'd have thought. Your pay/pension has to go somewhere.

  • plmko on 19/06/2023 - 10:02
    +1

    Must be desperate to buffer their balance sheet just before 30 June

    • cyssero on 19/06/2023 - 10:32
      +5

      Their financial year ends September 30.

    • andyfc on 19/06/2023 - 11:32
      +3

      They have had this deal for ages, they have just increased it by 0.25% with the latest rate rise (for incentive saver anyway).

    • furythree on 19/06/2023 - 14:10
      +1

      must be desperate to create a "banks are bad" narrative

  • StopSpending on 19/06/2023 - 10:37

    When does the new rate come into effect?

  • FujiFruit on 19/06/2023 - 10:39

    Minimum age?

  • shaybisc on 19/06/2023 - 10:42
    +10

    Don't you find all these short term introductory interest bumps kind of insulting? We will give it you for a few months because we figure you're stupid and will stay.

    • Onemoredeal on 19/06/2023 - 10:53
      +4

      I think the same, luckily incentive saver at StGeorge is forever (if you grow it $50 a month

    • Pred8r on 19/06/2023 - 10:59
      +4

      It doesn’t seem anyone cares about retention anymore, it’s all about the new blood.

      Take the incentives for 1-3mths (financial quarter?) then it’s up to you to make the change that’s best suited for you (ie streaming/banking etc). Sure, you’ll burn some bridges with honeymoon rates but ¯_(ツ)_/¯

      If it comes to your money, it pays to be proactive (Ugh! Can’t believe that I typed that, but it’s true).

    • brokenglish on 19/06/2023 - 11:30
      +1

      The stupid ones will stay :)

    • furythree on 19/06/2023 - 14:11

      also they forsee yields dipping in the future
      so by Q4 if rates start getting cut, then anyone coming off these high rates will be looking for alternatives or Term deposits which are likely to dip lower

  • Pred8r on 19/06/2023 - 10:46

    Can anyone find this on the BoM site?

  • victorheaven on 19/06/2023 - 11:15

    It's not very clear if the interest from previous month counts towards the growth and timing of when is $50 growth is checked (is it end of each month to unlock next month's bonus interest rate?)

    But this does look good for people with more than $250k with acceptable hoop.

    • Igaf on 19/06/2023 - 16:39
      +2

      Credit interest earned is not included in your balance growth.
      Balance growth is the value of your deposits less the value of withdrawals.

      Balance is calculated on the last BUSINESS day (Mon-Sat) of the month, so if the last day of the calendar month is a Sunday (or PH presumably) then any deposits or withdrawals on the actual last day won't count in the monthly balance (ie the balance will be deemed to be the previous business day's balance). Those uncounted transactions will appear in the next month according to their T&Cs. How they deal with consecutive "non-business" days is not clear.

  • capslock janitor on 19/06/2023 - 11:18

    Can we deposit 100 and withdraw 50 so there's 50 left

    • shibbu on 19/06/2023 - 11:26

      Yes

  • Viospeed on 19/06/2023 - 11:19
    +1

    Whats the difference between the maxi and incentive? Both say new rate of 5%?

    • victorheaven on 19/06/2023 - 11:20
      +2

      Maxi saver is for 3 months only and Incentive has $50 growth requirement but the rate is continuing.

      • Viospeed on 19/06/2023 - 12:02
        +4

        So why would anyone use the Maxi saver if the incentive saver is the same rate of 5%?

        • victorheaven on 19/06/2023 - 12:57

          I wouldn't personally.

        • Carmen Sandiego on 19/06/2023 - 12:57

          Because some people like to bank hop

          • Igaf on 19/06/2023 - 13:20

            @Carmen Sandiego: Still makes no sense, esp in light of this: https://www.ozbargain.com.au/comment/13911573/redir
            The only obvious reason is the $50 growth reqt, and so far we don't know how that works.

            • souths123 on 19/06/2023 - 14:37
              +1

              @Igaf: pretty simple, whatever your balance is at the beginning of the month has to grow by at least $50 by the end of the month, not incl interest. Money can be used during the month, it just has to be higher at the end. Just be careful of their wording as they mention "business" days

              • Igaf on 19/06/2023 - 14:41

                @souths123: Link to the 'not incl interest' advice (for others - I'm never likely to go back to StG without a significant incentive)? Seems right and sensible, but for the record.

        • fez on 20/06/2023 - 10:32

          maxi is Up to 5.10% p.a. for 3 months

    • Parttimer on 19/06/2023 - 11:35
      +1

      MaxiSaver also requires you to have a transaction account to act as the working account. "To hold a Maxi Saver account, you must also hold an eligible St.George transaction account in the same name and be registered for Internet and Phone Banking. If you don't already have one, we will set up a Complete Freedom everyday account for you when you open a Maxi Saver account. Fees and charges may apply on the transaction account." https://www.stgeorge.com.au/personal/bank-accounts/savings-a…

  • thewooz on 19/06/2023 - 11:39

    Is this for new customers only or will existing customers get the rate rise? I note the increase is only made to the "Promotional Fixed Rate"…

    • DingoBlue on 19/06/2023 - 12:00

      I seem to get the full advertised rate.

    • souths123 on 19/06/2023 - 14:38

      new customers for the Maxi

  • capslock janitor on 19/06/2023 - 12:10
    +1

    Any sign up bonuses?

  • Igaf on 19/06/2023 - 12:37
    +2

    Add this to the deal description please OP

    1. Incentive Saver Bonus Interest: 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.

    2. 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.

    Links to other details like when is interest calculated and paid, does the growth requirement exclude interest paid, and whether a transaction account is required for each of the Maxi and Incentive Savers (and fees associated) etc would be useful.

  • pwildnz on 19/06/2023 - 13:32
    +1

    Remember ING is better still at 5.5 percent
    Up to 100k
    Details here https://campaigns.ing.com.au/savings-edm?gad=1&gclid=Cj0KCQj…

    • Igaf on 19/06/2023 - 14:02
      +2

      Accounts Leaderboard, not updated for this ^^^
      https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

      • dazweeja on 19/06/2023 - 14:34
        +3

        Awesome spreadsheet. It will come in handy when my Macquarie promo rate finishes.

        • Igaf on 19/06/2023 - 14:36
          +1

          Agree it's a very good starting point, thanks to the people who started and maintain it.

      • Geekomatic on 19/06/2023 - 16:52

        RE: Bendigo. They neglect to make it clear that the transaction account incurs a $6 per month fee.

        • Igaf on 19/06/2023 - 17:26
          +1

          The spreadsheet is a guide to INTEREST RATES primarily. T&Cs are constantly changing (or are buried) so you need to read the Bank/FI website. Maintaining that sort of detail on a spreadsheet would be a nightmare.

          There are exemptions to the $6 Bendigo fee, as per that Ozb deal discussion. https://www.ozbargain.com.au/comment/13900095/redir

          • Geekomatic on 19/06/2023 - 17:41
            +1

            @Igaf: Sorry, I wasn't dissing the spreadsheet— more Bendigo for stressing "no fees" (thus making it appear it is all fee-free) yet purposely hiding the required everyday acct $6 fee as you have to go on a mission to find it.

            • Igaf on 19/06/2023 - 17:50
              +1

              @Geekomatic: Agree that is deceptive. The Reward Saver "Features" should have had "Transaction Account Required" as a heading, or at the very least a footnote.

  • umoddbro on 19/06/2023 - 13:37

    Bank of melbourne is a pain in the arse to sign up to….

  • souths123 on 19/06/2023 - 14:49

    plus new Incentive saver customers get a bonus 0.1% on top of this rate for the first 3 months

  • illuminate-cn78 on 19/06/2023 - 17:05

    St George bank's systems are outdated and their customer service is not the best!

  • Hugh G Rection on 19/06/2023 - 17:56
    +1

    why get this when you can get 5.50% from other financial institutions?

    • greenmartian on 19/06/2023 - 18:29
      +1

      One valid reason I could think of, is that this has the least hoops to jump through to get the interest (grow by $50. That's it).

      Also, ING only applies the 5.5% up to $100k balance. So if you're saving more than that (for whatever reason), you need another place to stash your cash. And as mentioned, this deal is the one with the least hassle to set up and run.

      • Igaf on 19/06/2023 - 18:35
        +1

        Ubank, up to $250K is "simpler" imo. No growth reqt, no end of month "business day" issues.

        • greenmartian on 19/06/2023 - 18:45
          +1

          You're right on that front. But it also requires a $200 deposit; which you can immediately take out. But that's double the effort if you're lazy.
          And it's online-only. I know a.. technologically-challenged.. person that gave up after ubank rejected their online ID check. They just went to a St. G branch instead and got an account set up in no time.

          • Igaf on 19/06/2023 - 19:02

            @greenmartian: StG requires a deposit also. Deposits and withdrawals are easily automated IF you're moderately tech savvy and trust net banking, but as you suggest plenty either aren't/don't, OR are too busy - which is what surveys regularly say and what banks rely on.

          • Hahuh on 20/06/2023 - 04:02

            @greenmartian: You could always set up a future ongoing transfer if you needed the money.

            I have a couple transactions like that that are churning money through the different institutions to meet the requirements.

    • Igaf on 19/06/2023 - 18:31

      Hoops, b&m branches, complacency (the biggie in banking)

  • dogget6 on 19/06/2023 - 19:30

    since a lot of people on here seem to use ubank. just wondering if someone could give me some advice.
    i couldnt log into my account. so i rang them to change my password and number. they said they would send out a letter so i could change it. they said wait a few weeks for letter. the problem im having they never sent out a letter. i rang them 3 times and they said they would do it every time. so its been like months and i can get into my account. so what should i do? who can i contact ? im getting worried about my savings. cause everything done online, i cant walk into a bank or anything.

    • abjsdhasehasee on 19/06/2023 - 20:55
      +1

      i cant walk into a bank or anything

      ?

      • Igaf on 19/06/2023 - 21:41

        It'd be a miracle if he/she could.

      • dogget6 on 20/06/2023 - 12:06

        ubank is an online bank i cant go into the bank and solve problem.

  • kungfupanda on 20/06/2023 - 16:24

    can we use St George if we live in Victoria? or it will be “forced” to use BOM?

    • timhn on 25/06/2023 - 07:17

      No such restriction.

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