MyState Bank has raised the maximum balance eligible for bonus interest from $250,000 to $500,000
MyState Bank has announced an exciting update to its popular Bonus Saver Account, doubling the balance that bonus interest is paid up to from $250,000 to $500,000 once eligibility conditions are met. This change offers customers an even greater opportunity to grow their savings while enjoying a suite of customer-centric features that make managing money effortless.
The Bonus Saver Account allows customers to earn up to 4.75% p.a. bonus interest when they deposit just $20 into their Bonus Saver Account and complete five transactions* on their linked transaction account each month.
“We’re thrilled to bring this positive change to our customers,” said Tim Newman, MyState Bank's General Manager. “By increasing the balance eligible for bonus interest, we’re empowering Australians to make the most of their savings while enjoying financial simplicity and security. It’s another way we’re committed to providing exceptional value and support to our customers.”
Beyond the attractive interest rate, the Bonus Saver Account includes additional features designed with customer ease in mind. With no monthly fees, intuitive banking tools, spending insights, and bill alerts within the MyState Bank mobile app, Australians can manage their finances seamlessly.
The security of MyState's Bonus Saver Account is also underpinned by a government guarantee, which safeguards up to $250,000 in deposits per customer.
MyState Bank remains committed to helping Australians achieve their financial goals with practical solutions that meet their needs. Whether you're saving for a home, a holiday, or a rainy day, the Bonus Saver Account makes it simple to grow your funds.
Customers can open a Bonus Saver Account online in minutes and start earning bonus interest today.
Eligible deposits to Bonus Saver account include: Transfers between your accounts, direct credits, NPP transactions, cash deposits, SWIFT payments and Telegraphic Transfers (TT).
Ineligible deposits to Bonus Saver account include: Bank@Post deposits or transfers, cheques, money orders, travellers cheques, international drafts and foreign currency. Interest credit, fee refunds or returned payments are also ineligible.
Eligible Visa transactions must be settled in the current month (not pending) and include; EFTPOS transactions and EFTPOS transactions with cash out, online purchases and in store purchases, regular card payments, payWave, Apple Pay, Google Pay, Samsung Pay, and Garmin Pay transactions.
The following card transactions are ineligible: EFTPOS cash out only transactions, Local and International ATM withdrawals, transfers or balance enquiries, Cash Advances and Pending Card Transactions. The term ‘Settled (not pending)’ means for any purchases made on your card, that the transaction must be fully processed to your account during the current month and not have a pending status at the end of the month. Transactions with a pending status at month end do not count towards your 5 eligible Visa transactions however will count towards eligible transactions in the following month when they settle.
