How does the monthly interest payment work with Goals?
The Hello Saver Variable welcome, and ongoing interest rate, applies to the total balance in your Hello Saver account – so all the money in your goals and the left over.
The interest you earn each month is automatically added to your savings account and treated like normal deposit. When it’s paid into your account it will first appear in your left over, and then overnight this deposit will be automatically allocated to any of your goals with Smart splits.
Please note that Hello Saver variable welcome rate and ongoing interest rate applies to balances up to $100,000. For more information on the interest paid on the portion of your balance over $100,000 please see our savings rates document here.
How do I turn on personalised Insights?
Whether you have a MyState transaction or a savings account, or both, based on your account activity, new insights will automatically appear in your MyState digital banking experience (mobile app and Internet banking). Insights analyse your account activity and provide personalised, timely and relevant tips, nudges and helpful information designed to help you manage your money easier.
How do I know when I have new Insights?
The Insights icon will display a notification when you have new insights to explore. You’ll find it on the top right when you log in to Internet banking or in the navigation bar with a little light bulb at the bottom of the screen in the MyState mobile banking app.
Why don’t I have any new Insights yet, is something wrong?
Nope nothing’s wrong. You’ll receive new insights based on your account activity. If you’re using your Hello Saver account to regularly pay bills, receive payments or if you’ve opened a MyState Glide transaction account and use it regularly, you can expect to receive new personalised insights each week.
How do you come up with my Insights?
Our digital banking technology uses your account activity to analyse, interpret and predict your spending and saving patterns. It’s this data that’s used to generate unique and informative insights that are personal to you.
Can I move money between my Goals?
Moving money between goals is easy. Simply log in to Internet banking or open your mobile banking app, and select your Hello Saver or savings account, at the top of the savings account page tap the Goals icon (or tab in Internet banking). When your goals appear, select the one you want to move money from and if you’re using the mobile app, look for the green icon on that goal page that says “Shuffle Money”, if you’re using Internet banking look for the 3 dots “…”, and select Shuffle Money. If you select this, you’ll then be able to move money from one goal to another or into your left over.
How many Goals can I create?
You can create as many goals as you want, and in as many categories as you want. The only downside is that some people find that if they have too many goals, it gets harder to save for all of them.
Can I set up recurring deposits or transfers to go directly into my Goals?
Yes you can. Setting up a recurring transfer into your savings account is easy but might vary a little depending on which transaction account you’re using to make the transfer. Whether you want to transfer money between MyState accounts, or “Pay” yourself from an external account, you simply need to make a transfer into your MyState savings account via the mobile banking app or by selecting “pay someone” (if you’re using an external account). When you are creating a new transfer, look for the “When” option that should appear towards the end of the transfer or payment process. There you should have a few options “Now”, “Later” or “Recurring” or “Repeating”. If you select “Recurring” you’ll be prompted to choose daily, weekly, monthly, quarterly or yearly.
Select which works for you and then confirm the transfer details and you’ll have automated your deposits into your savings. If you’ve selected Smart splits on your goals, your new deposits will automatically be allocated to each goal based on your Smart split settings. The only thing to note is that goal balances update overnight so should appear the next day.
Do I have to set a target date and amount?
Nope – you don’t need to set a target date or an amount. Simply skip these steps when you’re creating a new goal and it will appear along side all your other goals. However, once these choices are set they cannot be removed from the goal.
Do I have to keep a minimum amount of money in each Goal?
Nope – you’re in complete control over how you want to save, spend and create savings goals that work for you.
Can I set up recurring transfers that go directly into my Goals?
Not at the moment. But you can create a recurring transfer into your Hello Saver or savings account and, if you have applied Smart splits to your goals, the money will automatically appear in each of your goals the following day.
Is there a limit to the amount of times a month I can switch money from leftovers to Goals?
Nope! It’s your money, and your goals, so you do you.
What if I have a joint account?
Joint Hello Saver or savings account is just like a normal account but with joint accounts both account holders will have the ability to create, edit and delete goals and receive insights and progress updates across all the goals attached to the account.
Can I change my goal name, picture, date or amount?
You can edit the name, target amount and date, and how you want to fund your goal (ie Smart split or manual) at any time. To do this simply open your mobile banking app or log in to Internet banking, select the savings account, select the Goals image (or tab for Internet banking), and then select which goal you want to edit. If you are editing, it’s worth remembering that it’s not possible to upload your own image to your goal – but you can select a different image from the 10 pre-set images provided. Additionally, when you create a new goal the Target Date and Amount settings are optional, but if you create a new goal and apply a Target Date or Amount, but then want to change them later, you will always be required to select a new date or new amount.
Can I manually add money to a goal without changing the Smart split?
Yes you can. Simply open a goal in your savings account (any goal is fine) and tap on the “Shuffle money” icon, or the “…” menu in Internet banking. You’ll then be prompted to pick a “From” source (you can pick left over, or any goal you have) and then pick the goal you want to move money into. Your Smart split won’t change in either goal.
Can I change a Smart split to a manual allocation?
Yes. After logging in, select your savings account and tap the Goals icon – or the “…” menu in Internet banking. Then pick the goal you want to edit and select the “Edit” icon on that page or the “…” in Internet banking. It will give you the option to “Change funding” and it’s here that you can change your goal settings from a Smart split to manual allocation.
What happens if I miss the date I set for my goal?
We certainly won’t mind, but if you want, you can always change the date in your goal by selecting the “Edit” option.
Are Goals available on other MyState Savings accounts?
Yes. Goals are a feature available to all customers who have a MyState savings account.
Can I access goals on accounts other than a savings account?
No sorry, goals are designed for MyState savings accounts only. That said, there are a load of helpful features available to our transaction account customers via the “Insights” page that you can find by logging into your mobile banking app and selecting the Insights icon at the bottom of the Accounts page.
I transferred money into my Savings account, and have Smart splits, why can’t I see it in my goals yet?
Our Goals feature updates every night, so any deposits or allocations to your goals gets updated nightly and will appear the following day.
Can I see a history of transactions on my goals?
Not yet, but it’s a feature that we’re looking at developing. For now all the transactions into and out of your savings account are available when you select your savings account from the Accounts page.
I don’t want a goal anymore, can I delete it?
Yep, super easy. Just open your app, select your savings account, tap the Goals icon and then pick the goal you want to delete. You’ll then be given the option to delete it. Before deleting a goal you will be asked to “Shuffle money” out of the goal that you want to delete and into another goal or left over. If the goal you want to delete has a Smart split, you’ll be invited to reallocate your Smart split to another goal, but this is optional.