Choosing an interest bearing account is a great way to earn as much as you possibly can from your savings balance. A bonus savings interest account will typically offer customers a variable interest rate which increases to offer you bonus interest earnings when eligibility criteria is met.
Our three main savings options are outlined below
Bonus Saver Account
The multi award winning Bonus Saver Account is our most popular savings product. This account rewards customers with additional bonus interest earnings when eligibility criteria is met. A small minimum deposit amount per month applies to get our highest savings account interest rates as well as making 5 or more settled Visa Debit transactions each month using your linked Glide Account. You have the freedom to withdraw at any time and with the MyState Bank App, managing your money and creating a regular savings routine has never been easier.
Special eSaver Account
Designed to offer customers higher interest rates as their savings grow. You are encouraged to increase your balance as regularly as possible to secure our highest variable rates but there are no minimum deposit or ongoing deposits required. You can also access your funds from this account online at any time. This type of account is also ideal for savers looking for high variable rates but who also enjoy having instant access to their savings funds.
Designed to help you reach your yearly savings goals and a balance in time for the festive season. You can access your savings balance from the first working day in November to pay for things like all of those extra seasonal costs or even a quick holiday away with the family.
Use our online savings calculator to predict your potential earnings with any of our savings accounts, inputting the highest variable interest rate available to see how much you could earn on your savings by switching to MyState Bank.
With the MyState Bank App, you can also set up auto-savings with insightful expense reports like what you can safely afford to save presented in easy to understand data graphs. Track your savings goals easily and stay motivated with regular progress reports.
How does interest on a savings account work?
Interest rates refer to the cost of borrowing money. When you borrow money, you repay the principal amount (the balance you borrowed) plus interest payments as set by your lender. Savings account interest rates are based on the same idea. Your bank pays you interest for choosing to invest your cash with their institution over another. As you invest more and more into your savings balance, that balance grows and you collect higher and higher interest payments calculated on the new, larger balance each month.
Choosing an interest bearing account is a great way to earn as much as you possibly can from your savings balance. A bonus savings interest account will typically offer customers a variable interest rate which increases to offer you bonus interest earnings when eligibility criteria is met. This is designed to encourage you to meet your monthly savings goals by rewarding you with a little extra interest.
Savings account interest rates are sometimes determined by the balance of the account so the more you have saved, the higher you will stand to earn from saving your money.
Interest rates are offered as per annum (per year) and are calculated daily and paid monthly. Any interest earned on your savings balance is deposited directly into your account where it boosts your savings instantly.
Open an account online in under 5 minutes
You will need two forms of ID and about 5 mins
Receive your email
This will have your Customer Number and a temporary password
Login to the MyState Bank App or Internet Banking
Ready to use
Your VISA Debit Card will arrive shortly, ready to be activated
How do I increase the interest rate on my savings account?
You can increase your variable interest rate with bonus interest with our Bonus Saver Account, by ensuring that you deposit at least $20 into your account each month and make 5+ settled VISA debit transactions each month using your linked Glide Account.
For more information about how our savings account interest rates are determined or what kind of financial products will suit your circumstances, please feel free to get into contact with our local and friendly customer care team on 138 001. You can also contact us via email or directly through our website. If you’re ready to switch to MyState Bank, you can open a new account online in less than 5 minutes.