Summary

The Incentive Saver rewards you with more when you stick to your savings goals

The St.George Bank Incentive Saver rewards you with bonus interest when you make regular deposits. You’ll get 1.6%, plus a bonus 3.3% for a total of 5.15% p.a. To get the maximum rate of 5.25%*, you’ll need to grow the balance by at least $50 a month for those aged 21 or over, or $0.01 a month for those under 21.
*Extra 0.1% p.a. for 3 months, for new customers who apply online, with balances under $250,000.

Pros

$0 Monthly service fees
Earn bonus interest by growing your balance
Great for people saving towards a goal

Cons

Interest rate is not as competitive as some other accounts in the market

Details

Key details

Product Name	St.George Incentive Saver
Maximum Variable Rate	5.00% p.a.
Standard Variable Rate	1.60% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	14

Congratulations, St. George!

St.George Incentive Save received the highly commended award for 'Kids Savings Account' in the 2024 Banking Product Awards.

Full list of 2024 winners

Key features

Base rate

The base rate of interest is the minimum amount of interest you earn if you fail to meet the bonus interest conditions. The base rate of interest is 1.6% p.a.

Bonus rate

The bonus interest rate is 3.3% p.a. You're rewarded with the bonus rate each month you grow your balance by $50 If you're under 21, you only need to grow your balance by $0.01.

This gives you the potential to earn up to 5%, which is available on your entire balance.

*Extra 0.1% for the first 3 months for new customers who apply online, with balances under $250,000.

No fees

The St.George Bank Incentive Saver costs nothing to open and there are no monthly fees. You can make one free withdrawal a month, subsequent withdrawals will incur a fee.

Making withdrawals

This account does not include a debit card. If you need to, you can transfer money out of the account using Internet banking or the mobile banking app. You will still earn the bonus interest, so long as you grow your balance by at least $50 each month.

Making deposits

Grow your savings balance automatically by setting up a direct deposit to the Incentive Saver. You can deposit funds to the Incentive Saver the same ways you can deposit funds in any bank account: by visiting a St.George branch and making a cash deposit, online transfers using the 'Pay Anyone' feature or BPAY. If you're transferring funds from another St.George bank account, the funds will clear in the St.George Incentive Saver immediately.

SMS and email alerts

Get SMS or email notifications when there's a deposit or withdrawal to your Incentive Saver account.

Personal customers

This account is available to personal customers only. You can't apply for this account in the name of a business or fund such as a self managed super fund.

Joint application

You can apply for the Incentive Saver as an individual and you can also lodge a joint application.

Internet banking

If you're a new customer to St.George, register for St.George Internet Banking when you apply for the Incentive Saver. Internet banking lets you view and manage your money online. View electronic statements and make payments from your computer, tablet or mobile internet connected device.

Electronic statements

Get your account history and activity delivered right to your inbox when you opt to receive electronic statements. The document is password protected and electronic Statements reduce paper consumption.

How to apply

You can visit St.George website to open a St.George Incentive Saver in under 10 minutes. Before you proceed to the application, check your eligibility for the Incentive Saver.

Eligibility

Eligibility. To apply for this account you must be over the age of 14 and you must be a permanent Australian resident. This account is open to personal individual applications and personal joint applications, applications in the name of a fund or business are not permitted.

Documentation needed

If you're a new customer, you need to verify your identity with St.George. The online application also includes registration for Internet banking. To verify your identity, you need to provide one of the following forms of identification.

Identification. You're required to provide one form of photographic identification or two forms of non-photo ID to complete the online identity verification process. Primary photographic identification includes: Australian or foreign passport, Australian or foreign driver's licence, a foreign national identity card or Australian 18+ Proof of Age Card.
Tax File Number (TFN). St.George ask you to provide your TFN so they can calculate the correct tax rate to apply to your interest earnings. If you don't provide your TFN to St.George, any money you earn from this account will be taxed at the marginal tax rate.

What happens after I submit my application?

Once you submit the application, you will be contacted on your email letting you know about the next steps. You may be required to visit a St.George branch to provide further identification, if not, you can start making deposits to your St.George Incentive Saver right away.

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Alison Finder

Editorial Manager, Money

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Bill Green

March 21, 2025

1. Does SG Incentive saver pay interest monthly?

2. Can you withdraw all funds at any time?

Richard Whitten Finder

March 24, 2025

Hi Bill,

Yes it pays interest monthly. There are no withdrawal limits, but you need to “grow your account balance by $50 each month” to get the maximum interest rate. So making withdrawals in a month could see you miss out on interest for that month.

David Malligan

March 15, 2025

How do I deposit to an account with Stg..?

Im in remote part of NSW, internet banking not on… do you have bpay or pd system to effect deposits ????

Richard Whitten Finder

March 16, 2025

Hello David,

Are you not able to do a bank transfer? I’m not sure if you can use BPAY just to transfer money (rather than to pay a bill). You would need a biller code to do that.

I suggest calling St.George and asking what your deposit options are.

karin Auton

February 16, 2025

When can I withdraw money from my incentive saver without losing my bonus interest?

Sarah Megginson Finder

February 16, 2025

Hi Karin,

According to the T&Cs, yes you can withdraw money, but to be eligible to receive the bonus interest you must: Grow your account by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21), excluding interest, and your account balance does not fall below $0. Hope this helps!

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Angus Kidman Finder

February 16, 2025

To earn the bonus interest, your balance needs to grow by at least $50 each month. So if you withdraw money during the month, you’d need to make a deposit of the amount you withdrew plus $50 before the end of that month in order to qualify.

Rolly

February 09, 2025

If I meet all the criteria and open online will I get 5.25% plus .10% that will make it 5.35% for the first 3 months. The extra .10% for the first 3 months confuses me because it says the maximum interest on this account is 5.25%

Sarah Megginson Finder

February 13, 2025

Hi Rolly,

Apologies if it was unclear. The bonus savings amount is 5.15% p.a. and with the additional bonus interest, is becomes 5.25%.

Dorothy

January 20, 2025

If you meet the monthly deposit criteria, is the full 5.25% interest calculated and applied based on your whole balance for that month. ie compounding interest each month provided you make the necessary deposits each month.

I ask because a st George teller told me you only get 1/12th of the interest awarded each month??? which didn’t sound right to me.

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Sarah Megginson Finder

January 20, 2025

Hi Dorothy,

The interest rate of 5.25% is an annual interest rate so, it’s calculated and divided monthly. For instance, if you have $10,000 and meet all the conditions, at 5.25%, you’ll earn $538 in interest (thanks to compounding). This means around $43-44 per month is credited to your account in interest.

Hope this helps!

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

St.George Bank Incentive Saver

Pros

Cons

Congratulations, St. George!

Key features

Base rate

Bonus rate

No fees

Making withdrawals

Making deposits

SMS and email alerts

Personal customers

Joint application

Internet banking

Electronic statements

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

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