St.George Bank Incentive Saver
- Maximum variable rate
- 5.25% p.a.
- Base interest rate
- 1.85%p.a.
- Minimum deposit
- $50
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. To get the maximum rate of 5.25%, you will need to grow the balance by at least $50 a month for customers aged 21 or over. Customers aged under 21 only need to grow their balance by $0.01 a month to be eligible for the bonus interest.
*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 | 5.25% p.a. |
| Standard Variable Rate | 1.85% 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 winnersYour reviews
Alison Finder
Editor
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Angus Kidman Finder
October 31, 2024
Hi Chantal, In the month where you withdrew the $20,000, you would only earn the base rate, not the bonus rate, as in that month your overall balance wouldn’t grow. In other months, you would earn the bonus rate because of the regular deposits.
Note that the bonus rate only applies to balances below $250,000 – assuming your super is more than that, you might want to consider dividing it into other accounts or pursuing other strategies. Also worth remembering that balances above $250,000 with any single bank aren’t protected under the government bank guarantee – another reason to potentially look at diversifying where you keep your funds. Hope this helps!
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Ben
October 22, 2024
So essentially you cannot ever withdraw the interest earnt without losing interest the flooring month because as the interest is added the balance grows and you must keep it above the new balance by $50. Is this correct ?
Sarah Megginson Finder
October 22, 2024
Hi Ben,
In a way, yes! The goal of the incentive saver is to provide an incentive to grow your balance. This is not an account designed for you to withdraw from regularly – it’s designed with conditions in place to incentivise you to keep growing the balance.
If you’d prefer a savings account that offers high interest, but allows you to withdraw regularly without penalty, there are several other options such as ubank and AMP. You can review some options here.
Hope this helps!
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Stephen
September 17, 2024
Will my 15yr old child really need to get a TFN when opening this account?
Angus Kidman Finder
September 18, 2024
Hi Stephen, While you don’t technically have to get a TFN to open this account, if you don’t supply one then St.George will withhold interest at the maximum tax rate, which could significantly reduce what you earn. This will be the case with pretty much any interest-earning account in Australia. In practice, your child is going to need a TFN once they start working anyway. Hope this helps!
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Mary Pappas
September 16, 2024
Hi, I’m thinking about opening an Incentive Saver account and would like some clarification on withdrawals, deposits, and interest.
I’ll need to transfer $1,000 out of this account each month (doesn’t matter what date but I’ll need to create an auto-transfer), then I am to transfer $50 min. per month into this account.
So, when will it be best to transfer the $1,000 out and transfer the $50 in so I get the highest interest rate?
Tah
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Richard Whitten Finder
September 17, 2024
Hi Mary,
This is a little confusing but you need to grow your balance by $50 a month. This means you can’t just deposit $50 a month and then withdraw as much as you want. You actually need to end each month with more money in the account than at the start (growing your balance).
Helen
September 04, 2024
If I withdraw money at the end of the month or at the beginning of the next month after
$50 has been deposited do I still get the bonus…
Angus Kidman Finder
September 15, 2024
Hi Helen, The balance has to be at least $50 higher at the end of the month than at the start of the month – so if you withdraw it before the end of the month, you won’t qualify for the bonus interest that month. And if you withdraw it on the first day of the next month, you won’t qualify for the bonus interest that month unless you deposit more than $50 during the month. Hope this helps!
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Chantal
October 30, 2024
Hi
I will have my super place in my incentive saving account but once a year I will need to withdraw $20000 to keep going for the year. I will still make deposits every fortnight of $200. How will it works? Thank you