Our verdict

Earn up to 0.9% p.a. on balances up to $24,999 with no monthly deposit requirements or access restrictions

This savings account allows you to withdraw money whenever you may need it, without impacting the interest you earn. It’s the best of both worlds, halfway between a savings account and an everyday account.

Pros

Earn a competitive rate of interest on your balance
$0 monthly account fee
Unlimited mobile, internet transactions
No minimum balance or ongoing deposits required

Cons

No debit card
Lower interest rate for lower balances

The MyState Special eSaver account offers competitive, tiered variable interest rates, starting from 0.9% p.a. for balances up to $24,999. Balances over this earn even more interest, meaning the more you save, the more interest you will earn. Unlike other savings accounts on the market, there are no ongoing deposit requirements to earn interest and there is no minimum opening balance, so you can get started today.

Details

Key details

Product Name	MyState Bank Special eSaver Account
Maximum Variable Rate	1.25% p.a.
Standard Variable Rate	0.90% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	14

Key features

Earn 0.9% interest on balances up to $24,999

This account provides tiered interest rates, with higher rates for higher balances. Balances under $24,999 will earn 0.9%.

See the tiered interest rates below.

	Balance	Interest rate p.a.
	$0-$24,999	0.9%
	$25,000 - $49,999	0.95%
	$50,000 - $149,999	1.1%
	$150,000 - $249,999	1.25%
	$250,000 or more.	1.25%

No minimum balance required

There is no minimum balance required to open an account and you can start earning interest on balances as low as $1.

No ongoing deposit requirements

There are no ongoing deposit requirements in order for you to earn interest for your balance, so even if you don't deposit any money in a month, your balance will still earn you interest.

No account keeping fees

There are no monthly account keeping fees associated with this account, so your hard earned cash can go straight to your savings.

Unlimited mobile and Internet transactions

This account is designed for saving so it does not come with a linked debit card. However, accessing your money when you need is easy with unlimited mobile and Internet transactions.

Direct credits available

Have money directly credited into this account, for example, your salary.

Interest paid quarterly

Interest on this account is paid monthly on the last day of the month.

Launch savings calculator

How to apply

You can apply online in less than 10 minutes. Before you begin your application, make sure you meet the following eligibility requirements and have the below documentation handy.

Eligibility

Age requirements. You must be over the age of 14 to apply for this account.
Residency. You must be an Australian resident with an Australian residential address.

Personal details. You will need to provide your personal details including your full name, date of birth and contact details.

Documentation needed

Identification. You will need to provide either your Medicare card, your driver's licence and/or your passport.
Tax file number. MyState will be required to deduct tax from your savings at the top marginal rate if you do not provide your tax file number (TFN).

You have the option to save the progress of your application and come back later.

What happens after I submit my application?

After you have completed the online application please allow up to 3 business days for your accounts to be set up. You can set up Internet banking by going to your nearest MyState branch or calling the MyState customer service team.

Sources

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Alison Finder

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Tom

June 09, 2017

I have $120,000.00 to invest in an interest bearing account. I do not want one which has a bonus component which is withdrawn after a stated period, requires any top up or has fees attached. What is the best investment offer?

Jonathan

June 10, 2017

Hi Tom!

Thanks for the comment.

You may visit our high-interest savings accounts page to compare your options and use our calculator to choose the rates we have available. It would show the list of financial institutions that you can choose from.

Based on your stated preferences, you may also consider credit unions as they are known for less fees and better rates than most banks.

Before you use any financial product, Tom, please read through their terms, conditions, and features to see if they are the right choice or not.

Hope this helps.

Cheers,

Jonathan

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MyState Special eSaver Account