Incentive Saver

The Incentive Saver has a base interest rate of 0.15% p.a., but a bonus interest rate of 0.35% p.a. if you grow your account by $50 each month and your account balance stays at $0 or above at all times.  This growth condition is lowered to an increase of just $0.01 per month if you’re under 21 years of age, as long as you don’t let your account balance dip below $0.  This amounts to a total interest rate of 0.5% p.a. if you abide by these conditions, with interest applying to all account balances.  There are also no account-keeping fees charged on these accounts.

Maxi Saver

As with most online savings accounts, the Maxi Saver has a bonus interest rate for the first three months that your account is open.  You’ll receive the base interest rate of 0.05% plus the higher interest bonus of 0.45% p.a. for three months.  After this period, the interest returns to its normal 0.05% p.a.  You’ll have to have a linked transaction account to open a savings account, but it comes without any fees.  If you’d like to see how this bonus interest can help boost your savings across those initial three months, you can use Savvy’s savings calculator to help you do your sums.  The Maxi Saver account is also available as a joint account.

 Business Access Saver

For business customers, the Business Access saver could be a convenient place to store your savings.  It’s open to sole traders, partnerships, companies, associations, SMSFs, trusts and not-for-profit organisations.  The interest rate offered is 0.10% p.a. and there aren’t any account-keeping fees or transaction fees.

St.George Bank also offers a Call Deposit Account and specialist industry accounts for legal practitioners, real estate agents and conveyancers, collection agents and motor dealers (in some, but not all, states).  These accounts are run through specialist account managers, so you can contact a business account manager for further details if you’re interested in one of these offers.

Term Deposits

St.George Bank offers a range of term deposits starting at one month up to a maximum of five years.  The minimum deposit required is $1,000.  It’s important to compare interest rates on term deposits when considering your options, so the rates on offer for St.George Bank term deposits are as follows:

• for one to three months: 0.05% p.a.
• for three to five months: 0.07% p.a.
• for five to six months: 0.10% p.a.
• for six to seven months: 0.15% p.a.
• for seven to eight months: 0.20% p.a.
• for eight to ten months: 0.20% p.a.
• for ten to 24 months: 0.25% p.a.
• for 36 months and above: 0.30% p.a.

You can elect to have interest paid at maturity, annually (from 24 months), half-yearly (from 12 months) or monthly (from six months).  At the end of your term period, you have a 14-day grace period to decide what to do with your funds.  If you don’t give the bank further instructions during this period, the funds will be reinvested for the same term you originally chose, for a second time.  During the grace period, a base interest rate of 0.05% p.a. applies.

A special offer is currently available from St.George Bank on a five-month term deposit.  This offers a 0.30% p.a. interest rate for balances ranging from $1,000 up to $2 million for existing St.George bank personal customers only.  A notice period of 31 days is required to access your funds if you decide to withdraw them prior to maturity and an interest rate adjustment will apply according to how far into the term you decide to break the deposit contract.  This special rate is only available for internet or mobile banking.