MyState Bank Bonus Saver Review (2026)
Rates and conditions verified 24 May 2026
Rates can change without notice. Last verified: 24 May 2026 (AEST). Please confirm details on the bank’s official page.
Bonus rate
5.00%
p.a. when conditions met
Max balance
$500k
bonus rate applies up to
Monthly fee
$0
no account-keeping fees
About MyState Bank Bonus Saver
MyState Bank is a Tasmania-based, ASX-listed customer-owned bank that operates across Australia via online and app banking. The Bonus Saver pays up to 5.00% p.a. when two simple monthly conditions are met: a deposit of at least $20 and at least 5 eligible Visa Debit card transactions from a linked MyState Bank transaction account.
The 5.00% p.a. rate matches the big-four bank standard (CommBank GoalSaver, NAB Reward Saver, Westpac Life) but with relatively straightforward conditions. The bonus rate applies on balances up to $500,000 — a higher cap than some competitors. There are no account-keeping fees.
MyState Bank is regulated as an authorised deposit-taking institution (ADI). Deposits are covered by the government deposit guarantee up to $250,000.
The Monthly Conditions — Explained
1 — Deposit $20+
Make at least one deposit of $20 or more into the Bonus Saver account during the month. Any single deposit of $20 satisfies this condition.
2 — Make 5 Visa purchases
Make at least 5 eligible Visa Debit card transactions from a linked MyState Bank transaction account during the month. This requires holding (or opening) a MyState everyday account.
Pros and Cons
Pros
- ✓ 5.00% p.a. — matches big-four bank rates
- ✓ Bonus applies on balances up to $500,000
- ✓ No account-keeping fees
- ✓ Low minimum deposit condition ($20)
- ✓ Government deposit guarantee up to $250,000
Cons
- ✗ 5.00% trails ING (5.50%) and Suncorp (5.50%)
- ✗ Requires 5 card transactions per month from linked account
- ✗ Must hold a MyState Bank transaction account
- ✗ Limited branch presence outside Tasmania
How It Compares
- ING Savings Maximiser: 5.50% — $1,000 deposit + 5 card purchases
- Suncorp Growth Saver: 5.50% — $200 net balance growth per month
- NAB Reward Saver: 5.00% — 1 deposit, no withdrawals
- CommBank GoalSaver: 5.00% — 1 deposit + higher balance
- Westpac Life: 5.00% — 1 deposit + balance above $0 + higher balance
- MyState Bonus Saver: 5.00% — $20 deposit + 5 Visa transactions — this account
Information verified 24 May 2026. Rates variable and subject to change. Confirm current rates and conditions on MyState Bank's website before applying. This is not financial advice.