MyState Bank Bonus Saver Review (2026)
MyState Bank Bonus Saver Review (2026)Rates and conditions verified 24 June 2026
Rates can change without notice. Last verified: 24 June 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 (5.10%)
- ✗ 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 Maximiser5.50% — $1,000 deposit + 5 card purchases
- Suncorp Bank Growth Saver5.10% — $200 net balance growth per month
- NAB Reward Saver5.00% — 1 deposit, no withdrawals
- CommBank GoalSaver5.00% — 1 deposit + higher balance
- Westpac Life5.00% — 1 deposit + balance above $0 + higher balance
- MyState Bank Bonus SaverReviewed here5.00% — $20 deposit + 5 Visa transactions
Related guides
Information verified 24 June 2026. Rates variable and subject to change. Confirm current rates and conditions on MyState Bank's website before applying. This is not financial advice.