The Hobart-based bank made the changes today, cutting the base rate on the account from 0.55% p.a to 0.30% p.a.

The bonus rate will remain at 1.70% p.a, as will the conditions to earn it:

  • Deposit $20 or in more into your Bonus Saver Account each month
  • Make five or more eligible VISA Debit card transactions from your linked account each month.
  • Have a balance under $150,000

This is the second cut by the bank in just three weeks, after cutting its base rate on 1 November by 25 basis points from 0.80% p.a.

MyState also made significant cuts of up to 80 basis points on its investor and owner-occupier home loans last week.

After three cash rate cuts in 2019, many savings accounts rates are already at or approaching 0% p.a, leaving fewer options for savers.

Provider Total interest rate p.a. Base interest rate p.a. Bonus interest rate p.a.  
Bonus Saver 2.00% 0.30% 1.70% More details
Total interest rate p.a. Base interest rate p.a. Bonus interest rate p.a.
Bonus Saver
2.00% 0.30% 1.70%
More details

*Data accurate as at 20 November 2019. Rates based on a savings balance of $10,000. Introductory bonus interest rate products not included. Sorted by total interest rate, then by provider name (A-Z).

Prior to this month’s savings account rate cuts, MyState had one of the most competitive interest rates on the market, ahead of neo-bank 86 400, Up Bank and Bank of Queensland (BOQ).

While each of these banks have made similar cuts of 25 to 35 basis points in recent months, they now offer some of the most competitive non-introductory savings account rates on the market:

Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
Bonus rate of 5.50%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$0
$0
Featured *Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
0.55% p.a.
Bonus rate of 4.95%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$1,000
$0
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
0.05% p.a.
Bonus rate of 5.30%
Conditions apply.
5.35% p.a.
$1,097
$0
$250,000
$1,000
$0
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

The max rates listed above are also conditional upon meeting similar bonus criteria to that of MyState’s Bonus Saver account, such as:

  • 86 400 Save Account: Deposit $1,000+ each month, balance under $100,000
  • Up Saver: Make 5+ debit card or digital wallet purchases from your Up Everyday Account, balance under $50,000
  • BOQ Fast Track Saver: Deposit $1,000+ each month to linked ‘Day2Day Plus’ transaction account, balance under $250,000
  • UBank USaver with Ultra: Deposit $200+ each month into USaver Ultra or linked USaver account from a non-Ubank account, hold a USaver Ultra transaction account, balance under $200,000
  • ME Bank Online Savings Account: Make 4+ tap & go purchases through your linked ME Everyday Transaction Account, balance under $250,000

MyState was approached for comment.





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