St.George Bank Savings Accounts

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, updated on October 4th, 2023       

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St.George Bank started life in Sydney in 1947 as a building society.  After several mergers with other building societies, it acquired Advance Bank in 1997 (which owned its subsidiary BankSA) and merged with Westpac Bank in 2008.   It is now the fifth-largest bank in Australia and provides a wide range of banking services, including personal and business banking products such as several different savings accounts.   

Savvy can help you compare St.George Bank with some of its main competitors to help you choose your savings account.  Consider our detailed comparison information so you’re clear about what banking choices are available. Start comparing with Savvy today to find the best deals in Australia. 

*Please note that Savvy does not represent St.George Bank for their savings accounts products. All product information and rates are correct as of June, 2022.

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More about St.George Bank savings accounts

What savings account products does St.George Bank offer?

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.

How do I open a St.George Bank account?

To open a St.George savings account, you’ll need to be 14 years or older and supply:

  • your full name and date of birth
  • your residential, postal and email address
  • your phone number
  • your tax file number
  • 100 points of ID, which can include:
    • your passport
    • driver’s licence
    • birth certificate
    • Medicare card
    • debit card

Just like opening most other savings accounts, you can open a St.George account in person, over the phone, online or on your mobile by downloading the St.George mobile app.  If you’re opening a joint account, one of you will have to open the account first and invite the second account holder to share the account.

You’re also able to go into any Westpac Bank, Bank of Melbourne or BankSA branch to deposit funds or carry out transactions for your St.George account.  Customers are also able to use any of these related banks’ ATMs.

Pros and cons of St.George Bank savings accounts


No monthly fees

St.George Bank doesn’t charge monthly account-keeping fees or transaction fees on any of its savings accounts.

Mobile app

The mobile app provided by St.George works on all mobiles and wearables and allows you to view all your account balances without having to log in to your account. It also accepts biometric login (finger touch or face recognition) for added security.

Bonus interest conditions

You’re entitled to the bonus interest rate on your Incentive Saver account as long as you grow your account by $50 a month (for those aged over 21) and keep your account balance above zero. This is a reasonable deposit minimum condition compared to competitors, some of which ask for deposits of $2,000 or more to earn bonus interest.


No special products for youth or aged

There are no special products targeted at students or young people under the age of 14, which is the minimum age limit to open an account with this bank. There are also no accounts for aged pensioners.

Low interest rates

The interest rate offered on the Maxi Saver account isn’t very high at a lowly 0.05% p.a. once the initial three months bonus rate of 0.45% p.a. comes to an end, as well as their maximum 0.30% p.a. term deposits.

Must link to an everyday account

If you want to open a St.George Bank savings account or term deposit, you’ll get a linked transaction account whether you request one or not, although there are no fees involved with this additional account.

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