The MyState Bank Business Online Saver is a great account for those looking to make money off their business account without the need to lock their stash away for a fixed time. There’s no surprise why it took out a Mozo Experts Choice Deposits Award 2019 for Small Business No Strings Savings. With no monthly account keeping fees, plus convenient 24 hours/ 7 days access to phone and internet banking, this savings and investment account could be the perfect companion for your business banking needs.

Key features:

The MyState Business Online Saver is a simple account to manage business banking, without the need for unnecessary fees. With this account, you’ll earn 1.10% p.a tiered interest for balances over $10,000. On the other hand, businesses with less than $10,000 in savings might not get so much joy out of the 0% p.a. standard interest rate. Nonetheless, with no account keeping fees and unlimited transfers between your related business accounts, it certainly lives up to its name as an online saver.

Another great feature that comes with this account is that it accepts direct credit deposits from any financial institution. And with unlimited phone and internet transactions, you’ll be able to transfer money to your linked accounts at any time of the day.

Who it's good for:

The Business Online Saver bank account is a great option for business owners looking to make money off their funds who can commit to keeping their balance over the $10,000 mark.

Any catches?

If the Business Online Saver bank account sounds like a match for your business needs, just remember you’ll need $10,000 to access the 1.10% p.a. interest rate, so maybe not such a great choice for small businesses or startups.

Details

Rates

Rates

Balances from $0: 0.00% p.a.
Balances from $10,000: 1.10% p.a.
Maximum rate

n/a
Maximum rate conditions

n/a

Fees

Account fee

$0.00
Account fee waiver

n/a
Free transactions per month

Unlimited transactions from phone and internet
Network ATM fee

n/a
ATM networks

n/a
Other bank ATM fee

n/a
Over the counter deposit fee

n/a
Over the counter withdrawal fee

n/a
Eftpos fee

n/a
Phone fee

$0.00
Internet fee

$0.00
Cheque fee

n/a

Other financial bits

Minimum opening deposit

$1.00
Minimum balance

$0.00
Interest paid

Quarterly

Features

Atm access

no
Daily atm withdrawal limit

none
Eftpos card

no
Mastercard debit card

no
Visa debit card

no
Branch access

no
Cheque book

no
Phone banking

yes
Internet banking

yes
Bpay

yes
Australia post banking

no
Other restrictions

Must link to a transaction account
Other benefits

none

Customer Reviews

This product is not currently reviewed.

MyState Bank

About MyState Bank

See MyState Bank business savings accounts

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Maximum rate

2.10% p.a. (for $0 to $200,000)

standard interest rate

1.04% p.a.(for $0 to $5,000,000)

account fee per month

$0.00