St George offers two savings accounts with different mechanics. The Incentive Saver pays a competitive bonus rate when you grow your account balance each month — by at least $50 for customers 21 and over, or $0.01 for customers under 21 — on top of a lower base rate. Interest credited to the account doesn't count toward the growth requirement. The Maxi Saver works differently: there are no monthly conditions to earn its rate, but new customers receive a higher introductory rate for the first six months on new balances, which then reverts automatically to a lower standard ongoing rate.
The two accounts suit different savers. The Incentive Saver rewards consistent monthly deposits and suits savers who can commit to adding money every month. The Maxi Saver suits savers who want simplicity during an initial period but should plan to compare rates again once the introductory period ends, since the ongoing rate sits well below the introductory headline figure.
St George is a division of Westpac and an authorised deposit-taking institution (ADI) regulated by APRA — deposits are protected under the Financial Claims Scheme up to $250,000 per account holder per ADI.