St.George Power Saver Account Apply Online

Who else wants St.George banking fee free? The St.George Power Saver gives you the ability to bank with St.George fee Free

It’s great to be given a head start, no matter what the race. However, the head start which can make the most difference to your life and your future is a financial head start, but unfortunately not everyone can count on a financial head start from friends, family, the government or the lottery, luckily you can count on St.George to power up your savings if you choose a Power Saver high interest savings account.

Savings Account	Account Details	Intro Rate p.a.	Variable Rate p.a.	Intro Period p.a.	Fees	Min Balance and Min Deposit
St.George Power Saver Account	5.50% for 4 months power saver. Government guaranteed for balances under $1m	5.50%	2.65% – 3.95% p.a	1.55% – 2.85% p.a	$0	<$1m govt guaranteed

How a St.George Power Saver can give your savings a head start:

• The account is fee free
• The account can be opened online in minutes to power up your savings today
• The more you save, the more interest you earn
• Sign up before the end of February 2010 and earn a bonus interest rate

How to Stick to a Savings Plan

It’s not always enough to have a head start, you have to be able to maintain that lead, so it is important you know not only how to start a savings plan, but how to make the most of any boost you get, and stick to that savings plan too.

How to save with a high interest savings account:

• Find an account which motivates you. We are all only human, and we like to feel that our efforts are recognised and our hard work is rewarded and so it is important to choose a high interest savings account which rewards you in a way that matters to you, and one which rewards you for the way you save. For example, the St.George Power Saver rewards you with a higher interest rate for a higher balance as the account interest rates are tiered depending on your savings. Therefore, if you know you are able to make regular deposits to your savings account then earning more interest for those efforts may be just the motivation you need to keep up your deposits
• Make regular deposits to earn daily interest. In almost all high interest savings accounts, interest is calculated daily on your closing balance and then paid into your account monthly. In this way you are earning interest on your interest and this compounding interest, as it is known, can help grow your savings even faster, a great motivation to keep going is seeing results. Because of the wonders of compounding interest, when you make regular daily or weekly deposits you can actually earn more interest in a month than if you had made a deposit of the same amount at the end of the month.
• Make regular deposits automatic. The easiest way to remember to make regular deposits to your savings account is to not have to remember to make them. Therefore, you need to link your high interest savings account to a transaction account such as the St.George Complete Freedom or Express Freedom account which allows you to set up automatic transfers of a set amount each time your wages arrive in your transaction account, so that you don’t have to risk your savings plan running off the track if you forget to make a transfer. At the same time, you are still free to make additional transfers to your savings whenever you can.

How to Decide Whether the St.George Power Saver is Right For You

To make sure you are choosing the right high interest savings account, you need to know all about their features, how those features can benefit you and whether those features align with your savings needs and savings plan. Features of the Power Saver account which may suit you, include:

• A four month bonus interest rate up to 5.25%. If you are a new St.George customer, opening a Power Saver account for the first time, and you do so before 28 February 2010 then you can earn a bonus interest rate on your savings. If you are in NSW, the ACT, SA or NT your savings will earn a bonus 2.40% and savers in Queensland, Victoria, WA or Tasmania will earn a bonus 1.55% interest; so depending on your balance you could be earning up to 5.25% on your savings.
• The standard rate of the Power Saver account is variable. The standard interest rate your savings will earn after the promotional period is a variable rate based on the RBA’s cash rate, and calculated according to your balance amount.
• Balances are guaranteed by the Australian Government. Your deposits in a St.George Power Saver account are eligible for the government deposit guarantee until October 2011. Deposits up to $1 million are guaranteed for free and St.George can guarantee amounts over $1 million for a calculated fee.
• No fees on your savings. There are no fees to open a Power Saver account, or make deposits to grow your savings. This means that all your hard saved cash goes straight to your savings account to earn interest and none of it is waylaid to pay bank fees.
• You can use a Power Saver account as a DIY super investment. You will need to contact your accountant or financial advisor to make sure you open and register your Power Saver account correctly, but you are able to take advantage of St.George’s competitive interest rates and avoid typically high super fund fees to grow your retirement savings.
• A minimum balance of $1 is required. If you are starting your savings from scratch then you may not have a big investment to make at the beginning, but that’s alright because you only need a minimum of $1 to open a Power Saver account, and to start earning interest. Your bonus interest rate will then give you the head start you need to grow that dollar into a healthy savings fund.
• Choose a Deposit Only card for your savings account. A Deposit Only card is linked to your savings account so you can view your balance and make deposits at compatible ATMs and quickly and easily in branch, but you are unable to make withdrawals. This means that even if you are tempted to spend or withdraw your savings, you can’t.
• Be notified by SMS or email of your account activity. To save you time and money the Power Saver is a primarily online account, so it makes sense that you should be able to communicate with the bank using the same technology. As a result, you can set up SMS alerts so you know if your balance is getting low, if payments have been made to the account and when withdrawals are made so you can keep track of your savings and stay on top of fraudulent activity. You can also choose to correspond with St.George via email so you can manage your finances at any time of the day or night, from wherever you are.

You can apply over the phone, in branch or online by following our secure link to the St.George online application form. An online application will take less than 10 minutes and this means you can give your savings the head start they need today, and be looking back on your progress tomorrow.