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MyState Bank Special eSaver Account

Advertiser disclosure
Interest rate
0.05% p.a.(for $0 to $25,000)
Maximum rate
No Current Offer
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review MyState Bank Special eSaver Account

Last updated: 1 February 2021.

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What's hot
  • Earn a special 0.65% interest rate (on balances over $250,000)
  • No account fee
  • Unlimited free online and phone transactions
What's not
  • No ATM or branch access
Mozo snapshot

The MyState Bank Special eSaver account may not offer the highest rates for low balances, but if you’ve got over $50k to squirrel away then this could be the account for you, as you’ll be rewarded with more competitive rates for bigger deposit amounts. Adding to that, unlike other high interest savings accounts that have strict withdrawal criteria in order to earn that high rate, with the eSaver account you can dip into your savings whenever you please without your rate being affected.

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Key features

The MyState Bank Special eSaver account is an exclusively online savings account designed to help you plump up your savings in no time. The amount of interest you earn will depend on how much you've got saved up in your account, starting from 0.05% for balances under $25,000, ranging up to a 0.65% rate if you're lucky enough to have $250,000 or more put away.

Although there is no branch or ATM access, you can still make unlimited transactions via the phone or internet/Bpay banking and check your account balances at any time. There are also no extra fees associated with the account and just a $1.00 minimum opening deposit with interest paid on a quarterly basis.

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Who is it good for

The MyState Bank Special eSaver account could be a good pick for Aussies with over $50k to put away, looking for a high interest savings account that lets you withdraw money whenever you need it without affecting the interest you earn.

 

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Any catches

You'll get the best interest rates on larger deposits - but bear in mind that only the first $250,000 of your deposits with any Authorised Deposit-taking Institution (ADI) are covered by the Government Guarantee on Deposits. It shouldn't pose a major problem, but if you want to be cautious, you might prefer to break up your savings across different savings accounts after you meet this limit.

Details

Rates and fees information correct as at 23 June 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.05% p.a.
    Balances from $25,000: 0.10% p.a.
    Balances from $50,000: 0.35% p.a.
    Balances from $150,000: 0.50% p.a.
    Balances from $250,000: 0.65% p.a.

  • n/a

  • n/a

Fees
  • $0.00

  • n/a

  • Unlimited transactions from phone and internet

  • n/a

  • n/a

  • n/a

  • n/a

  • $2.75

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $1.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • yes

  • no

  • none

  • none

  • none

Customer Reviews

How are MyState Bank savings accounts rated by the Mozo community?

Overall
7.7/10
Price
6.5/10
Features
6.0/10
Customer service
8.0/10
Convenience
7.8/10
Trust
8.0/10
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About MyState Bank

MyState Bank is an Authorised Deposit-taking Institution and a national diversified financial services group headquartered in Tasmania. MyState Bank has strong roots in the Tasmanian community, offering lending, savings accounts, financial planning and insurance.

See MyState Bank savings accounts