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MyState Bank Term Deposit

Advertiser disclosure
The details shown below are for the Term Deposit
The details shown below are for the Online Term Deposit
The details shown below are for the Income Deposit Account

Choose the version of this product that suits you best

Name
Term Deposit
Online Term Deposit
Income Deposit Account
  • Term Deposit
  • Online Term Deposit
  • Income Deposit Account
Best rate (up to 1 year)
5.10% p.a.8 months ($5,000 to $5,000,000)
Minimum Deposit
$5,000.00
Interest paid to another bank?
yes
Best rate (up to 1 year)
5.10% p.a.8 months ($5,000 to $5,000,000)
Minimum Deposit
$5,000.00
Interest paid to another bank?
yes
Go to site
Best rate (up to 1 year)
p.a. ( to )
Minimum Deposit
$5,000.00
Interest paid to another bank?
yes

Mozo editorial review MyState Bank Term Deposit - last updated: 7 June 2024

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What's hot
  • 5.00% p.a. interest for 12 month term
  • Option to have interest paid at regular intervals
What's not
  • No term period longer than 2 years
Mozo snapshot

If you’re looking for a low risk way to earn a competitive interest rate, then you may want to consider a MyState Bank Term Deposit. MyState Bank offers interest rates of 4.60% p.a. for 6-month terms and 5.00% p.a. for 12 months. There are several account options so you can pick the one that’s right for you, but keep in mind that terms only go up to 2 years (at 3.95% p.a. for 24 months).

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Key features

MyState Bank Term Deposits are available for terms of up to 2 years, with rates ranging from 0.50% p.a. to 5.10%. You'll find there are a few different account options available. These are the Online Term Deposit (which needs to be opened and managed online) and the standard Term Deposit.

These both differ slightly from MyState Bank Income Term Deposit, which lets you have your interest regularly deposited into your bank account instead of waiting for the term deposit to mature.

You’ll have the option to have your interest paid into an account at MyState Bank or with a different bank altogether. This gives your interest earnings more flexibility to fit your savings needs.

You can also set up your account to automatically rollover once the term period is up. This will also happen if you don’t give instructions for what happens when your term deposit matures, but you may find yourself with a lower interest rate as the market varies and the MyState Term Deposit interest rate might change. So make sure you let the bank know what you plan to do before the maturity date rolls around.

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Who is it good for

The MyState Bank Term Deposit has a number of options for those looking to boost their savings, but the greatest returns are available on the 12 month option at 5.00% p.a.

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Any catches

Watch out for interest rate reductions if you let your term automatically roll over once it reaches maturity. 

Details

Rates and fees information correct as at 25 July 2024. 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

0.50% p.a. ($5,000 to $5,000,000)

0.50% p.a. ($5,000 to $5,000,000)

2.50% p.a. ($5,000 to $5,000,000)

4.20% p.a. ($5,000 to $5,000,000)

4.50% p.a. ($5,000 to $5,000,000)

4.60% p.a. ($5,000 to $5,000,000)

5.10% p.a. ($5,000 to $5,000,000)

5.10% p.a. ($5,000 to $5,000,000)

4.85% p.a. ($5,000 to $5,000,000)

4.70% p.a. ($5,000 to $5,000,000)

1.75% p.a. ($5,000 to $5,000,000)

5.00% p.a. ($5,000 to $5,000,000)

3.95% p.a. ($5,000 to $5,000,000)

Other financial bits

$5,000.00

$5,000,000.00

Features

yes

yes

none

4% interest rate for 15 months term.

Different interest rates apply to different amounts or different interest payment frequencies.

Details

Rates and fees information correct as at 25 July 2024. 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

0.50% p.a. ($5,000 to $5,000,000)

0.50% p.a. ($5,000 to $5,000,000)

2.50% p.a. ($5,000 to $5,000,000)

4.20% p.a. ($5,000 to $5,000,000)

4.50% p.a. ($5,000 to $5,000,000)

4.60% p.a. ($5,000 to $5,000,000)

5.10% p.a. ($5,000 to $5,000,000)

5.10% p.a. ($5,000 to $5,000,000)

4.85% p.a. ($5,000 to $5,000,000)

4.70% p.a. ($5,000 to $5,000,000)

1.75% p.a. ($5,000 to $5,000,000)

5.00% p.a. ($5,000 to $5,000,000)

3.95% p.a. ($5,000 to $5,000,000)

Other financial bits

$5,000.00

$5,000,000.00

Features

yes

yes

Account must be opened online

Visit a branch or call 138001 for 15 months term rate.

Different interest rates apply to different amounts or different interest payment frequencies.

Details

Rates and fees information correct as at 25 July 2024. 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

3.95% p.a. ($5,000 to $5,000,000)

3.90% p.a. ($5,000 to $5,000,000)

Other financial bits

$5,000.00

$5,000,000.00

Features

yes

yes

none

none

Different interest rates apply to different amounts or different interest payment frequencies.

Customer Reviews

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About MyState Bank

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Yes up to $250,000

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5.25% p.a.

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Yes up to $250,000

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Yes up to $250,000

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4.25% p.a.

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5.00% p.a.

$5,000.00

Yes up to $250,000

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Term Deposit for SMSF

5.25% p.a.

$1,000.00

Yes up to $250,000

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4.60% p.a.

$5,000.00

Yes up to $250,000

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4.25% p.a.

$5,000.00

Yes up to $250,000

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Yes up to $250,000

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5.00% p.a.

$5,000.00

Yes up to $250,000

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Term Deposit for SMSF

5.25% p.a.

$1,000.00

Yes up to $250,000

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4.60% p.a.

$5,000.00

Yes up to $250,000

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4.25% p.a.

$5,000.00

Yes up to $250,000

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