Term deposit rate hikes for MyState Bank sees 7 month term hit 5.00%p.a.

By Kylie Moss · · 1 min read
Fact Checked
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MyState Bank has upped the interest rate of its 7 month term deposit rate by 1.50% p.a today to 5.00% p.a.  

Term deposit rates over the past few months have been steadily falling (especially for longer terms) as predictions over the RBA cutting rates later in the year have gathered more steam. 

However, term deposit rates on shorter terms remain extremely competitive with savings accounts rates with the top term deposit rates on terms below 1 year and above 4.90%^.  By comparison, the average bonus savings account rate on the mozo database is currently 4.59% p.a.^ with accounts requiring conditions to be met to receive the high rate. 

“If you’ve got some funds available and don’t want the hassle of having to meet pesky bonus conditions, these short-term options can be an easy way to get a high interest rate for a set period,” said Rachel Wastell, 

“However, make sure you don’t need to access these savings as some term deposits can come with hefty early exit fees.”

“If you have the cash and can afford to stash it, opting for a term deposit under 12 months could help you maintain an above average interest on your deposit, even after the RBA starts cutting rates.”

Currently, Mozo’s data puts MyState in the top 4 providers for 7 month term deposits. To find more rates and terms, head on over to our term deposit hub page and compare providers. 

Term deposit comparisons on Mozo

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 91 term deposits.
Last updated 15 January 2025 Important disclosures
  • Mozo Expert Choice Badge
    Term Deposit

    5.00% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.

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    Go to site
    Details
  • Term Deposit

    4.90% p.a.
    4 months

    $5,000

    Yes up to $250,000

    Grow your hard-earned savings with a P&N Bank Money Maker Term Deposit. Enjoy competitive, guaranteed fixed term rates. Interest paid at maturity for terms between 2 and 12 months. Interest rates may vary depending on the terms you select. Minimum amount of $5,000. Maximum amount of $1 million.

    Compare
    Find out more
    Details
  • Term Deposit

    4.00% p.a.
    6 months

    $5,000

    Yes up to $250,000

    Compare
    Find out more
    Details
  • Mozo Expert Choice Badge
    Term Deposit

    5.15% p.a.
    9 months

    $25,000

    Yes up to $250,000

    Enjoy flexible terms starting from 31 days up to 5 years with a Heartland Bank Term Deposit. Get your interest paid monthly (on selected terms). Your savings are protected by the Government guarantee. Minimum deposit amount of $25,000 up to $1,000,000.

    Compare
    Find out more
    Details

^Rates based on an account with a $10,000 balance, correct as of 22 April 2024

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

^See information about the Mozo Experts Choice Term Deposit Awards

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Today's term deposit rates