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

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 - last updated 30 May 2024

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Term Deposit

    5.00% p.a.
    1 year

    $1,000

    Yes up to $250,000

    Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)

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    Details
  • Online Term Deposit

    5.00% p.a.
    1 year

    $5,000

    Yes up to $250,000

    No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.

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  • Term Deposit

    4.90% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Competitive fixed rates across investment terms ranging from 1 month to 5 years. No set up or establishment fees. $1000 minimum investment.

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    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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