Term deposit rate hikes for MyState Bank sees 7 month term hit 5.00%p.a.
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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
-
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.
CompareCompareTerm Deposit
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.
- interest rate
- 4.90% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Judo Bank Term Deposit
-
SMSF Term Deposit
4.95% p.a.
11 months$100,000
Yes up to $250,000
Invest your funds in a Beyond Bank Self-Managed Super Fund (SMSF) Term Deposit. Competitive fixed rates. Keep your savings securely locked away and backed by the Government Guarantee. Only available for balances greater than $100,000.
CompareCompareSMSF Term Deposit
Invest your funds in a Beyond Bank Self-Managed Super Fund (SMSF) Term Deposit. Competitive fixed rates. Keep your savings securely locked away and backed by the Government Guarantee. Only available for balances greater than $100,000.
- interest rate
- -
- Minimum deposit
- $100,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $100,000.00
- Maximum deposit
- $5,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
-
Term Deposit
4.65% p.a.
7 months$10,000
Yes up to $250,000
Minimum $10,000 deposit. No account keeping fees. Terms from 3 months up to 2 years. Interest can be paid into a different bank. Balances up to $250,000 are guaranteed by the Australian Government. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareTerm Deposit
Minimum $10,000 deposit. No account keeping fees. Terms from 3 months up to 2 years. Interest can be paid into a different bank. Balances up to $250,000 are guaranteed by the Australian Government. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- interest rate
- 4.95% p.a.
- Minimum deposit
- $10,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $10,000.00
- Maximum deposit
- $5,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the ING Term Deposit
-
SMSF Term Deposit
5.00% p.a.
6 months$1,000
Yes up to $250,000
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
CompareCompareSMSF Term Deposit
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
- interest rate
- 4.90% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
-
Term Deposit
4.90% p.a.
6 months$1,000
Yes up to $250,000
Invest as little as $1,000 on terms from 21 days to 5 years. Open an online account in just 5 minutes. No annual or monthly account keeping fees. Flexible term options to choose from. Interest paid periodically or at maturity. Access to view your account 24/7.
CompareCompareTerm Deposit
Invest as little as $1,000 on terms from 21 days to 5 years. Open an online account in just 5 minutes. No annual or monthly account keeping fees. Flexible term options to choose from. Interest paid periodically or at maturity. Access to view your account 24/7.
- interest rate
- 4.75% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- -
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Newcastle Permanent Term Deposit
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^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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