The details shown below are for the Online Term Deposit
The details shown below are for the Term Deposit
The details shown below are for the Income Deposit Account
Choose the version of this product that suits you best
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Online Term Deposit |
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Term Deposit |
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Income Deposit Account |
Online Term Deposit
Term Deposit
Income Deposit Account
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 1.75% p.a. for 6-month terms and 3.05% 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 3.35% p.a. for 24 months). And that's not all, it also snagged an award for best Term Deposit in the 2022 Mozo Expert Choice Award.
MyState Bank Term Deposits are available for terms of up to 2 years, with rates ranging from 0.50% p.a. to 3.35%. 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.
The MyState Bank Term Deposit has a number of options for those looking to boost their savings, but the greatest returns is available on the 24 month option at 3.35% p.a.
Watch out for interest rate reductions if you let your term automatically roll over once it reaches maturity.
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0.50% p.a. ($5,000 to $5,000,000) |
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0.50% p.a. ($5,000 to $5,000,000) |
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1.00% p.a. ($5,000 to $5,000,000) |
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1.20% p.a. ($5,000 to $5,000,000) |
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1.50% p.a. ($5,000 to $5,000,000) |
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1.75% p.a. ($5,000 to $5,000,000) |
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1.75% p.a. ($5,000 to $5,000,000) |
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1.75% p.a. ($5,000 to $5,000,000) |
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2.25% p.a. ($5,000 to $5,000,000) |
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1.75% p.a. ($5,000 to $5,000,000) |
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1.75% p.a. ($5,000 to $5,000,000) |
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3.05% p.a. ($5,000 to $5,000,000) |
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3.35% p.a. ($5,000 to $5,000,000) |
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$5,000.00 |
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$5,000,000.00 |
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yes |
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yes |
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Account must be opened online |
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none |
Different interest rates apply to different amounts or different interest payment frequencies.
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0.50% p.a. ($5,000 to $5,000,000) |
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0.50% p.a. ($5,000 to $5,000,000) |
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1.00% p.a. ($5,000 to $5,000,000) |
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1.20% p.a. ($5,000 to $5,000,000) |
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1.50% p.a. ($5,000 to $5,000,000) |
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1.75% p.a. ($5,000 to $5,000,000) |
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1.75% p.a. ($5,000 to $5,000,000) |
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1.75% p.a. ($5,000 to $5,000,000) |
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2.25% p.a. ($5,000 to $5,000,000) |
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1.75% p.a. ($5,000 to $5,000,000) |
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1.75% p.a. ($5,000 to $5,000,000) |
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3.05% p.a. ($5,000 to $5,000,000) |
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3.35% p.a. ($5,000 to $5,000,000) |
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$5,000.00 |
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$5,000,000.00 |
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yes |
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yes |
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none |
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none |
Different interest rates apply to different amounts or different interest payment frequencies.
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3.35% p.a. ($5,000 to $5,000,000) |
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3.35% p.a. ($5,000 to $5,000,000) |
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$5,000.00 |
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$5,000,000.00 |
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yes |
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yes |
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none |
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none |
Different interest rates apply to different amounts or different interest payment frequencies.
After most of my life dealing with major banks, 25 years ago I transferred all my banking to Police, Fireman & Teachers Credit Union, now Mystate. Over the last years they have handled all my banking, the staff are great, fees are very good. In your words they are awesome.
Read full reviewAfter most of my life dealing with major banks, 25 years ago I transferred all my banking to Police, Fireman & Teachers Credit Union, now Mystate. Over the last years they have handled all my banking, the staff are great, fees are very good. In your words they are awesome.
This is very good if you do not need to acces your money in a hurry.
Read full reviewThis is very good if you do not need to acces your money in a hurry.
Very friendly staff in local branch who are always willing to listen and help. Will match interest rates from other institutions to give you best possible return and will waver other incurred costs if they are not your fault. Always available on their own phone line so you can avoid attempting to work through the frustrating call centre.
Read full reviewVery friendly staff in local branch who are always willing to listen and help. Will match interest rates from other institutions to give you best possible return and will waver other incurred costs if they are not your fault. Always available on their own phone line so you can avoid attempting to work through the frustrating call centre.
