MyState Term Deposits are only available for terms of up to 2 years, but these short term rates are definitely worth checking out for the generous return on your savings. Especially take note of the 2.50% interest for a 3 month term and the 2.70% interest for a 1 year term, with the maximum interest earning capping at 2.80% for a 2 year term.
MyState offers a couple different account options for their term deposits. First there’s the standard Term Deposit, and for technophiles, the Online Term Deposit account is much the same, but it needs to be opened and managed online.
These both differ slightly from MyState Income Term Deposit, which lets you have your interest regularly deposited into your bank account, instead of waiting for the term deposit to mature.
With all of these options, you’ll have the option to have your interest paid into an account at MyState, or with a different bank completely. This gives your interest earnings more flexibility to fit your saving desires.
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 MyState Term Deposits interest rate might change. So make sure you let the bank know your wishes before the maturity date rolls around.
Who it's good for:
As the MyState Term Deposit has a number of high interest short term options, those wanting a quick boost to their savings, especially anyone looking for 3 or 4 month terms will be able to snag a bumper return on their stash.
If you do decide to go with the Income Term Deposit, you’ll find that you can only get 1 or 2 year loan periods, and their interest rates are slightly lower than their Term Deposit counterparts.