MyState Bank Term Deposit

This product is available in different versions. Pick the right version for you here.

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 loan that suits you best

  • Online Term Deposit

  • Term Deposit

  • Income Deposit Account

2.20% p.a.5 months

yes

MyState Bank Term Deposit

2.20% p.a.5 months

yes

2.20% p.a.5 months

yes

MyState Bank Term Deposit

2.20% p.a.5 months

yes

2.00% p.a.1 year

yes

MyState Bank Term Deposit

2.00% p.a.1 year

yes

Mozo Review   MyState Bank Term Deposit Review

Last updated: 16 July 2019.

What's hot:
  • 2.20% interest for 5 month term

  • Option to have interest paid at regular intervals

  • Can have interest paid into any bank account

What's not:
  • No term period longer than 2 years

Mozo snapshot:

If you’re looking for a low risk way to earn a high interest rate in the short term, then you may want to consider a MyState Bank Term Deposit. MyState Bank offers great short term interest rates, such as 2.20% interest for 5 month terms or 2.05% for 6 months. There are a couple of different account options so you can choose the one that’s right for you, but keep in mind, they don’t offer any term periods longer than 2 years.

Key features:

MyState Bank 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 2.20% interest for a 5 month term or 2.05% for 6 months.

MyState Bank 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 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.

With all of these options, you’ll have the option to have your interest paid into an account at MyState Bank, 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 Bank 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 Bank 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.

Any catches?

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.

Details

Rates and fees information correct as at 22 July 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 1.15% p.a. ($5,000 to $5,000,000)

  • 1.55% p.a. ($5,000 to $5,000,000)

  • 2.00% p.a. ($5,000 to $5,000,000)

  • 2.00% p.a. ($5,000 to $5,000,000)

  • 2.20% p.a. ($5,000 to $5,000,000)

  • 2.05% p.a. ($5,000 to $5,000,000)

  • 1.95% p.a. ($5,000 to $5,000,000)

  • 2.15% p.a. ($5,000 to $5,000,000)

  • 2.00% p.a. ($5,000 to $5,000,000)

  • 1.80% p.a. ($5,000 to $5,000,000)

  • 1.80% p.a. ($5,000 to $5,000,000)

  • 2.10% p.a. ($5,000 to $5,000,000)

  • 1.95% p.a. ($5,000 to $5,000,000)

Other financial bits
  • $5,000.00

  • $5,000,000.00

Features
  • direct credit

  • yes

  • yes

  • Account must be opened online

  • none

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

Details

Rates and fees information correct as at 22 July 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 1.15% p.a. ($5,000 to $5,000,000)

  • 1.55% p.a. ($5,000 to $5,000,000)

  • 2.00% p.a. ($5,000 to $5,000,000)

  • 2.00% p.a. ($5,000 to $5,000,000)

  • 2.20% p.a. ($5,000 to $5,000,000)

  • 2.05% p.a. ($5,000 to $5,000,000)

  • 1.95% p.a. ($5,000 to $5,000,000)

  • 2.15% p.a. ($5,000 to $5,000,000)

  • 2.00% p.a. ($5,000 to $5,000,000)

  • 1.80% p.a. ($5,000 to $5,000,000)

  • 1.80% p.a. ($5,000 to $5,000,000)

  • 2.10% p.a. ($5,000 to $5,000,000)

  • 1.95% p.a. ($5,000 to $5,000,000)

Other financial bits
  • $5,000.00

  • $5,000,000.00

Features
  • direct credit

  • yes

  • yes

  • none

  • none

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

Details

Rates and fees information correct as at 22 July 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.00% p.a. ($5,000 to $5,000,000)

  • 1.95% p.a. ($5,000 to $5,000,000)

  • 1.80% p.a. ($5,000 to $5,000,000)

Other financial bits
  • $5,000.00

  • $5,000,000.00

Features
  • direct credit, cheque

  • yes

  • yes

  • none

  • none

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

Customer Reviews

How are MyState Bank term deposits rated by the Mozo community?

Overall customer rating
8.6/10
Price
8.3/10
Features
7.4/10
Customer service
8.7/10
Convenience
8.6/10
Trust
8.7/10

Latest reviews of MyState Bank Term Deposit

  • Overall
    10/10
    GREAT FEATURES AND CARING STAFF

    After most of my life dealing with major banks, 25 years ago I transferred all my banking to...

    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.

    Price
    10/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Glenn | Tasmania

    reviewed almost 6 years ago

  • Overall
    9/10
    Very friendly service and helpful

    This is very good if you do not need to acces your money in a hurry.

    This is very good if you do not need to acces your money in a hurry.

    Price
    8/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Pentti | Tasmania

    reviewed over 6 years ago

  • Overall
    9/10
    Extremely helpful local staff who always deliver.

    Very friendly staff in local branch who are always willing to listen and help. Will match...

    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.

    Price
    8/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Doug | Tasmania

    reviewed about 7 years ago

MyState Bank

About MyState Bank

MyState Bank is an Authorised Deposit-taking Institution and a national diversified financial services group headquartered in Tasmania. MyState Bank has strong roots in the Tasmanian community, offering lending, savings accounts, financial planning and insurance.

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