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

  • Online Term Deposit

  • Term Deposit

  • Income Deposit Account

Best rate (up to 1 year)
0.75% p.a.1 year
Minimum deposit
$5,000.00
Interest paid to another bank?
yes
Go to site
Best rate (up to 1 year)
0.75% p.a.1 year
Minimum deposit
$5,000.00
Interest paid to another bank?
yes
Best rate (up to 1 year)
0.75% p.a.1 year
Minimum deposit
$5,000.00
Interest paid to another bank?
yes

Mozo editorial review MyState Bank Term Deposit

Last updated: 1 December 2020.

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What's hot
  • 0.75% interest for 12 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 competitive interest rate, then you may want to consider a MyState Bank Term Deposit. MyState Bank offers interest rates of 0.65% for 6 month terms and 0.75% for 12 and 24 month terms. 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.

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Key features

MyState Bank Term Deposits are available for terms of up to 2 years, with rates ranging from 0.15% to 0.75%. 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.

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Who is it good for

The MyState Bank Term Deposit has a number of options for those looking to boost their savings, but the greatest returns are available on the 12 and 24 month options at 0.75%.

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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 4 December 2020. 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
  • 0.15% p.a. ($5,000 to $5,000,000)

  • 0.25% p.a. ($5,000 to $5,000,000)

  • 0.45% p.a. ($5,000 to $5,000,000)

  • 0.40% p.a. ($5,000 to $5,000,000)

  • 0.40% p.a. ($5,000 to $5,000,000)

  • 0.65% p.a. ($5,000 to $5,000,000)

  • 0.65% p.a. ($5,000 to $5,000,000)

  • 0.45% p.a. ($5,000 to $5,000,000)

  • 0.45% p.a. ($5,000 to $5,000,000)

  • 0.45% p.a. ($5,000 to $5,000,000)

  • 0.45% p.a. ($5,000 to $5,000,000)

  • 0.75% p.a. ($5,000 to $5,000,000)

  • 0.75% p.a. ($5,000 to $5,000,000)

Other financial bits
  • $5,000.00

  • $5,000,000.00

Features
  • 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 4 December 2020. 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
  • 0.15% p.a. ($5,000 to $5,000,000)

  • 0.25% p.a. ($5,000 to $5,000,000)

  • 0.40% p.a. ($5,000 to $5,000,000)

  • 0.40% p.a. ($5,000 to $5,000,000)

  • 0.40% p.a. ($5,000 to $5,000,000)

  • 0.65% p.a. ($5,000 to $5,000,000)

  • 0.65% p.a. ($5,000 to $5,000,000)

  • 0.45% p.a. ($5,000 to $5,000,000)

  • 0.45% p.a. ($5,000 to $5,000,000)

  • 0.45% p.a. ($5,000 to $5,000,000)

  • 0.45% p.a. ($5,000 to $5,000,000)

  • 0.75% p.a. ($5,000 to $5,000,000)

  • 0.75% p.a. ($5,000 to $5,000,000)

Other financial bits
  • $5,000.00

  • $5,000,000.00

Features
  • yes

  • yes

  • none

  • none

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

Details

Rates and fees information correct as at 4 December 2020. 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
  • 0.75% p.a. ($5,000 to $5,000,000)

  • 0.75% p.a. ($5,000 to $5,000,000)

  • 0.75% p.a. ($5,000 to $5,000,000)

Other financial bits
  • $5,000.00

  • $5,000,000.00

Features
  • 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
8.4/10
Price
8.2/10
Features
7.2/10
Customer service
8.6/10
Convenience
8.4/10
Trust
8.5/10

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 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 review

    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
    Less
    Glenn, Tasmania reviewed over 7 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.

    Read full review

    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
    Less
    Pentti, Tasmania reviewed over 7 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 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 review

    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
    Less
    Doug, Tasmania reviewed over 8 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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