With a range of banking solutions, MyState has your future in mind.
Regionally located in Tasmania, MyState has been an active alternative to big banks for over 50 years. The services and products they are able to provide members are diversified, covering everything from insurance to high interest savings accounts.
Who is MyState?
MyState is a community based credit union owned and operated by its members. Through it, you are able to access a number of different types of savings and transaction accounts that are structured to serve specific obligations. Whether you are saving for a financial goal in the future, or just need to keep your bill money separate from your spending, MyState may have the solution.
What is internet banking like for MyState?
With only ten branches to serve members all located in Tasmania, MyState relies heavily on their online banking service to meet the financial needs of members outside of the region. Through it’s internet banking portal you are able to apply for accounts, access balances, and set up electronic deposits and debits.
What transaction accounts are offered by MyState?
- Access Assist Account. Pensioners can take advantage of no monthly fees and competitive interest rates on their balance with this at call account. Unlimited transactions are provided in a number of ways including internet banking and your choice of debit card.
- Access Account. Avoid the monthly fee by meeting a minimum deposit requirement. This account gives you complete access to your money online, over the phone, in branch and with a debit card all while you still earn a competitive interest rate on your daily balance.
- Offset Account. For a monthly fee, you can reduce your home loan payments by having the balance of your home loan reduced by your account balance before interest is calculated. This also serves as an everyday banking account, with a number of ways to conduct your daily banking.
What high interest savings accounts are offered by MyState?
- Online Savings Account. No transaction or monthly fees and a competitive interest rate makes this account one to consider if you don’t want to have to lock your savings into a term in order to see it grow.
- Youth Account. Especially for members under the age of 18, the monthly fee is waived on this at call savings account. You have a number of ways to get to your money when you need it, including a Visa debit card for those who are eligible.
- Bill Payer Account. This account is specifically designed to keep your monthly bill paying money separate from your daily spending cash. You are allowed to access it freely using ATMs, branches and online banking, and can avoid the monthly fee by meeting the minimum deposit requirement.
- Christmas Account. Designate a set portion of your pay to be set aside each month, and have the money you need to take care of holiday expenses in November. Your deposits earn interest as well, giving you the opportunity to put even more treats under the tree.
- Saver Account. Your money earns a competitive interest rate on the daily balance, without having to be locked away for a set amount of time. There is no monthly account keeping fee charged to you, and you can access your money at a branch, online or over the phone.Back to top
What term deposits are offered by MyState?
- Term Deposit. Lock your money into a term ranging from one month to two years and earn interest at a higher rate. The minimum deposit requirement is $5,000 and you will not be charged any monthly or transaction fees.
- Online Term Deposit. Take advantage of higher interest rates on your savings without having to visit a branch. With this account your interest on your investment is calculated daily and paid to you when the terms mature.
- Income Term Deposit. With the same minimum deposit requirement and terms of one or two years, you can elect to receive your interest payments monthly or quarterly to a nominated account. This will decrease the interest rate slightly, but you are still not charged any fees.Back to top
What are the pros and cons of banking with MyState?
- Term deposits. With MyState you are provided with a number of choices in term deposits, allowing you to choose the one that meets your circumstance.
- Online accessibility. With each account you are allowed the convenience of internet banking.
- Interest rates. The interest rates offered by MyState are competitive in comparison to what you find with larger banks.
- Home loan offset. A 100% offset account is an ideal way to help you save thousands of dollars over the life of your home loan.
- Monthly fees. In many cases you are required to meet certain conditions in order to avoid having to pay any monthly fees.
- Branch access. Unless you are a resident of Tasmania you may find the lack of physical branches difficult for your banking needs.
How do I apply for a MyState account?
With any account offered by MyState, you will first need to visit a branch and fill out an application for membership. Once approved, you can apply for most products online or over the phone. Be prepared with your identification documents as well as your tax file number before getting started on any application. After the account has been opened you will be sent the details along with any linked debit card you may have chosen.