MyState Online Term Deposit
- Interest rate 7 months interest rate
- Up to 5.1% p.a.
- Minimum opening deposit
- $5,000
- Account keeping fee
- $0
- Maximum deposit
- $50,000,000
Summary
Choose a term from one month to two years and be rewarded with a competitive interest rate on your funds.
MyState Online Term Deposit provides short to medium terms for savers who want to put their money to work. You can unlock the benefits of this account with a minimum deposit of $5,000. Read more about the details and features of this term deposit account below.
Pros
-
Competitive, fixed interest rate up to 5% p.a.
-
No account-keeping fees
-
Interest calculated daily
Cons
-
Terms aren’t available for longer than two years
Details
Key details
| Product Name | MyState Bank Online Term Deposit |
| 3 month interest rate | 2.50% |
| 4 month interest rate | 4.20% |
| 6 month interest rate | 4.60% |
| 7 month interest rate | 5.10% |
| 9 month interest rate | 4.85% |
| 12 month interest rate | 5.00% |
| 24 month interest rate | 3.95% |
| Minimum Opening Deposit | $5,000 |
| Minimum age requirement | 18 |
| Government guarantee | Yes |
Eligibility
| Minimum Age Requirement | 18 |
| Joint account availability | No |
| Min Deposit | $5,000 |
| Available to children | Not available for children |
Congratulations, MyState Bank!
MyState Bank Bonus Saver Account received the highly commended award for 'Savings Account' in the 2024 Banking Product Awards.
Full list of 2024 winnersCompare other savings accounts
Your reviews
Alison Finder
Editor
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Alison Banney Finder
August 07, 2023
Hi Janette, no, you can’t open a MyState term deposit as an SMSF.
mystate online deposits
June 29, 2023
are your term deposits Government guaranteed?
Alison Banney Finder
June 29, 2023
Hi, yes MyState is included in the Government Financial Claims Scheme.
Alexia
February 17, 2022
Hi…just wanna ask about…if we’re without permanet australian resident it could be invest in my state bank term deposit or not ???? But we’re all have all id verification on it…
Alison Banney Finder
February 26, 2022
Hi Alexia,
To clarify, are you asking if you can open a term deposit with MyState Bank as a non-resident? Unfortunately, you can only open an account if you are a permanent Australian resident.
Best,
Alison
Christine
July 05, 2019
Hi, what do I need to do to set up a 4 month term deposit with you?
Nikki Angco
July 06, 2019
Hi Christine,
Thanks for getting in touch!
To get started on doing a 4 month term deposit with MyState Online Term Deposit, start by checking the eligibility requirements as shown above. Note that a 4-month term deposit has an interest rate of 2.30% paid at maturity with a P5,000 minimum deposit.
As it says on our page, you can easily apply online in a matter of minutes. Once you have submitted your application and verified your identity, MyState will notify you regarding the success of your application. As soon as your money reaches MyState, the company will open your online term deposit account.
Hope this helps! For any further questions, feel free to reach out to us again, we’re here to help.
Best,
Nikki
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James
March 20, 2019
Hi. I’m an overseas investor (non Australian). Is there any restriction for me to open a term deposit account with any of your recommended banks or financial institution?
Nikki Angco
March 21, 2019
Hi James,
Thanks for getting in touch!
There are different types of accounts for foreign investors to bridge the restriction. As it says on our offshore bank accounts review, each bank will have its own account opening process. With most, you are going to need to provide the following documents” National ID, passport, a bank statement from which the funds will be withdrawn, and a statement about the source of those funds and the purpose for setting up the account.
Hope this helps!
Best,
Nikki
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Janette
August 04, 2023
Does My State have term deposits for Self Managed Super Funds