Product details
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.
A MyState Online Term Deposit offers a competitive, fixed interest rate meaning you can look forward to a guaranteed return on your investment minus the risk.
- Product Name
- MyState Bank Online Term Deposit
- 1 month interest rate
- 1.00%
- 3 month interest rate
- 2.60%
- 4 month interest rate
- 2.60%
- 6 month interest rate
- 2.76%
- 9 month interest rate
- 2.60%
- 12 month interest rate
- 2.70%
- 24 month interest rate
- 2.75%
- Min Deposit
- $5,000
- Minimum Age Requirement
- 18
What are the features of the MyState Term Deposit?
Fixed interest rates up to 2.75% p.a.
Enjoy a competitive, fixed interest rate on your funds and look forward to guaranteed returns. Earn up to 2.75% p.a. with a 2 year term. You can see additional interest rates in the table above.
Terms from one month to two years
MyState offers short- to medium-term lengths, so you can lock your funds away for just one month or for up to two years at a time.
No account-keeping fees
You won’t pay any set-up fees or account-keeping fees with this account, so every dollar you invest will go towards your savings goal.
Minimum deposit of $5,000
You will need to invest at least $5,000 if you wish to open a MyState Online Term Deposit.
Interest paid at maturity
Interest on your account is calculated daily so you can enjoy the full benefit of compound interest and is paid into your account when the term reaches maturity.
Personal or joint account
You can apply for this term deposit individually or as a joint account.
Online application
You can easily apply online without leaving your house, so there is no need to visit a branch.
Automatic rollover
Unless told otherwise, MyState will automatically reinvest your term deposit for the same term length at their current interest rate on offer. If you don’t wish for your term deposit to be reinvested, make sure to let MyState know before it reaches maturity.
Pros
- Competitive, fixed interest rate up to 2.76% p.a.
- No account-keeping fees
- Interest calculated daily
Cons
- Terms aren’t available for longer than two years
How do you apply?
If you’ve compared your options and have decided a MyState Online Term Deposit is right for you, you can easily apply online in a matter of minutes. First, check to ensure you meet the following eligibility criteria, and make sure you have the necessary documents handy.
Eligibility:
- You’re over 18 years of age
- You’re a permanent Australian resident
- You’re investing at least $5,000
Documents needed:
- Details of an Australian bank account where you want the interest to go when the account reaches maturity
- Personal details including name, date of birth, phone number, residential address and email address
- Personal ID in the form of a driver's licence, passport or Medicare card
- Tax file number (if you don’t wish to pay withholding tax)
What happens after I submit my application?
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.
Related savings accounts
MyState Bank Special eSaver Account
Maximum Variable Rate
1.00Standard Variable Rate
1.00
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?
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 page here. 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
Is my term deposit government guaranteed ?
Hi Lorraine,
Thank you for reaching out to finder.
The Financial Claims Scheme (FCS) is the Australian Government’s guarantee on deposits and is administered by the Australian Prudential Regulation Authority (APRA). The FCS guarantees deposits, up to a cap, held in Authorised Deposit-taking Institutions (ADI’s) – this includes Australian banks, building societies and credit unions. It provides protection to depositors up to the limit of the scheme and seeks to provide depositors with timely access to their deposits in the unlikely event of the failure of their ADI.
From 1 February 2012, the FCS guarantees deposits up to a cap of $250,000 per account-holder, per ADI.
The FCS applies to deposits held in MyState Bank’s transaction, savings and term deposit accounts. Hope this helps!
Cheers,
Reggie