MyState Online Term Deposit

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.

Alison Banney

Last Updated Dec 31, 2020

Up to 1.2% p.a.

Interest rate

24 months interest rate

$5,000

Minimum opening deposit

Account keeping fee

$50,000,000

Maximum deposit

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Details

Product Name	MyState Bank Online Term Deposit
3 month interest rate	0.30%
4 month interest rate	0.30%
6 month interest rate	0.70%
7 month interest rate	0.35%
9 month interest rate	0.50%
12 month interest rate	0.80%
24 month interest rate	1.20%
Minimum Opening Deposit	$5,000
Minimum Age Requirement	18

The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Minimum Age Requirement	18
Joint account availability	No
Min Deposit	$5,000
Available to children	Not available for children

Pros

Competitive, fixed interest rate up to 1.2% p.a.
No account-keeping fees
Interest calculated daily

Cons

Terms aren’t available for longer than two years

Alison Banney

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Alison Banney is the banking and investments editor at Finder. She has written about finance for over 8 years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.

Key features

Fixed interest rates up to 1.2%

Enjoy a competitive, fixed interest rate on your funds and look forward to guaranteed returns. Earn up to 1.2% with a 24 month 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.

How to 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

Documentation 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.

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6 Comments

Christine
July 5, 2019

Hi, what do I need to do to set up a 4 month term deposit with you?

Nikki
July 6, 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

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
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

Lorraine
February 13, 2019

Is my term deposit government guaranteed ?

finder Customer Care

John
February 14, 2019

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

Types

Term Deposit Guides & Tools

Banks

MyState Online Term Deposit