MyState Online Term Deposit Review & Info | finder.com.au
finder.com.au

MyState Online Term Deposit

Alison Banney
Alison Banney
Last updated:  

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.

Up to 0.65% p.a.

Interest rate

12 months interest rate

$5,000

Minimum opening deposit

$0

Account keeping fee

$50,000,000

Maximum deposit

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Details

Product NameMyState Bank Online Term Deposit
3 month interest rate0.35%
4 month interest rate0.30%
6 month interest rate0.45%
7 month interest rate0.40%
9 month interest rate0.55%
12 month interest rate0.65%
24 month interest rate0.60%
Minimum Opening Deposit$5,000
Minimum Age Requirement18
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.

Key features

Fixed interest rates up to 0.6%

Enjoy a competitive, fixed interest rate on your funds and look forward to guaranteed returns. Earn up to 0.6% 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.

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

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

6 Comments

    Default Gravatar
    Christine
    July 5, 2019

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

    Reply
      Default Gravatar
      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

      Reply
    Default Gravatar
    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?

    Reply
      Default Gravatar
      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

      Reply
    Default Gravatar
    Lorraine
    February 13, 2019

    Is my term deposit government guaranteed ?

    Reply
      Avatarfinder 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

      Reply
Go to site