In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert
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MyState Online Term Deposit

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MyState Bank Online Term Deposit
Interest rate 12 months interest rate
Up to 4.75% 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 4.75% p.a.
  • No account-keeping fees
  • Interest calculated daily

Cons

  • Terms aren’t available for longer than two years

In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert

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 3.50%
9 month interest rate 4.65%
12 month interest rate 4.75%
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

Key features

Fixed interest rates up to 3.95%

Enjoy a competitive, fixed interest rate on your funds and look forward to guaranteed returns. Earn up to 3.95% 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

Your reviews

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Alison Finder

Editor

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Janette

August 04, 2023

Does My State have term deposits for Self Managed Super Funds


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Alison Banney Finder

August 07, 2023

Hi Janette, no, you can’t open a MyState term deposit as an SMSF.


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mystate online deposits

June 29, 2023

are your term deposits Government guaranteed?


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Alison Banney Finder

June 29, 2023

Hi, yes MyState is included in the Government Financial Claims Scheme.


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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…


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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


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Christine

July 05, 2019

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


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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?


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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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