MyState Bank Savings Accounts

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MyState Bank is a provider of savings accounts, transaction accounts, term deposits, home loans, personal loans and insurance products.

What savings accounts does MyState Bank offer?

At the time of writing, MyState Bank offers the following savings accounts:

  • Bonus Saver Account – pays bonus interest when you deposit $20 or more into your account and make five or more eligible Visa Debit card transactions from your linked account each month. 
  • Special eSaver Account – pays a tiered interest rate based on your account balance. No minimum balance or ongoing deposit required. 
  • Christmas Account – intended to help you save for Christmas throughout the year. Savings only available to be withdrawn from first working day of November to 15 January. 

You can view the current interest rates on some of My State Bank’s savings accounts in Canstar’s comparison tables.

Compare Savings Accounts

Do MyState Bank savings accounts require a linked transaction account?

In order to receive bonus interest on MyState Bank’s Bonus Saver Account, you must have a linked transaction account. MyState Bank says you must deposit $20 into your savings account each month and make five eligible Visa Debit card transactions from your linked transaction account. MyState Bank says a linked account is not required to open its Special eSaver Account or Christmas Account.

If you are looking to compare transaction accounts, you can do so here to potentially find one that suits your requirements.

Does MyState Bank charge fees on its savings accounts?

Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. At the time of writing, MyState Bank says it charges no monthly account fees on its savings accounts. At the time of writing, a $20 Christmas Account Early Withdrawal Fee applies if funds are withdrawn outside of the first working day in November to 15 January period. 

What does MyState Bank offer in terms of mobile banking for savings accounts?

MyState Bank has a mobile app that is available through the Apple store, Google store and as a Web app. MyState Bank says you can use the app to access your account information, transfers and BPAY. You can also use MyState Bank’s financial calculators to calculate loan repayments and the interest you could earn on your savings.  

How do I apply for a MyState Bank savings account?

Before applying for a MyState Bank savings account, consider comparing it against other savings accounts on the market to ensure it’s the right one for you. 

Compare Savings Accounts

If you are a new customer, MyState Bank says you will need the following information to open a savings account:

  • Your contact details, including your phone number and email address
  • Two types of identification (such as your driver’s licence, passport and Medicare card)
  • Your Tax File Number or Exemption Code 

If you are already a MyState Bank customer, you’ll need:

  • Your MyState Bank customer number and
  • Your Tax File Number or Exemption Code 

About MyState Bank

MyState Bank was established over 50 years ago and is a wholly owned subsidiary of MyState Limited. According to MyState Bank, it now serves over 135,000 customers and looks after more than $1.7 billion in assets. MyState Bank says it is the largest Tasmanian-owned financial institution.

Compare Savings Accounts

Written by: Tamika Seeto | Last updated: July 12, 2019