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?

MyState Bank offers the following savings accounts at the time of writing:

Bonus Saver Account

MyState Bank’s 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.

  • Interest rate: Earn up to 1.10% p.a. (total variable interest rate including 1.05% p.a. bonus interest)
    • To be eligible for the bonus interest, you must have a linked MyState bank account and meet eligibility requirements
  • Fees: $0 fees for everyday use of the account. No penalties apply for withdrawing from the account. Other charges or fees may apply, please see the terms and conditions on MyState Bank’s website.
  • Maximum balance: $250,000 is the limit for the bonus interest to be applied. Where balances exceed $250,000, the base interest will be paid on the amount over the limit.
  • Eligibility: You must be at least 13 years of age and have a linked MyState Bank account or open one at the time of application for the account.

Special eSaver Account

MyState Bank’s Special eSaver Account pays a tiered interest rate based on your account balance. No minimum balance or ongoing deposit required.

  • Interest rate: Interest rates range from 0.05% p.a. to 0.50% p.a. depending on your account balance.
  • Fees: No monthly account keeping or management fees. Some other fees and charges apply for rejected transactions, overdrawn accounts and rejected external account transfers. Please refer to the terms and conditions on MyState Bank’s website for more information about fees and charges.
  • Maximum balance (and maximum balance to receive bonus interest if these are different): At the time of writing, the maximum balance is $1 million.
  • Eligibility: The Special eSaver Account can only be used for personal use.

Christmas Account

MyState Bank’s Christmas Account is intended to help you save for Christmas. Savings are only available to be withdrawn from the first working day of November to 15 January.

  • Interest rate: Calculated on the daily closing balance.
  • Fees: No monthly account keeping or management fees. Other charges or fees may apply, please see the terms and conditions on MyState Bank’s website.
  • Eligibility: Must have a Glide Account or open one at the time of application.

MyState Bank Savings Accounts FAQs

Do MyState Bank savings accounts require a linked transaction account?

This depends on the account:

  • In order to receive bonus interest on MyState Bank’s Bonus Saver Account, you must have a linked transaction account.
  • MyState Bank says a linked account is not required for a Special eSaver Account.
  • A Glide Account is required to access the Christmas Account.

You can compare transaction accounts with Canstar to potentially find one that suits your requirements.

What online and mobile banking services does MyState Bank offer with its savings accounts?

MyState Bank has a mobile app that is available through the Apple’s App Store and the Google Play store. MyState Bank says you can use the app to view balances, pay bills and to transfer money. You can also use MyState Bank’s financial calculators to calculate loan repayments and the interest you could earn on your savings. An online banking portal is also available.

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 Canstar’s database to help ensure it is 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 (eg. driver’s license, passport or Medicare card)
  • Your Tax File Number or Exemption Code (not compulsory)

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

  • Your MyState Bank customer number, and
  • Your Tax File Number or Exemption Code (not compulsory)

Once your account is opened, MyState Bank may require you to deposit a minimum amount before your account can be activated – check the Target Market Determination (TMD), terms and conditions and other key documentation for more information on how much you might need to deposit.

MyState Bank was established 60 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 3.9 billion in deposits.

This content was reviewed as part of our fact-checking process.

Written by: Tamika Seeto | Last updated: December 7, 2021