MyState Bank Term Deposits

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If you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested in learning more about MyState Bank’s term deposits.

What term deposits does MyState Bank offer?

At the time of writing, MyState Bank offers three term deposit products. All products require a minimum investment of $5,000.

Regular Term Deposit

MyState Bank’s Regular Term Deposit offers terms ranging from one month to two years. Interest is calculated daily and paid at maturity or annually for terms one year or more.

Online Term Deposit

This term deposit may feature different fixed terms, interest payment options and interest rates to the Regular Term Deposit. You can apply for an Online Term Deposit via the MyState Bank website.

Income Term Deposit

The Income Term Deposit allows you to receive regular income from your investment, and can also credit interest into your account at regular intervals. Terms from one to three years are available. Please note this product is available if you contact MyState Bank over the phone or visit a branch in person.

Click below to compare other term deposits on our database, with terms, deposit amounts and interest paid options tailored to your preferences.

Compare Term Deposits

What terms are available on MyState Bank term deposits?

According to MyState Bank, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of one month to a maximum of two years. However, terms of one year to three years are available on MyState Bank’s Income Term Deposit.

You can use Canstar’s term deposit calculator to help you work out what term length might be suitable for you. One factor to consider is that longer terms typically come with higher interest rates, but you would have to wait longer to benefit from the higher interest rate that can come with reaching the maturity date.

When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.

When is interest paid on MyState Bank term deposits?

MyState Bank’s Regular and Online Term Deposits offer customers the choice of receiving interest payments at the following frequencies:

  1. Annually (for terms one year or more)
  2. At maturity

MyState Bank’s Income Term Deposit offers payment monthly, quarterly, annually or at maturity.

It’s worth remembering that the option you select may have an impact on the rate of interest you earn.

Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.

Does MyState Bank have a notice period and charge an early withdrawal fee for withdrawals?

MyState Bank says withdrawal prior to maturity is at its sole discretion. At the time of writing, MyState Bank does not specify a notice period if you wish to access your money early.

MyState Bank charges an interest rate adjustment if you withdraw your money before the end of the term. According to MyState Bank, the interest paid will be calculated at the lowest MyState Bank at call savings or transaction account interest rate prevailing at the time of withdrawal.

MyState Bank’s website and Product Disclosure Statement (PDS) provide more information on any interest adjustments or other early withdrawal penalties that may apply. Contact MyState Bank for early withdrawal values and further details.

Does MyState Bank charge any other fees for term deposits?

At the time of writing, no additional fees were listed by MyState Bank in relation to its term deposits.

For current information on fees and how they apply, please check the PDS or contact MyState Bank.

How to apply for a MyState Bank term deposit

Before applying for a MyState Bank term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.

Compare Term Deposits

If applying, consider MyStateBank’s eligibility criteria (below) and what you might need to have on hand, such as:

  • Your TFN (Tax File Number)
  • Proof of ID, such as your driver’s licence, passport or Medicare card
  • Personal details, including your residential address, phone number, email address and potentially information on your current job

If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit may be slightly different.

To see if you can apply online for a MyState Bank term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit MyState Bank’s website.

Eligibility criteria

According to MyState Bank, when applying for a term deposit, you will need to meet the following eligibility criteria:

  • You must be investing a minimum deposit of $5,000
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

If you are applying for a personal Online Term Deposit, MyState Bank says additionally:

  • You must use your personal names (not company name or trust account)
  • You must be an Australian resident with an Australian address
  • You must be over 18 years of age

What happens to a MyState Bank term deposit when it reaches maturity?

According to MyState Bank, when a term deposit reaches the end of its term you can choose to:

  • Reinvest the interest to automatically start another term deposit with the original principal and interest earned
  • Transfer the interest only to a nominated account and start a new term deposit with the principal amount
  • Transfer the principal and interest to a nominated account

MyState Bank says you can decide what action to take either on application or later and you can change your instructions at any time during the term up to the day before maturity. If you give no instructions, MyState Bank says it will automatically reinvest the term deposit on maturity for the same term and conditions at the prevailing rate.

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 120,000 customers and looks after more than $1.7 billion in assets. MyState Bank says it is the largest Tasmanian-owned financial institution.

Written by: Tamika Seeto | Last updated: May 9, 2019