Quick Overview

Minimum deposit

$5,000

Maximum deposit

$1 million

Term lengths

1 month - 24 months

Interest paid

End of term

Early withdrawal

✅31 days' notice required

$250,000 Government Guarantee

✅

MyState Term Deposit Features

  • Competitive Interest Rates: MyState offers competitive fixed interest rates for its term deposits. The interest rate remains fixed for the chosen period, providing certainty around the returns.

  • Flexible Terms: Customers can choose the term that best suits their financial goals, whether short-term liquidity or longer-term savings. Terms range from a minimum of 30 days to up to two years.

  • Interest Payment Options: MyState offers only one interest payment option - at maturity. However ‘Income’ products feature more frequent payments.

  • Minimum Deposit Requirement: MyState Bank typically requires a minimum deposit of $5,000 (maximum $1 million) to open a term deposit account.

  • How to Pay: Deposits can only be made via BPAY, although interest payments can be made into any Australian bank account. This is all setup upon application.

Early Withdrawal Conditions

Early withdrawal is possible if you give the bank 31 days' notice by contacting them directly. However, this comes at significant penalty.

Interest paid on early withdrawals will be calculated at the lowest rate offered on the bank’s at-call or transaction account at the time of redemption. In other words, probably close to 0%.

In the event of death or hardship, the full interest rate is paid.

In the event of insufficient interest being accrued, the principal may be affected. This early withdrawal penalty is more harsh than other banks, so savers are urged to reconsider a term deposit if they think they will need to withdraw early.