MyState Bank Term Deposit Review (2026)
Rates and details verified 18 May 2026
Rates can change without notice. Last verified: 18 May 2026 (AEST). Please confirm details on the bank’s official page.
12-month rate
5.30%
p.a. at maturity
6-month rate
5.00%
p.a. at maturity
Min deposit
$5,000
standard minimum
About MyState Bank
MyState Bank is a Tasmanian-based bank operating online across Australia. It is a wholly-owned subsidiary of MyState Limited, an ASX-listed financial services company. MyState Bank is regulated by APRA and deposits up to $250,000 are protected under the Financial Claims Scheme (FCS).
The Online Term Deposit is available to Australian residents nationwide. At 5.30% p.a. for 12 months with a $5,000 minimum, it offers competitive rates across all major terms — including a solid 24-month rate of 5.15% for savers looking to lock in for longer.
Rates by Term
| Term | Rate (p.a.) |
|---|---|
| 3 months | 4.75% |
| 6 months | 5.00% |
| 12 months | 5.30% |
| 24 months | 5.15% |
| 5 years | Not offered |
Rates as at 18 May 2026. Interest paid at maturity. Check MyState Bank's website for the latest.
Pros and Cons
Pros
- ✓ Competitive rates across all terms (3m to 24m)
- ✓ ASX-listed parent company — transparent governance
- ✓ Available nationwide online
- ✓ FCS protected up to $250,000
Cons
- ✗ 12-month rate (5.30%) below Judo/AMP/Bank First
- ✗ $5,000 minimum (higher than Judo/Bank First)
- ✗ No 5-year term
- ✗ Less well-known outside Tasmania
How It Compares
- Judo Bank: 5.45% (12m), $1,000 min
- Bank First: 5.40% (12m), $500 min
- Unity Bank: 5.30% (12m), 5.35% (24m), $1,000 min
- MyState Bank: 5.30% (12m), 5.15% (24m), $5,000 min
- Newcastle Permanent: 5.25% (12m), $1,000 min
FAQs
What is the MyState Bank 12-month rate?
5.30% p.a. at maturity, with a $5,000 minimum deposit.
Is MyState Bank a real bank?
Yes — MyState Bank is an APRA-regulated Australian bank, headquartered in Hobart and operating online nationally. It is listed on the ASX via its parent, MyState Limited.
Can I open a MyState term deposit from outside Tasmania?
Yes — the Online Term Deposit is available to Australian residents across all states and territories.
Information verified 18 May 2026. Rates subject to change. Confirm current rates, terms, and eligibility on MyState Bank's website before investing. This is not financial advice. Deposits up to $250,000 protected under the Financial Claims Scheme.