MyState Bank Term Deposit Review (2026)
MyState Bank Term Deposit Review (2026)Rates and details verified 3 October 2026
Rates can change without notice. Last verified: 3 October 2026 (AEST). Please confirm details on the bank’s official page.
12-month rate
5.25%
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 5.25% 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 | 5.25% |
| 24 months | 5.15% |
| 5 years | Not offered |
Rates as at 3 October 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 (5.25%) 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
- Bank First Term Deposit5.30% (12 months) — $500 min
- Judo Bank Personal Term Deposit5.45% (12 months) — $1,000 min
- Unity Bank Term Deposit5.55% (24 months) — 5.30% (12m); $1,000 min
- MyState Bank Online Term DepositReviewed here5.25% (12 months) — 5.15% (24m); $5,000 min
- Newcastle Permanent Term Deposit5.30% (12 months) — $1,000 min
Related guides
FAQs
What is the MyState Bank 12-month rate?
5.25% 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 3 October 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.