MyState Bank increases term deposit rate
MyState Bank customers can earn 3.35% interest on a term deposit over 24 or 36 months, making them one of the top term deposit rates for savers in Australia.
Effective 24 June 2022, many of MyState Bank’s new term deposit rates across a range of term periods are also in the top tier of rates on offer nationally1.
Fixed interest rates for term deposits provide an attractive option for anyone wanting certainty on their savings without worrying about market fluctuations.
Heather McGovern, General Manager of Digital and Marketing at MyState Bank, said: “MyState customers can now access some of the best term deposit rates in Australia. Now is also the time for savers in Australia to take advantage of these returns.
“We’ve also made it very easy for people to make the switch to these accounts online. For people with funds accumulated who don’t want to go through the hurdles associated with some savings accounts, a longer-term deposit account is a great option.
Brett Morgan, MyState Bank Managing Director and CEO, said: “While the last decade has been an environment of low interest rates in Australia, the two recent cash rate rises could now have a positive impact on savers.
“With record low interest rates over the past several years, anyone looking for great savings products have found it challenging to generate returns. However with these new term deposit rates, MyState Bank is providing a way to deliver larger returns for our customers who want that stability in managing their savings over time.
“There are also many Australians who are looking to save for milestone purchases. Our new term deposit rates create a chance for those Australians with higher savings to put it towards building a brighter future.”
There are 14 term deposit timeframes from one-month at 0.5%, to 24 and 36-month terms at 3.35%, all with a minimum deposit of $5,000. Interest is calculated daily and either paid monthly or at the term deposit maturity, depending on the product.
For more information about interest rates head to https://mystate.com.au/bank-accounts/term-deposits/interest-rates/
1 According to publicly available market data at time of release – 4 July 2022
