Choosing the best type of bank account for your needs will come down to what kind of account you are looking for, how you intend to use your new bank account and what kinds of features are the most helpful for you.
What are the different types of bank accounts?
Transaction Accounts & Savings
Pair our day to day transaction accounts, such as the award winning Glide Account with our multi award winning Bonus Saver Account to access our highest variable interest rate. To be eligible you simply need to deposit at least $20 per month into your Bonus Saver account and settle at least 5 eligible VISA debit transactions per month on your Glide Account. You will have access to secure online banking, a powerful App that works on any mobile device, as well as digital wallet access and a VISA debit card.
Made for everyday use, the Glide account also offers you a host of clever banking technology and added features to make managing your money, reaching your savings goals and setting healthy spending habits just that little bit easier. Get access to personalised insights from your MyState Bank App showing you spend categorisation and monthly cash flow summaries, direct debit and bill payment reminders and low balance notifications. Enjoy a range of automated payment options, including auto-transfers to your savings balance. Watch your savings grow and enjoy higher interest earnings the bigger your balance gets.
Our Access Assist account is designed for customers who are aged 55 years of age or older. Offering all of the accessibility features as our Glide transaction account plus the option of a cheque book, the Access Assist option also offers interest earnings on your account balance and is great for people looking to maximise the interest they can earn across all of their savings.
Our Offset Account is a great option for mortgage holders looking to reduce the amount of interest they pay on their eligible MyState Bank home loan. Your account balance is 100% offset against your linked home loan before the interest is calculated. The interest you save using your MyState Bank Offset Account can be huge when calculated over the life of your home loan, helping to shorten your loan term by years.
For customers seeking specialised accounts like our term deposit options, you can open a new account online in a matter of minutes. A minimum deposit amount of $5,000 applies.
Term deposits offer customers a fixed interest rate for the term of the deposit so you know ahead of time how much interest you will earn. Balances are locked for the term of the deposit so you cannot deposit or withdraw until the term matures. Choose to re-invest your balance at the term’s maturity or withdraw your term deposit funds.
How to choose the right bank account?
We offer customers a range of helpful online tools to help them compare bank accounts and savings options. Offering online tools like savings plan calculator is just one way in which we can help you to make the most of your savings options with us and help you reach your savings goals. Our online calculators are quick and easy to use, offering clear interfaces and automatic results. Set the interest rate, term, and amount to suit and that’s it.
Our term deposit calculator works the same way, allowing you to accurately predict total interest earnings on a new deposit account. You can also refer to the MyState Bank App for intuitive insight and analysis features across all of your accounts, including your savings accounts.
Other things to consider when you compare bank accounts and banks include:
- Cash accessibility – what ATMs can you use, where are they and what does it cost to withdraw cash?
- How quickly can I open a new account? Can I do so online? What’s required?
At MyState Bank, you can access cash from any of the big 4 bank ATMs for free when you choose any MyState transaction account like the Glide transaction account. You can also deposit and withdraw cash at any Australia Post branch throughout Australia (fees apply). Your account is also compatible with ApplePay, Google Pay™, Samsung Pay and more. Enjoy near instant cash transfers using Osko payments, clearing transferred amounts within 60 seconds.
You can open a new account online with MyState Bank in minutes. If you are not already a MyState Bank customer then registering online is quick and easy.
New customers will need:
- Two forms of identification (driver’s licence, Medicare card or passport). Your ID is verified online in seconds so there’s no need to head into your local branch.
- To be at least 14 years of age to qualify our Glide transaction account.
Open a new bank account with MyState bank today.
Open an account online in under 5 minutes
You will need two forms of ID and about 5 mins
Receive your email
This will have your Customer Number and a temporary password
Login to the MyState Bank App or Internet Banking
Ready to use
Your VISA Debit Card will arrive shortly, ready to be activated
Accounts for everyone
Our transaction bank accounts are packed full of features to simplify your everyday banking.
Our savings bank accounts can earn you interest in ways that suit your life.
Enjoy a fixed return income from your investment at competitive interest rates.