Accounts for everyone

Bonus Saver Account

Get rewarded with higher interest rates to reach your goals faster.

  • Bonus interest when eligibility criteria met
  • Freedom to withdraw anytime
  • No monthly account keeping fees

Special eSaver Account

The more money you have in your account, the higher your interest rate is.

  • No minimum balance or ongoing deposits required
  • Access your funds any time

Christmas Account

Save throughout the year, so you’ll have the money you need to cover all those extra costs over Christmas.

  • No monthly account fees
  • Access savings at Christmas time

SMSF options

Simple account options to give your Self-managed super fund a helping hand.

  • Choice of products
  • Enquire today

Ways to bank at MyStateBank

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More about Savings Accounts

Frequently Asked Questions

What is a savings account and how does it work?

A savings account is a dedicated bank account designed to help you regularly save a portion of your income. Ideally, money should be regularly moving into your savings account and not out of it again. Whether you’re saving for a big future purchase or just saving for a rainy day, you’ll find the perfect fit savings account available at MyState Bank.

Savings accounts should support your savings goals with zero account keeping fees, maximum flexibility, savings incentives like higher rates of interest offered , and a sleek, intuitive and easy to use online App like the MyState Bank App. Effortlessly check, track and maintain your savings goals with intuitive and insightful spending data, balance notifications and more, all from your mobile device.

How do you choose a savings account?

What is the purpose of your savings account? Are you intending to open a joint account with your partner, friend or family member? Do you have long term savings goals or are you looking for a high interest savings account to maximise your earnings in the short term?

We offer our customers the option of choosing between three different savings accounts:

  • The award winning Bonus Saver savings account rewards customers with higher interest rates as well as bonus interest when eligibility criteria is met. You have the freedom to withdraw at any time and there are no monthly account keeping fees.
  • The Special eSaver Account is designed to offer customers higher interest rates as their savings grow with no minimum deposit or ongoing deposits required. You can also access your funds from this account at any time.
  • The Christmas Account is designed to help you reach your yearly savings goals. You can access your savings balance in time for Christmas to pay for things like all of those extra little costs or even a quick holiday away with the family.

To really maximise what you’re getting from your savings account you may want to first consider how to compare the options on offer. Start off with what kind of savings account interest rates are being offered. High interest rate savings accounts will make you the most money, regularly paying into your account a percentage of the total held there, usually monthly. You can see month to month the growth of your balance, helping to keep you focused on your savings goals and continuing to reward you for putting a little something aside.

Other things worth thinking about include what kind of limits have been placed on the savings account by the provider. Some banks will limit the amount of money you can withdraw from your account or offer you a lower interest rate if you are regularly withdrawing money from your account. If you are not intending to withdraw your money any time soon then you may wish to consider the MyState Bank range of term deposits. You can choose from terms from 1 month right up to long term deposits of 1, 2 or 3 years for all of our high interest term deposits.

If you intend to withdraw money from your savings account to cover the cost of one-off or regular bills, then you may wish to consider opening an account that doesn’t limit how much or how often you withdraw from your balance. Our savings accounts are designed to be flexible, putting your goals first and foremost.

Does opening a savings account cost money?

There are zero fees to open a savings account with MyState, however some accounts will be offered with a minimum deposit amount, like our term deposits. For more information about how much you can start your savings account with, review the different types of accounts online or feel free to speak with a friendly member of our customer care team on 138 001.

You can open a new savings account online with MyState in a matter of minutes. Apply online today.


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