Our customers are human and that’s how we treat them, which is why we do things the way we do. When you compare savings accounts, compare rates, fees, features and minimum requirements. We think your bank should fit with your life, not the other way around. We’re always striving to make banking simpler, easier and better.
If you want to compare savings accounts and you’re not sure where to start, then read on. We’ve put some basic information here that you might find worth considering when it comes time to open a bank account.
When we talk about ‘rates’ we’re referring to the interest rates offered on our range of savings accounts. The balance in your savings account will earn you regular interest payments. These interest rates are based on a range of factors and will be published on our website regularly, so you’re aware of any changes. Choosing the highest rates of interest for a savings account will translate to more money for you so it’s a good idea to compare rates between institutions and even account options.
The types of accounts on offer from MyState include:
- Our Bonus Saver Account rewards customers with a base rate of interest as well as bonus interest when eligibility criteria is met. You have the freedom to transfer money at any time to your linked transaction account and there are no monthly account keeping fees. It is ideal for regular savers for amounts up to $250,000.
- Our 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, for example to pay bills online, it is ideal for customers who wish to ‘park’ funds with at call access. There are no eligibility criteria required to earn interest. Simply set and forget.
- Our Christmas accout is designed to help you manage your Christmas budget. There are no monthly account keeping fees and you 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.
Account keeping fees and transactions fees are charges made to your bank account for maintaining and in some instances moving your money. A savings account with MyState requires no account keeping fees and most electronic transaction fees are free as well.
What your savings goals actually are will also be a factor in choosing the best type of bank account for you. For example, a term deposit is a very specific type of savings account unlike any other. Term deposits are accounts which lock your savings balance for a pre-determined period of time. This could be as little as three months or as long as 3 years. Term deposits also offer a fixed rate of interest that is usually payable at the end of the term deposit.
When you choose an account like this, you know ahead of time exactly when your savings will be available and exactly how much interest it will have earned throughout the term of your savings. Customers seeking a term deposit option may be saving for a new home or other substantial asset purchase and require a secure place to keep their money until the circumstances are right.
Reach your savings goals using our online tools and calculators including a term deposit calculator. Compare savings options online now to discover how much you could potentially earn on a term deposit account from MyState.
For accounts like a rainy day account or your emergency fund, consider a flexible account like MyState’s Special eSaver. This will still pay you a competitive interest rate, but it remains easily accessible in case you need the money that’s stored there quickly. Using our intuitive and simple MyState banking App, you can quickly and easily make payments or switch money between your accounts when you need to.
How quickly and easily you can open a new savings account will also impact your final decision. If you are an existing customer, you can open a new Bonus Saver Account in just 5 minutes. If you’re a new customer, we’ll need some basic personal details including your name and address as well as two forms of identification, preferably your driver’s licence or passport and your Medicare card. If you’re interested in opening a Glide account at the same time, then simply check the box on your form and we’ll do that for you too.
To recap, the sorts of things worth looking out for when it comes time to compare savings accounts include:
- Fees and charges – what fees are charged and when are they incurred? Is there a similar bank account option with no fees at all?
- Access – how quickly can you access your saved funds?
- Interest rates – what is the most competitive interest rate available? Do I need to meet eligibility criteria to earn the highest interest rate?
- Ease of use – can you manage your money quickly and easily? How quick is it to set a new account up?
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
Why should I compare savings accounts?
When you compare savings accounts, you’re checking out your available options with the hopes of identifying the best option that works for you. It’s always worth comparing accounts before you opt for one in the same way that it’s best to compare new cars or new houses before purchasing one.
Comparing accounts should be quick and easy whether you’re comparing accounts online or with a representative over the phone. Our customer care team are always happy to help you understand anything that we offer and when you call, you’re always put through to a real human, located within Australia, and who really listens. Open a savings account online today or call us on 138 001 for more information.
Accounts for everyone
Bonus Saver Account
Get rewarded with higher interest rates to reach your goals faster.
Special eSaver Account
The more money you have in your account, the higher your interest rate is.
Save throughout the year, so you’ll have the money you need to cover all those extra costs over Christmas.