Term deposits are a form of cash investment in which an account holder agrees not to access their deposit balance, including the principal investment amount, for an agreed term. In return for not withdrawing that balance for that specified term, MyState Bank pay the account holder a calculated interest amount based on the interest rate and term length. This is usually paid at the term’s maturity.

In this way, a term deposit account is like a locked savings account. Once the term begins you are not able to deposit or withdraw any funds from your term deposit. If you need to access your funds early, we may agree to end the term deposit early, but this will incur interest penalties so you will not receive the total projected interest, losing out on potential investment earnings.

Use our online tools including our term deposit calculator to accurately predict your interest earnings for a new term deposit account with us or compare your options with our range of competitive interest savings accounts. Available rates for personal deposit accounts can be viewed online and available terms range from 1 month up to 36 months.

When you open a new term deposit with us, you will be asked what you would like to do with your balance at maturity. You can change your mind at any time before your term matures. We will send you out a notice in the first instance before maturity to advise how you would like to proceed but if you have any questions simply get in contact with us on 138 001.

Your available pre-selection options include:

• Automatically re-investing your balance for another nominated term. This will change your current term deposit with a new balance (including interest and the original balance).
• Transfer the interest earned on your initial term deposit to the account of your choice and then invest the principal amount again with a new term deposit for another nominated term
• Transfer the total balance (principal and interest) to a bank account you nominate.

In some circumstances, yes. Where we agree to early redemption, accessing your funds before the term matures will result in interest penalties. This also applies if you want to partially withdraw money from a term deposit before it matures. The lowest transaction interest rate is 0%. In practise, no interest is payable. If you require access to your funds before the term matures and we agree to your request, you can obtain early withdrawal values by getting in contact with us. Refer to our term deposit terms and conditions for more information.

Other types of term investment include our Income Term Deposit option which allows you to regularly receive interest payments on a monthly basis throughout the term of your deposit. You can open an Income Term Deposit by contacting us directly.