Choosing the right term deposit that works for you depends on how you compare term deposit rates and the features of the accounts you are considering. A term deposit is type of low risk cash investment in which an account holder agrees to lock their principal investment amount (the term deposit balance) away for a nominated period of time in return for an agreed interest rate which is set for the term of the investment. Available term deposit tenures from MyState Bank range from 1 month to 24 months. Typically, interest is paid at maturity and you have the option of re-investing your balance with or without your new interest earnings or transferring your balance to another account. Alternatively with an income term deposit, you can nominate to receive interest monthly throughout the term.

Term deposits are popular investment options because they are considered simple and very low risk. Additionally investors have the added protection of insurance offered by the Australian Government which protects up to $250,000 of their investment. You may consider a term deposit investment if you have a clear savings goal in mind for future large purchases like the deposit on a new home or a new car.

How to compare term deposits?

The key features you should be looking for in a term deposit include the interest rate offered and the ideal term of investment required to maximise your potential earnings.

As a low risk investment option, interest earnings are typically lower than other riskier forms of investment. Securing the highest available rate of interest is therefore the key to earning as much as possible from your principal amount. However, when it comes to comparing your available options, its worth also considering some other features like ease of accessibility and whether you can create a term deposit online.

Always check the product disclosure statement and the terms and conditions of your intended option before committing. Some things to look out for in a product disclosure statement include:

  • Minimum investment amounts
  • Whether you will receive a maturity reminder at the end of the term or whether rollover of your investment is automatic
  • The number of days you have to make any amendments or add additional funds to your deposit amount
  • What financial penalties are incurred should you need to withdraw your money before your term matures

When you choose MyState Bank and our term deposit options, a minimum investment amount of $5,000 applies.

"Ensuring that you get the best rate possible for your investment will come down to how long you choose to invest.”

How to get a good term deposit rate?

Ensuring that you get the best rate possible for your investment will come down to how long you choose to invest. Interest earnings generally increase the longer the term that you choose.

Before you select a term deposit option, consider using online tools like our term deposit calculator to predict your interest earnings on a new account with us. Opening a new term deposit account with us takes just a few minutes online.

If you have money to invest, and you want reliable investment returns, a term deposit from MyState Bank may be just what you need.

We offer customers reliable investment returns from multiple term deposit options and terms starting from just 1 month and up to 24 months. Enjoy a fixed return income from your investment at competitive interest rates. Choose from multiple account types including our Income Term Deposit options which regularly credits the interest you earn into your nominated account rather than paying out your interest income at the end of the term.

Online Term Deposit Account Interest Rates

Minimum deposit $5,000. Term deposit interest calculated daily and paid at term deposit maturity.

Term Interest rate per annum $5,000+
1 Month 0.50%
2 Month 0.50%
3 Month 2.50%
4 Month 4.20%
5 Month 5.10%
6 Month 4.60%
7 Month 3.50%
8 Month 2.15%
9 Month 4.85%
10 Month 4.70%
11 Month 1.75%
12 Month 5.00%
24 Month 3.95%

Download all Interest Rates for Personal Deposit Accounts

From time to time MyState Bank Online Term Deposits may offer select fixed terms, interest payment options and interest rates that vary from the Regular and Income Term Deposits.

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