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+|
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.
MyState Bank offers you a range of financial products including term deposit investment options with competitive term deposit rates. Term deposits are a great way to make your money work harder for you. Investing in a term deposit can boost your savings balance and help you reach your goals faster. Choose the highest of our term deposit interest rates to maximise your investment earnings.
Term deposits are considered a very low risk cash investment option and available terms from MyState Bank range from 1 month to 36 months. A minimum deposit of $5,000 applies and your interest earning are generally paid at term deposit maturity. Terms and eligibility can be viewed on our website, as well as a complete table of available term deposit rates.
When you choose a term deposit, you are committing your money to a kind of locked savings account for a nominated term. When the term matures, your funds are released with your additional interest payment upon request, or reinvested for a further term. If we allow access to your term deposit funds before the term has matured then interest penalties apply. If this doesn’t sound like what you’re looking for then you may wish to consider opening a savings account with us instead. Savings accounts are not locked for specified terms and can be accessed at any time.
We offer customers a range of savings options as well as a collection of online tools designed to help you make the best decision for reaching your financial goals. Use our savings calculator to check how much interest you could earn when you choose any of our available products.
What are term deposit rates?
Term deposit rates refer to the interest rate offered on your term deposit option. The interest rate is the percentage of your term deposit that you earn just for investing your money. A higher interest rate will earn you more money over the term of your deposit. Interest rates can vary between financial institutions so it’s a good idea to compare before choosing an investment option to make sure the account is right for you.
How often do term deposit rates change?
Term deposit rates are affected by a range of factors and may change frequently. Importantly, your term deposit rates will not change during the term of your deposit, but they may increase or decrease for new term deposits should you choose to re-invest at your current term’s maturity date.
Term deposits are amongst the most secure forms of investment which is why the interest rate is generally lower than other, riskier types of investment options.
It’s always a good idea to keep an eye on changing rates to ensure that you’re getting the best investment option you can, especially if you are choosing a long term deposit. MyState offers competitive term deposit rates which you can review online at any time, along with our complete range of financial products including deposit terms and rates currently offered for options like our SMSF term deposits (Self-Managed Super Fund) designed to give your super a boost.
What do you need to apply for a high interest term deposit?
Opening a new term deposit online at MyState Bank takes you just a few minutes. Existing customers will need their current bank customer number. For new customers, we’ll need some basic personal details, identification and your tax file number.
How safe is a high interest term deposit?
Term deposits offer investors a fixed rate for the term of their investment so changes in interest rates do not affect existing investments. You know how much you will make on a new term deposit with us before you even open your account. The Australian Government also guarantees investment balances of $250,000 and lower.
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 3 months and up to 36 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.