With flexible terms from 1 month to 2 years, a term deposit with MyState Bank is a great way to keep your money safe until you need it. Sit back and watch your balance grow with competitive rates (including some of our best in years!) and manage your returns in a way that suits you.

You can choose to have your interest paid out at the end of your term, or pick an Income Term Deposit option that delivers the interest you earn as regular payments to your account. And with balances up to $250,000 backed by the government guarantee, you can be sure your growing investment is a safe one too.

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

View all Online Term Deposit interest rates

Online Term Deposit Account Interest Rates p.a.:

1 month 0.50%
2 months 0.50%
3 months 2.50%
4 months 4.20%
5 months 5.10%
6 months 4.60%
7 months 3.50%
8 months 2.15%
9 months 4.85%
10 months 4.70%
11 months 1.75%
12 months 5.00%
24 months 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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More about Term Deposits

Term Deposit Interest Rates

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.

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Compare Term Deposit Rates

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.

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Frequently Asked Questions

What will I need when opening a term deposit online?

If you are a new MyState Bank customer, you'll need:

  • Your contact details, including a phone number and email address;
  • One type of ID (Australian Driver Licence or Passport are accepted);
  • Your Tax File Number or Exemption Code (this is optional, however, if you don't provide it, we are required by law to deduct withholding tax at the highest marginal tax rate); and
  • Minimum $5,000 deposit.

If you are an existing MyState Bank customer, you'll need:

  • Your MyState Bank Customer Number;
  • Your Tax File Number or Exemption Code (this is optional, however, if you don't provide it, we are required by law to deduct withholding tax at the highest marginal tax rate); and
  • Minimum $5,000 deposit.

NOTE: When applying for a Term Deposit online MyState Bank may require you to provide identification information in order to comply with regulatory requirements.

To apply for a joint account, both applicants need to complete their details separately.

How do I transfer money into my Term Deposit account?

Once the online application is completed we will provide you with BPAY details to transfer your funds. Once your funds are received we will deposit them to your Term Deposit and, if you are a new customer, send you access details for Internet Banking.

What happens at maturity?

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.

Can I access my funds early?

If you wish to withdraw funds prior to maturity you must provide us with 31 days’ notice. If you have less than 31 days remaining of your term, the earliest you can access your funds is at maturity. In cases of financial hardship the notice period may be waived. If you redeem your term deposit partially or in full prior to maturity we will apply an interest adjustment. For more information please refer to our Terms and Conditions for Deposit Accounts.

Do you offer Income Term Deposits?

Yes. MyState Bank’s Income Term Deposit allows you to receive a regular income from your investment at competitive investment interest rates. The Income Term Deposit account can also credit interest into your account at regular intervals. To open an Income Term Deposit please contact us on 138 001 or Visit us in a branch.

Are term deposits safe?

Term deposits are among some of the lowest risk investment options available. Not only are you guaranteed a fixed rate of interest for the term of your deposit, but your investment amount is also insured by the Australian Government for balances of up to $250,000.

What does it mean to invest in a term deposit?

Term deposits are a form of cash investment. As an investor, you choose the term of the deposit with MyState and deposit a cash amount, usually of $5,000 or more into a dedicated account. It works like a savings account only you are not able to access your cash investment until the term matures unless you seek and your financial institution agree to break the term deposit agreement (financial penalties apply). In return, you receive a fixed rate of interest for the term of that deposit, paid at maturity or throughout the term of the investment, depending on the terms and conditions of your agreement. Use our online term deposit calculator to discover how much income you could make from a term deposit with MyState.

Term deposits can be great ways to store wealth and still make your money work for you. If you’re looking for a secure investment option to help you save for a property or other large asset, a term deposit can help you manage your money until you’re ready to use it and make you a little income at the same time. For example, for a balance of $50,000 at 0.75% p.a. deposited for 36 months, you can expect to make $1,133 in interest income if paid at maturity. Term deposits allow you to automatically roll your money into a new term as the old term matures, helping you build reliable and secure investment income on your terms.

Can you keep putting money into a term deposit?

Term deposits are restricted accounts for the duration of the term you have chosen. You are not able to deposit or withdraw from your term deposit account before maturity. While you may not be able to increase your investment capital throughout the term of your investment, you instead know exactly what kind of return you will make on term deposits before you open your account. Use our online term deposit calculator to measure how much you could make on a 3 month, 6 month or 12 month term deposit with MyState Bank.

For full terms and conditions of MyState Term Deposits click here.

* Offer available from 7 June 2024 on Term Deposits opened or renewed by personal customers. Available on balances from $5,000 to $1,000,000 with interest paid at maturity. Rate subject to change until date of investment. Interest rate applies to one term only. 31 Days' Notice required for early redemption and interest penalty applies.