Term Deposits

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

• Your contact details, including a phone number and email address;
• Two types of ID (Driver's Licence, Passport and Medicare Card 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.

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.

You can select an option in the online account opening process and provide the relevant details for us to complete your choice on term maturity.

• Re-invest interest to automatically start another Term Deposit with the original principal and interest earned to date.
• Transfer interest only to a nominated account and start a new Term Deposit with the principal amount.
• Transfer principal and interest to a nominated account.
• Decide later what action you would like to take by contacting us.

You can change your choice anytime by contacting us.

If you need to access your funds before the end of the agreed term length the interest paid may be calculated at the lowest MyState Bank at call savings or transaction account interest rate prevailing at the time of redemption. Early withdrawal values can be obtained by contacting us. For more information please refer to our Terms and Conditions for Deposit Accounts.

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.