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.

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.

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.

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.