Headquartered in Tasmania, MyState has been an active alternative to big banks for over 50 years. It provides a large range of personal banking products and services, covering everything from insurance to high interest savings accounts. This guide will outline the various transaction and savings accounts plus the term deposits the bank offers.
Congratulations, MyState Bank!
MyState Bank Bonus Saver Account received the highly commended award for 'Savings Account' in the 2024 Banking Product Awards.
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How we picked these
How the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
We currently don't have that product, but here are others to consider:
How we picked these
How the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
MyState is a financial institution with its head offices located in Hobart, Tasmania. It offers a complete range of personal banking solutions, from transaction accounts and savings accounts to personal loans and home loans. Whether you are saving for a specific financial goal in the future, or just need to keep your bill money separate from your spending, MyState may have the solution. Customer dposits up to $250,000 per customer are guaranteed by the Australian Government.
What is internet banking like for MyState?
With a limited branch network to serve customers and all branches located in Tasmania, MyState relies heavily on its online banking service to meet the financial needs of customers outside of the region. Through it’s internet banking portal you are able to easily manage your accounts, access balances, and set up electronic deposits and debits.
MyState also offers a mobile app, so you can manage your money on-the-go, wherever you may be. The app can be downloaded on both Android and iPhone devices.
What about the mobile app?
Image Source: App Store
What transaction accounts are offered by MyState?
Access Assist Account. Pensioners can take advantage of no monthly fees and competitive interest rates on their balance with this at call account. Unlimited transactions are provided in a number of ways including internet banking and your choice of debit card.
Offset Account. For a monthly fee, you can reduce your home loan payments by having the balance of your home loan reduced by your account balance before interest is calculated. This also serves as an everyday banking account, with a number of ways to conduct your daily banking.
What savings accounts are offered by MyState?
Special eSaver Account.This account offers a high interest rate and no account keeping fees. Plus, you'll still earn interest even when you need to make a withdrawal.
Christmas Account. Designate a set portion of your pay aside each month, so you have the money you need to take care of holiday expenses in November. Your deposits earn interest as well, giving you the opportunity to put even more treats under the tree.
What term deposits are offered by MyState?
Online Term Deposit. Lock your money into a term ranging from one month to two years and earn interest at a higher rate. The minimum deposit requirement is $5,000 and you will not be charged any monthly or transaction fees.
Income Term Deposit. With the same minimum deposit requirement and terms of one or two years, you can elect to receive your interest payments monthly or quarterly to a nominated account. This will decrease the interest rate slightly, but you are still not charged any fees and will benefit from interest payments.Back to top
What are the pros and cons of banking with MyState?
Pros
Range of accounts. MyState offers a range of savings and transaction accounts, so you're sure to find one that meets your needs.
Online accessibility. With each account you can enjoy the convenience of Internet banking.
Competitive interest rates. The interest rates offered by MyState are competitive in comparison to what you find with some of the larger banks.
Cons
Monthly fees. In many cases you are required to meet certain conditions in order to avoid having to pay any monthly fees.
Branch access. Unless you are live in Tasmania you may find the lack of physical branches difficult.
How do I apply for a MyState account?
You can easily apply for an account with MyState online. The process is simple and takes less than 10 minutes. You'll need to provide you personal contact details, including your residential address and also your tax file number. Plus, you'll need to verify your identity with either your drivers license, passport or birth certificate. After the account has been opened you will be sent the details along with any linked debit card you may have chosen.
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10 of 34 reviews
★★★★★Sun Shade (TAS) 1 year ago
Via customer survey commissioned by Finder
easy to set up
★★★★★Sun Shade (TAS) 1 year ago
Via customer survey commissioned by Finder
They are very community minded
★★★★★ (TAS) 1 year ago
Via customer survey commissioned by Finder
★★★★★ (TAS) 1 year ago
Via customer survey commissioned by Finder
★★★★★Talcky (TAS) 1 year ago
Via customer survey commissioned by Finder
Never had any problems.
★★★★★Talcky (TAS) 1 year ago
Via customer survey commissioned by Finder
Never really had any problems with them.
★★★★★Sarge (TAS) 1 year ago
Via customer survey commissioned by Finder
been a customer for over 30 years no problems ever.
★★★★★Richpanda (TAS) 1 year ago
Via customer survey commissioned by Finder
Banking app does what it's needed to do. Not as good as other major banks. But does the job
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs. See full bio
I live in NSW so do you have atm machines on the main land
Finder
AlisonJuly 13, 2023Finder
Hi Brian, please note that you’ve reached Finder not MyState. You can use any Big 4 bank ATM (Westpac, NAB, ANZ, CommBank) for free with your MyState debit card.
A savings account that offers competitive tiered interest rates, easy access to your money and no account keeping fees.
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I live in NSW so do you have atm machines on the main land
Hi Brian, please note that you’ve reached Finder not MyState. You can use any Big 4 bank ATM (Westpac, NAB, ANZ, CommBank) for free with your MyState debit card.