MyState Bank

MyState Bank is an alternative to the big banks headquartered in Tasmania. For more than 50 years, MyState has been providing a range of personal banking products and services to more than 135,000 members and over $3.9 billion in deposits.

Priding itself on being the “human way to bank”, MyState offers savings accounts, lending, insurance and financial planning.

MyState Bank

MyState Bank is an alternative to the big banks headquartered in Tasmania. For more than 50 years, MyState has been providing a range of personal banking products and services to more than 135,000 members and over $3.9 billion in deposits.

Priding itself on being the “human way to bank”, MyState offers savings accounts, lending, insurance and financial planning.

Basic Variable Home Loan Offer OO P&I (LVR =80%-<90%)

Variable
Rate 3.03
Comparison
Rate 3.06

Fixed Rate Loan OO (LVR >80% - <90%)

Variable
Rate
Comparison
Rate

Special Residential Home Loan Offer OO (LVR >90%-<95%)

Variable
Rate 4.04
Comparison
Rate 4.11

Special Residential Home Loan Offer P&I (LVR <=80%)

Variable
Rate 2.49
Comparison
Rate 2.52

Standard Variable Home Loan OO P&I (LVR<=80%)

Variable
Rate 4.32
Comparison
Rate 4.32

Standard Variable Owner Occupied P&I (LVR>80%)

Variable
Rate 4.52
Comparison
Rate 4.59

MyState Bank Bonus Saver Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.10

MyState Bank Glide Account

Max Interest rate($10,000) Base Interest rate($10,000)

Special eSaver Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.50

Income Deposit Account

90 Days

1 Yr Paid
Annually 0.65

On-line Term Deposit

90 Days

0.30
1 Yr Paid
Annually 0.85

Term Deposit Account

90 Days

0.30
1 Yr Paid
Annually 0.65

Is MyState a bank?

Yes, MyState is a bank and is protected with the Australian Government’s deposit guarantee. They also adhere to the industry standards in the Banking Code of Practice.

In 2007 two-cooperatives islandstate and connect financial merged to become MyState Bank. MyState is a wholly owned subsidiary of MyState Limited – a financial services group based in Tasmania.

You can view the products offered by MyState Bank in the below table.

What transaction accounts do MyState Bank offer?

  • An Everyday Account designed for daily spending. The everyday account comes with a linked Visa Debit card and features Apple Pay, Android Pay and Samsung Pay. If you meet the minimum monthly deposits you can avoid paying a monthly fee.
  • The Access Assist Account where pensioners can take advantage of no monthly fees and competitive interest rates on their balance. Unlimited transactions are provided.
  • Offset Account that can help you reduce your home loan payments by having the balance of your home loan reduced by your account balance before interest is calculated. A monthly fee is applicable. This can also serve as an everyday banking account.

What savings accounts do MyState Bank offer?

  • Special eSaver Account offers a high interest rate even if you make a withdrawal. Also no account keeping fees.
  • Christmas Account to help you avoid stretching the budget during the silly season. Deposit throughout the year, earn interest that will be accessible in November.

What term deposits do MyState Bank Offer?

  • An Online Term Deposit that locks your money in from one month up to two years. Minimum deposit of $5,000. No monthly or transaction fees whilst you earn interest at a higher rate.
  • A similar $5,000 minimum is the Income Term Deposit with a one or two year term with no fees charged. You can choose to receive your interest payments monthly or quarterly to a nominated account. This does decrease the interest rate slightly.

What home loans do MyState offer?

MyState offer a number of both Basic Variable home loans and  Special Residential home loans.

What personal loans do MyState offer?

MyState offers a number of different options for personal loans to suit different customers’ circumstances.  These include:

  • Secured Personal Loan – offering flexible repayment options, no early exit penalty and unlimited extra repayments
  • Mortgage Secured Overdraft – can apply either in branch or online, loan can be used flexibly
  • Mortgage Discount Personal Loan Fixed (Existing HL Customer) – no early exit penalty, no security required and flexible repayments including unlimited extra repayments

How do I apply for an account with MyState Bank?

Applying for MyState is a simple process through their website and takes around 10-15 minutes to complete. You will need your personal details such as name, address and tax file number. A drivers licence or passport is also needed to verify your ID.

What are some of the pros of banking with MyState Bank?

There are some great positives to banking with MyState, particularly if you are based in Tasmania. They offer a range of accounts both in everyday transaction accounts and savings accounts, so there’s likely to be an account that suits your circumstances.

MyState offer competitive interest rates and offers full online banking.

What are some of the cons of banking with MyState Bank?

If you are based interstate from Tasmania, using MyState Bank can be a little tricky if you prefer a physical bank. For interstate users you will need to find alternative options for things like deposits or other things you would usually do in branch.

Although it’s possible to avoid monthly fees, most MyState accounts have some sort of conditions to meet to avoid monthly fees.

Compare MyState savings rate with other savings accounts and other term deposits in Australia.