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MyState Bank Savings Accounts

Name: MyState Bank Savings Accounts
Creator: Savvy
Published: 2022-06-17T13:16:50+09:30

Compare MyState Bank savings accounts with Savvy to see if they’re right for you.

Written by , updated on October 4th, 2023

MyState Bank started life as the Tasmanian-based Connect Credit Union. In 2009, it merged with Tasmanian Perpetual and listed on the ASX, before buying The Rock Building Society in 2011. It officially gained its banking licence in October 2014.

It now offers a wide range of personal and business savings accounts and term deposits, as well as home loans, personal loans and insurance. Compare MyState Bank savings accounts with others on the market through Savvy, to help you decide if they offer the best value for your savings. Savvy offers free comparison information across a range of banking products to help you make the best decision for your savings, so start comparing here with Savvy today and begin growing your savings.

*Please note that Savvy does not represent MyState Bank for their savings accounts products. All product information and rates are correct as of June, 2022.

More about MyState Bank savings accounts

What savings accounts products does MyState Bank have?

MyState offers a range of savings accounts catering to a wide variety of needs, including joint savings accounts and business savings accounts. Savings accounts on offer include the following:

Bonus Saver Account

This high interest savings account has several conditions you’ll need to follow to earn the maximum 1.10% p.a. interest rate on offer. To start with, you’ll need to team it up with a Glide transaction account and make at least five settled transactions with the Visa debit card it’s linked to. You’ll also need to deposit at least $20 a month into the Bonus Saver Account. If you don’t meet all of these requirements, though, you’ll only earn the base 0.05% p.a. rate on your savings for that given month. This account also comes without any ongoing fees.

Special eSaver Account

This is an online savings account which offers tiered interest according to your balance. The higher the total balance in your account, the higher the rate you’ll earn. There are no ongoing monthly fees, no minimum deposits required, no withdrawal restrictions, and unlimited free transactions with this account. The interest rates on offer are:

Balance of account	Interest rate offered
From $0 to $24,999	0.05% p.a.
From $25,000 to $49,999	0.10% p.a.
From $50,000 to $149,999	0.25% p.a.
From $150,000 to $249,999	0.40% p.a.
$250,000 or more	0.40% p.a.

Christmas Account

A Christmas savings account encourages you to save throughout the year, so you’re able to afford more treats and presents at Christmas time. The way MyState’s account works is that it’s a ‘closed’ savings account for most of the year, meaning you can deposit money but not withdraw. It then ‘opens’ on November 1, allowing you to access your savings in time to buy Christmas presents, and stays open until January 15.

The account has no monthly fees but does also require a linked Glide transaction account. The interest offered on the Christmas account is 0.10% p.a. If you need to withdraw money from your Christmas account in an emergency, there’s a $20 withdrawal fee which applies to any withdrawal made.

Many Aussies struggle to work out how much they should put away per week or fortnight to reach a certain goal, such as creating a nest-egg for Christmas presents. Savvy’s savings goal calculator helps you calculate how much you need to deposit when you’re thinking of opening a new savings account.

Business Online Saver Account

The Business Online Saver Account offers the same tiered interest rates as the personal Special eSaver Account. It’s another online-only account which can be linked to a business transaction account or a business term deposit. With no account-keeping fees, you’re permitted unlimited free transfers between your various accounts, and unlimited transactions through internet and phone banking as well. However, if you use Bank@Post you’ll be charged a fee of $3 per withdrawal.

Access Assist Account

This is an account aimed at pensioners and those aged over 55 years of age which is a form of hybrid savings and transaction account. It allows the full range of transactions which you’d expect with an everyday account, such as BPAY and Osko and PayID, but it also offers interest on the balance in the account over $2,000. Amounts from $2,000 to $46,599 earn an interest rate of 0.05% p.a., with deposits over $46,600 earning 0.40% p.a. These rates only apply to their specific portions, meaning you’ll earn two different rates if you have $46,600 or more in your account.

Term deposits

MyState Bank offers a range of term deposits, with a $5,000 deposit minimum ranging from one month to three years. Deposit accounts can either be set up in person, over the phone or using the online banking platform. The rates on offer (with interest paid either at maturity or annually) are:

for one month: 0.10% p.a.
for two months: 0.15% p.a.
for three to four months: 0.25% p.a.
for five months: 0.75% p.a.
for six months: 0.50% p.a.
for seven and eight months: 0.35% p.a.
for eight months: 0.30% p.a.
for nine months: 0.70% p.a.
for 10 months: 0.35% p.a.
for 11 months: 1.50% p.a.
for one year: 0.90% p.a.
for two years: 2.50% p.a.
for three years: 1.30% p.a.

MyState Bank is currently offering five-month, 11-month and 24-month term deposits at ‘special’ interest rates as listed above (applicable as of 1 June 2022).

How do I open a MyState Bank savings account?

Most savings accounts can be opened in person, on the phone or online, although the Special eSaver account is online-only. There’s a minimum age limit of 13 years for a Bonus Saver Account, Special eSaver Account and Christmas Account. If you’re wanting to open a joint savings account, you’ll have to set up the account in one person’s name first and add the second person once the account is established.The Business Online Saver account can be opened by the following entities:

sole traders
companies and partnerships
trusts
self-managed superannuation funds (SMSF)
government bodies
not for profit clubs and organisations

The online application process takes about five minutes and you’ll require at least two of these three forms of identification to prove your identity:

Passport
Driver’s licence
Medicare card

You’ll also need to provide basic details such as your full name, date of birth, residential and email address and phone number. Once you’ve completed the online application process, you’ll receive an email containing your customer number and temporary password. Use this customer number to set up your online banking, and then download the MyState mobile app to get your banking-on-the-go sorted out.

Pros and cons of MyState Bank savings accounts

PROS

Competitive bonus interest

The 1.10% p.a. interest rate on offer with a Bonus Saver Account is far more generous than many competitors are offering, allowing your savings to grow more quickly.

No conditions for withdrawing

Although there are some conditions attached to a Bonus Saver Account, there are no withdrawal conditions, allowing you free access to your funds whenever you need them.

No fees

No account-keeping fees are charged on any of MyState Bank’s savings accounts, meaning your savings are free to grow without being whittled away by additional costs.

CONS

Need to open a transaction account

Savings accounts with MyState Bank require you to also open a transaction account called a Glide account and make at least five transactions per month to qualify for high interest on the Bonus Saver Account.

Bank@Post charges

A fee of $3 is charged for Bank@Post withdrawals, meaning those living in remote communities with no nearby branches will have to pay $3 every time they wish to make a withdrawal at a post office.

Shorter term deposits than competitors

Many banks and financial institutions offer term deposits for up to five years but MyState only offers up to three, so if you’re after a longer-term deposit option, you may need to look elsewhere.