A widely-cited article still tells readers MyState Bank’s 7-month term deposit pays 5.00% per annum. It doesn’t anymore. Here are the real current MyState term deposit rates by term. Below, we explain why that one number matters if you’re comparing old research against today’s rates.
Quick Answer: MyState Term Deposit Rates
As of 28 July 2026, MyState Bank’s best term deposit rate is 5.15% per annum. It’s available on both the 12-month and 24-month terms. The minimum deposit is $5,000 — higher than several competitors. Rates don’t rise steadily with term length. The 6-month term pays 5.00%, but the 7-month term pays just 3.85%. That’s 1.15 percentage points lower than a still-ranking 2024 news article claims. Always check the exact month, not just a headline figure from an old article.
Current MyState Term Deposit Rates by Term
Interest calculated daily, paid at maturity, effective 28 July 2026:
| Term | Rate (p.a.) |
|---|---|
| 1-2 months | 0.50% |
| 3 months | 4.75% |
| 4 months | 3.85% |
| 5 months | 4.00% |
| 6 months | 5.00% |
| 7 months | 3.85% |
| 8 months | 3.80% |
| 9 months | 5.10% |
| 10 months | 3.75% |
| 11 months | 4.60% |
| 12 months | 5.15% |
| 24 months | 5.15% |
MyState also offers an Income Term Deposit option. It pays interest regularly into a nominated account instead of holding it until maturity. That’s useful if you want a steady income stream from the deposit rather than a lump sum at the end.
Why the 7-Month Rate Matters More Than It Looks
Search for MyState term deposit rates and you’ll likely find an article headlined around a rate hike. It reports MyState bumping its 7-month term to 5.00% per annum. That article was published in April 2024, and it’s still ranking. The number in the headline is no longer accurate.
The real current 7-month rate is 3.85% — 1.15 percentage points lower than what that older piece reports. Rates move in both directions over time. A “rate hike” headline from over two years ago tells you nothing about where the rate sits today. If you’re comparing MyState against other banks using an article you found in a search, check the publish date first. The gap between the 2024 headline and the 2026 reality is large enough to change which term actually makes sense for you.
Why MyState’s Rate Table Jumps Around by Month
Look at the table above and the pattern isn’t a smooth curve. The 6-month term pays 5.00%. The very next month drops to 3.85%, and the month after that drops again to 3.80% — then jumps up to 5.10% at 9 months. This kind of unevenness is common among smaller mutual and regional banks. They price each term based on their own short-term funding needs, not a simple formula tied to length.
The practical takeaway: don’t assume a 9-month term beats an 8-month term just because it’s longer. In MyState’s current table, it beats it by 1.3 percentage points — worth checking directly rather than assuming any smooth progression.
Is MyState Bank Good for a Term Deposit?
MyState holds a 1.9 out of 5 rating on ProductReview.com.au across 63 reviews, with 83% negative. The complaints center on customer service responsiveness and a banking app that reviewers say locks accounts during routine use. One recurring theme: the bank aggressively blocks transfers based on payment descriptions, flagging transactions over ordinary keywords without a fast explanation.
A term deposit is different. Your main interactions are opening the account and collecting it at maturity, so day-to-day app friction matters less than it would for an everyday transaction account. Still, it’s worth knowing before you commit $5,000 or more. Keep a record of your deposit terms and maturity date, and don’t rely on the app alone to track it.
MyState Term Deposit Minimum and Fees
The minimum deposit is $5,000, higher than some competitors in this series that start at $1,000. There’s no ongoing account-keeping fee. Withdrawing early does trigger an interest penalty — MyState doesn’t publish a flat early-withdrawal rate the way some banks do. Contact the bank directly before assuming what a partial or full early withdrawal will cost you.
MyState Term Deposit Government Guarantee
Like every authorised deposit-taking institution in Australia, MyState term deposits are covered by the Financial Claims Scheme up to $250,000 per account holder. That protection is a baseline every ADI meets — it isn’t a point of difference between MyState and any other bank in this series.
FAQ: MyState Term Deposit Rates
What is MyState Bank’s current best term deposit rate?
5.15% per annum, available on both the 12-month and 24-month terms, effective 28 July 2026.
What is the current MyState 7-month term deposit rate?
3.85% per annum. This is lower than the 5.00% rate widely cited in a 2024 article that is still ranking online — check the current rate table rather than relying on that figure.
What is the minimum deposit for a MyState term deposit?
$5,000.
Is MyState Bank a good bank for term deposits?
The rates are competitive at the top end, but the bank holds a 1.9/5 rating on ProductReview.com.au, with complaints mostly about app reliability and customer service responsiveness.
Are MyState term deposits covered by the government guarantee?
Yes, up to $250,000 per account holder under the Financial Claims Scheme.
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