Savings account vs term deposit
MyState Hello Saver account vs term deposit
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Interest over 1 year on $50,000
$2,692
5.38% a year
$2,625
5.25% a year · paid at maturity
Over 1 year on $50,000, MyState Hello Saver account pays $2,692; MyState's 12-month term deposit pays $2,625.
Worked out on $50,000 until you pick a balance
MyStateHello Saver account
MyStateTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,692
nothing to do each month
+$67 · More interest over the term
$2,625
paid at maturity
Rate over the term
a year, on $50,000
5.38%
with its intro rate of 5.65% for the first 4 months
+0.13 · Higher rate over the term
5.25%
fixed for the term
Asked of you each month
Nothing
Nothing
the money stays put
Getting the money out
Any time
no notice needed
Locked for 1 year
31 days’ notice to break it early, usually at a lower rate
Can the rate change?
Yes, at any time
the bank sets it
No
fixed for 1 year
Minimum to open
$1
$5,000
The same on both
Nothing to compare in these: both say the same.
- AnyoneWho can open it
How they differ
- A savings rate can change at any time. MyState Hello Saver account's figure holds today's rate for 1 year, with its intro rate of 5.65% for the first 4 months.
- A term deposit's rate is fixed for the term, but the money is locked in: breaking it early needs 31 days' notice and usually costs some of the interest.
- Both are covered by the Financial Claims Scheme, up to $250,000 per person at each bank. Money in both at MyState shares that one $250,000.
MyState Regular Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
1 monthPaid at maturity0.50%$21
2 monthsPaid at maturity0.50%$42
4 monthsPaid at maturity4.90%$817
5 monthsPaid at maturity4.90%$1,021
7 monthsPaid at maturity5.00%$1,458
8 monthsPaid at maturity5.00%$1,667
9 monthsPaid at maturity5.10%$1,912
10 monthsPaid at maturity5.10%$2,125
11 monthsPaid at maturity5.40%$2,475
1 yearPaid at maturity5.25%$2,625
15 monthsPaid at maturity3.75%$2,344
3 yearsPaid annually4.25%$6,375
As of 2 November 2026, over 1 year on $50,000, MyState Hello Saver account pays $2,692 with nothing to do each month; MyState's 12-month term deposit pays $2,625 at 5.25%. Figures are the bank's published rates, worked out on the balance above as simple interest. Each row says which figure is higher; it doesn't say which one suits you.