MyState Bank

MyState Bank, Australian retail banking with Tasmanian roots

MyState Bank is an Australian banking institution that presents itself as a bank combining technology and personal service. It is part of MyState Limited and operates as a subsidiary of this listed company. The entity traces its origins to Tasmania and states it has a local history spanning more than 65 years, while also serving customers across Australia.

According to the company's own data, more than 180,000 Australians use its banking services daily. The entity describes itself as Australian owned and keeps its customer service team in the country.

Banking and savings products

The retail offering is organised into several lines. In the transaction accounts section there is the Glide account, along with a basic account. In savings, the Hello Saver account and Term Deposits stand out. The entity also offers online banking services, digital wallets, savings goals, personalised insights, PayID and PayTo, as well as other ways to bank.

The Hello Saver account is presented as a variable interest savings account, with no monthly fees and no need to grow the balance to maintain the conditions. The site indicated a variable rate of 5.00% p.a. on the portion of the balance up to AUD 500,000, applicable to all the bank's customers.

Home loans, personal loans and insurance

In home financing, the catalogue includes the Basic Variable home loan, the Special Residential home loan, the Fixed Rate home loan, the Standard Variable home loan and the Residential Investment home loan. The entity offers calculators to estimate borrowing power, home loan repayments, extra repayments, lump sum payments, split loans and stamp duty, among others.

The company targets these products at those buying their first home, refinancing their current mortgage, buying a new home, building, renovating or investing in property. It also offers personal loans and home, contents, landlord, car, travel, caravan and boat insurance.

Business services

For the business segment, MyState Bank offers savings and investment accounts, the Business Online Saver, term deposits and transaction accounts, including the Everyday Business account.

Security, fraud and customer protection

The entity maintains a specific section on security and scam prevention. It includes a payment holds service for the New Payments Platform (NPP) provided by Vigil, MyState's fraud service, aimed at improving the detection of suspicious transactions. It also publishes information to identify scams and fraud, protect yourself online and act if you have been a victim, as well as daily transfer limits configurable from the app or internet banking.

In terms of guarantees, the entity states that balances up to AUD 250,000 are protected under the Australian Government Guarantee. It also indicates that it does not apply monthly account keeping fees, ATM withdrawal fees or fees for everyday banking.

Corporate structure and institutional presence

MyState Bank Limited operates under ABN 89 067 729 195 and holds Australian financial services (AFSL) and credit licence number 240896. It is a wholly owned subsidiary of MyState Limited, a company with ABN 26 133 623 962. The entity's BSB number is 807-009.

The company maintains an institutional and community presence that includes the MyState Bank Arena and the MyState Foundation, as well as publishing information on sustainability, reconciliation and its banking code of practice. It has a media centre, job postings and announcements addressed to the ASX.

Customer service and contact channels

The bank offers telephone support, email, a help centre with FAQs available 24 hours and branch service. It also publishes opening hours on public holidays and has specific channels for complaints, financial hardship, extra care and deceased estates.