Changes Effective from 14th May 2026
On 6th May 2026, MyState Bank announced a 0.25% per annum increase in variable mortgage lending rates. Effective from 14th May 2026, these new rates will apply to both new and existing customers with owner-occupied and residential investment loans. Written notifications detailing their new repayment amounts will soon reach customers.
MyState Bank plans to boost the Hello Saver welcome deposit rate by 0.25% per annum. the ongoing variable deposit rate will see a similar increase. This adjustment reflects the bank’s strategy to respond to changing market conditions and maintain competitive offerings in the financial sector.
Details on Savings Accounts Adjustments
New customers will benefit from an increase in the Hello Saver welcome deposit rate to 5.40% for the first four months. After this period, rates will revert to 5.00% for balances below $100,000. The Bonus Saver account’s maximum rate will increase to 5.00%, contingent upon meeting specific account conditions.
David Breen, head of media relations at MyState Bank, emphasised, “These changes are part of our commitment to providing competitive rates while balancing the interests of lending and savings customers.” The adjustments aim to enhance returns for savers and align with the current economic environment.
MyState Limited, the parent company of MyState Bank, Auswide Bank, and TPT Wealth, is listed on the ASX under the symbol MYS. Holding Australian Financial Services Licences issued by the Australian Securities and Investments Commission, the company is also regulated by the Australian Prudential Regulatory Authority.
These rate changes are expected to impact a significant number of customers, given MyState Bank’s extensive reach in the financial services sector. Both individual and institutional clients are advised to review their accounts and consider how these adjustments may affect their financial planning.
Headquartered at 137 Harrington Street, Hobart, MyState Bank continues to focus on growth and customer service. By adjusting its rates, the bank aims to align more closely with market trends and ensure its offerings remain attractive to both new and existing clients.
For further information, customers can contact David Breen at MyState Bank’s media relations department via email at [email protected] or by phone at +61 412 933 060. Clients are encouraged to reach out with any questions or concerns regarding the new rate changes.
MyState Bank’s decision to increase rates follows similar moves by other financial institutions in response to broader economic shifts. This trend reflects a general uptick in interest rates across the industry, driven by various global economic factors.
