Mystate Bank Any Good?

mreddie on 28/06/2021 - 11:21

Anybody using MyState bank for savings, are they reliable and secure? Are they protected by government scheme?

Have a fairly large deposit but want to know if these guys are legit.

Thanks

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MyState Bank

iDroid on 28/06/2021 - 11:43

Interested also.

I'm currently looking for the best interest available for >$500k deposit.
- MadKaw on 28/06/2021 - 15:02
  
  +1
  
  Most only offer bonus rates up to 250k. Spread it over 2 or 3 accounts - also helps with gov guarantee..
quarkz on 28/06/2021 - 12:08

+3

I've been with MyState (formerly The Rock) for over 10 years. Have got a home loan through them. They used to be a bit in the dark ages but seem ok these days. They are legit and very easy to deal with.
railspider on 28/06/2021 - 12:09

+2

They're a normal medium sized bank, as reliable and secure as any other 2nd tier (non big 4) bank.
rektrading on 28/06/2021 - 12:23

The FCS may protect deposits up to $250k. However, the interest from the savings will be lower than the inflation. Depositors will lose the value of the fiat over time. Inflation is the tax that keeps on giving.
[Deactivated] on 28/06/2021 - 17:12
Definitely legit and they are an ADI

They are a member of AFCA with a relatively small (absolute number) of complaints
wei13 on 28/06/2021 - 18:28

MyState is also publicly listed bank. ASX Code MYS
mreddie on 28/06/2021 - 22:24

Thanks everyone!