Mystate Bank Any Good?

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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Comments

  • Interested also.

    I'm currently looking for the best interest available for >$500k deposit.

    • +1

      Most only offer bonus rates up to 250k. Spread it over 2 or 3 accounts - also helps with gov guarantee..

  • +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.

  • +2

    They're a normal medium sized bank, as reliable and secure as any other 2nd tier (non big 4) bank.

  • 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.

  • MyState is also publicly listed bank. ASX Code MYS

  • Thanks everyone!