MyState Bank

The bank funds its lending primarily through retail deposit products, notably the Hello Saver account which offers competitive introductory and ongoing variable rates with no monthly account-keeping fees. Term deposits provide an additional, more stable funding layer. MyState does not rely on wholesale capital markets for its core residential mortgage origination.

The MyState Foundation is a charitable trust that receives a portion of the bank's annual profits to distribute as community grants, primarily in Tasmania. The two entities are legally separate, with the foundation governed by its own board, though the bank provides administrative support and determines the annual profit-based contribution.

Yes. MyState Bank is an authorised deposit-taking institution regulated by the Australian Prudential Regulation Authority. Deposits up to A$250,000 per account holder are covered by the Australian Government's Financial Claims Scheme.

MyState uses Vigil, a third-party fraud monitoring service, to place holds on suspicious New Payments Platform transactions before they complete. Customers can also adjust daily transfer limits through the mobile app and internet banking to limit exposure.

The loan book is concentrated in Tasmania, where the bank was founded, with additional origination in the Queensland and New South Wales markets. MyState does not maintain a national branch network, serving most customers through its digital platform.