MyState Bank

What MyState Bank does

MyState Bank is an Australian regional bank founded in Tasmania in 1959 and headquartered in Hobart, operating as a wholly owned subsidiary of ASX-listed MyState Limited. The bank provides retail and small-business banking products — transaction accounts (Glide, Basic), savings accounts (Hello Saver at 5.00% p.a. ongoing on balances up to $500,000), term deposits, and a five-product home loan suite (Basic Variable, Special Residential, Fixed Rate, Standard Variable, Residential Investment) — plus insurance distribution (home, landlord, car, travel, caravan, boat) through partnerships with CGU Insurance and St Andrew's CCI.

The technology stack is digital-first: native iOS and Android mobile applications, desktop internet banking, real-time payments via the New Payments Platform (NPP/Osko), PayID addressing, PayTo payment-agreement management, and digital wallet support across Apple Pay, Google Pay, Samsung Pay, and Garmin Pay. Internal capabilities include Vigil fraud-monitoring (anomaly detection on NPP payments), Personalised Insights (predictive spending analytics), Savings Goals with Smart Splits automation, and Robotic Process Automation for back-office workflows. A back-end operational merger with Auswide Bank, announced November 2025, will consolidate both banks onto NextGen's ApplyOnline platform while retaining separate brands.

MyState earns revenue primarily through net interest margins on home lending (Basic Variable from 6.09% p.a.) funded by deposits (term deposit rates 0.50-5.30%) and on balances, supplemented by insurance distribution commissions, transaction fees, and government-guaranteed deposits protected up to $250,000 under the Financial Claims Scheme. APRA-regulated (AFSL/ACL 240896), the bank targets cost-conscious individual consumers, first-home buyers, residential property investors, and small businesses nationally — leveraging Tasmanian branch presence, fee-free access at major-bank ATMs Australia-wide, and Bank@Post services at 3,500+ Australia Post outlets to support a digital-led, human-assisted distribution model across its 180,000+ customer base.

Name

MyState Bank

Legal name

MyState Bank Limited

Website

https://mystate.com.au

Company type

Private

Founded year

1959

Operating status

Operating

Headcount range

501–1,000 employees

Short description

MyState Bank is an APRA-regulated Australian regional bank headquartered in Hobart, Tasmania, providing retail and small-business transaction accounts, savings, term deposits, home loans, and insurance distribution through digital channels and a branch and Bank@Post network to over 180,000 customers.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro industry

PRIMARYFSABAAAA

Mass-Market Consumer Deposit Banking (Checking/Savings)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Retail Banking

SECONDARYFSABAAAB

Retail Lending (Personal Loans, Auto, Credit Lines)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Retail Banking

SECONDARYFSABABAB

SME Business Lending (Term Loans, Lines of Credit, Overdrafts)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Commercial Banking (SME & Middle Market)

SECONDARYFSABAAAJ

Retail Wealth & Bancassurance Distribution (Investment & Insurance via Bank)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Retail Banking

Keywords

• Retail banking services
• Home loan products
• Transaction banking
• High-interest savings
• Insurance distribution

Headquarters

HQ city

Hobart

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Interest Income from Lending: MyState Bank earns interest income by lending funds to customers through home loans, personal loans, and credit facilities. The bank offers various mortgage products including Basic Variable, Special Residential, Fixed Rate, Standard Variable, and Residential Investment home loans with interest rates ranging from approximately 6.09% to 8.43% p.a. depending on product and loan-to-value ratio.
2. Deposit Interest Spread: The bank generates revenue from the spread between interest paid to depositors on savings accounts, term deposits, and transaction accounts versus the interest earned from lending activities. Interest rates offered include Hello Saver account (5.00% ongoing variable rate on balances up to $500k) and term deposits (ranging from 0.50% to 5.30% depending on term length).
3. Insurance Products Distribution: MyState Bank distributes insurance products including home insurance, landlord insurance, car insurance, travel insurance, caravan insurance, and boat insurance through partnerships with CGU Insurance and St Andrew's CCI. The bank earns commission revenue from insurance product referrals.
4. Fee Income: The bank generates fee income from various banking services including foreign currency conversion (3.25% of transaction amount), Bank@Post withdrawals ($4.30), Direct Debit Dishonour/BPAY Reject fees ($5.00), and overdrawn fees ($5.00). The Basic Variable home loan and Special Residential home loan products specifically note no ongoing or establishment fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels5 records

Core offering

MyState Bank provides retail and small-business banking products in Australia, including everyday transaction accounts (Glide, Basic), high-interest savings (Hello Saver), term deposits, a five-product home loan suite covering variable, fixed, offset and investment lending, personal loans, and insurance distribution (home, landlord, car, travel, caravan, boat) via partners CGU and St Andrew's CCI. The bank also offers business banking transaction, savings and term deposit accounts. Distribution is digital-first through a mobile app, internet banking, NPP/Osko real-time payments, PayID, PayTo and digital wallets, complemented by branches in Tasmania, a national ATM network, Bank@Post and phone-based customer service.

Product overview

MyState Bank offers a comprehensive banking platform providing personal, business, and lending products through multiple channels including mobile app, internet banking, and branches primarily in Tasmania. The core personal banking suite includes the Glide Transaction Account and Basic Account for everyday banking, the Hello Saver Account for high-interest savings with tiered rates, and Term Deposits for fixed investments. The home lending portfolio spans five products: Basic Variable, Special Residential (with 100% offset), Fixed Rate, Standard Variable, and Residential Investment loans. Insurance products include home, landlord, car, travel, caravan, and boat coverage through partnerships. Business banking offers the Everyday Business Account, Business Online Saver, and Business Term Deposit. Digital banking enhancements include Personalised Insights (AI-powered spending analysis), Savings Goals with Smart Splits automation, and integrations with Apple Pay, Google Pay, Samsung Pay, and Garmin Pay. Real-time payment capabilities are delivered via NPP infrastructure including PayID and PayTo services. A major platform unification with Auswide Bank is underway using NextGen's ApplyOnline system.

Differentiator

Problem solved

Functional benefit

Products and services

• Glide Transaction Account Award-winning everyday transaction account with no monthly account fees and no ATM fees at major bank ATMs. For Australian individuals and concession-eligible customers managing daily spending and bill payments.
• Basic Account Reduced-fee transaction account for Australian Health Care Card, DVA Health Card, or Pensioner Concession Card holders with no monthly account keeping fee and no ATM fees at major bank ATMs.
• Hello Saver Account High-interest variable savings account offering 5.40% p.a. welcome rate for 4 months on balances to $500k for new customers, then 5.00% ongoing variable rate. No minimum deposits, no transaction account requirements.
• Term Deposit Fixed-term deposit for Australian consumers with terms from 1 to 24 months, $5,000 minimum, rates from 0.50% to 5.30% p.a. depending on term, government-guaranteed up to $250,000.
• Basic Variable Home Loan Simple variable rate owner-occupied home loan from 6.09% p.a. for loans at <=60% LVR, with unlimited additional repayments, free redraws, no offset facility, and no ongoing or establishment fees. Eligible for 5% Deposit Scheme.
• Special Residential Home Loan Premium variable rate home loan for loans exceeding $100,000 with 100% interest offset facility, no ongoing or early payout fees, suitable for owner-occupied, investment, land purchase, or refinancing.
• Fixed Rate Home Loan Fixed interest home loan with rate certainty for 1, 2, 3, or 5 year terms, constant repayments during fixed period, up to $10,000 extra repayments per fixed year.
• Standard Variable Home Loan Flexible variable rate home loan with no monthly account keeping fees, flexible repayment options, and fee-free online redraws for new loans $30,000+ covering owner-occupied homes, land, building, or refinancing.
• Residential Investment Home Loan Investment property loan for new loans $100,000+ with redraw facility, flexible repayment options, fee-free online redraws, and ability to split between variable and fixed investment rates.
• Personal Loans Unsecured personal loans for Australian consumers for purposes including debt consolidation, vehicle purchases, and personal expenses.
• Everyday Business Account Transaction account for Australian small businesses with unlimited transactions and business-specific features.
• Business Online Saver High-interest variable savings account for Australian business customers holding surplus cash.
• Business Term Deposit Fixed-term business investment account with guaranteed interest rates for Australian businesses holding surplus funds.
• Home & Contents Insurance Home building and contents insurance coverage for Australian homeowners, claims managed through partner CGU Insurance.
• Landlord Insurance Specialised insurance coverage for Australian property investors renting out residential properties.
• Car Insurance Motor vehicle insurance coverage for Australian consumers distributed through MyState Bank's insurance partner network.
• Travel Insurance Travel insurance coverage for Australian consumers for domestic and international trips.
• Caravan Insurance Specialised insurance coverage for Australian owners of caravans and recreational vehicles.
• Boat Insurance Insurance coverage for Australian owners of boats and watercraft.

Quantifiable outcome

• Over 180,000 Australians bank with MyState Bank
• +3 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability5 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• NextGencoreTechnology or Integration · 11 November 2025MyState Bank and Auswide Bank are merging their back-end operations and adopting a single digital platform powered by NextGen. The new ApplyOnline system aims to improve efficiency, accelerate loan processing, and enhance service for brokers and customers while maintaining separate brands.
• CGU InsuranceminorChannel Partner/ Reseller/ DistributorCGU Insurance is a partner for home and contents insurance claims processing. MyState Bank provides links to start CGU claims on their insurance pages.
• St Andrew's CCIminorChannel Partner/ Reseller/ DistributorSt Andrew's CCI is a partner for insurance claims. MyState Bank provides links to start St Andrew's CCI claims on their insurance pages.
• Apple PaycoreTechnology or IntegrationApple Pay integration allows MyState Bank customers to make contactless payments using their iPhone, Apple Watch, iPad, and Mac devices with advanced encryption and biometric security.
• Google PaycoreTechnology or IntegrationGoogle Pay integration enables MyState Bank customers to make payments using Android devices with NFC technology, available on devices running Android Lollipop 5.0 or above.
• Samsung PaycoreTechnology or IntegrationSamsung Pay integration provides MyState Bank customers with NFC and MST payment capabilities on compatible Samsung Galaxy devices.
• VigilcoreTechnology or IntegrationVigil provides fraud monitoring services including NPP payment holds to enhance MyState Bank's detection capabilities when suspicious real-time payments occur.
• Auswide BankcoreStrategic or Co-development PartnerMyState Bank and Auswide Bank announced a merger of their back-end operations, combining to create a larger banking entity while maintaining separate brands. The partnership involves adopting NextGen's unified digital platform ApplyOnline.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Macquarie Bank: Australian bank with a sizable personal banking division offering transaction accounts, savings, and home loans. Broader institutional and wealth management footprint, but overlapping retail product suite.
• ING Australia: Digital-first Australian bank with a strong savings account franchise (Orange Everyday, Savings Maximiser). Comparable digital-first go-to-market and competitive high-interest savings positioning.

Direct peers

• Bank of Queensland: Australian regional bank offering retail deposits, home loans, and business banking with a strong Queensland heritage. Similar challenger-bank positioning against the Big Four and overlapping home loan and savings product mix.
• Suncorp Bank: Australian regional bank offering home loans, deposits, and personal banking products with strong Queensland presence. Comparable mortgage-led business model and retail customer focus.
• People's Choice Credit Union: Australian mutual financial institution offering retail deposits, home loans, and personal banking. Comparable customer scale and mutual/community-oriented positioning.
• Auswide Bank: Australian regional bank headquartered in Queensland that is merging back-end operations with MyState Bank onto the NextGen ApplyOnline platform. Highly comparable product suite (transaction accounts, savings, home loans) and similar customer scale make it the closest peer.
• Heritage Bank: Australian customer-owned bank offering transaction accounts, savings, term deposits, and home loans nationally. Comparable scale, regional heritage, and award-winning savings products.
• Bendigo and Adelaide Bank: Major Australian regional bank serving retail and SME customers with deposit accounts, home loans, and digital banking. Comparable product breadth and regional community-banking positioning make it a direct competitor in MyState's addressable market.

Regional players

• RACQ Bank: Queensland-based member-owned bank offering savings, transaction accounts, and home loans. Regional focus and product overlap make it comparable, though it primarily serves Queensland members rather than competing directly in Tasmania.

Emerging players

• Up (Bendigo Bank): Australian mobile-first neobank (owned by Bendigo and Adelaide Bank) targeting younger consumers with high-yield savings and spending insights. Competes for the same digital-first Australian deposit customers MyState targets with Hello Saver.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MyState Bank