MyState Bank is a wholly owned subsidiary of MyState Limited, a national diversified financial services group headquartered in Tasmania. MyState Limited formed in September 2009 following the merger of MyState Bank and Tasmanian Perpetual Trustees Limited. Now, our strengths as an Authorised Deposit-taking Institution are offered alongside those of Tasmanian Perpetual Trustees Limited complementing their heritage as a trustee and wealth management company.
MyState Bank is the largest Tasmanian-owned financial institution, with strong roots in the Tasmanian community.
Financial Strength & Prudential Information
MyState Bank is an Authorised Deposit-taking Institution (ADI) with over 300 staff and branches in 10 locations across Tasmania. Key areas for maintaining our financial strength are Capital Adequacy, Responsible Liquidity and Capital Management and achieving maximum returns on Assets and Equity while limiting Financial Risk.
Responsible management and long-term expertise ensure MyState Bank continues to maintain its position of strength across these areas, and as an ADI, MyState Bank is regulated, as are all banks and financial institutions, by the Australian Prudential Regulation Authority (APRA).
Comprehensive prudential information can be obtained from any MyState Bank branch, or at mystatelimited.com.au.
Government Guaranteed Deposits (Conditions Apply)
The Financial Claims Scheme (FCS) is the Australian Government’s guarantee on deposits and is administered by the Australian Prudential Regulation Authority (APRA). The FCS guarantees deposits, up to a cap, held in Authorised Deposit-taking Institutions (ADI’s) – this includes Australian banks, building societies and credit unions. It provides protection to depositors up to the limit of the scheme and seeks to provide depositors with timely access to their deposits in the unlikely event of the failure of their ADI.
From 1 February 2012, the FCS guarantees deposits up to a cap of $250,000 per account-holder, per ADI.
The FCS applies to deposits held in MyState Bank’s transaction, savings and term deposit accounts.
For further information regarding the Government guarantee on deposits please visit the APRA website.