MyState Ltd chair Miles Hampton is stepping down after nine years in the role, making way for Vaughn Richtor to take over next month. Richtor, who has been on the MyState board since 2019, is best known for setting up ING Direct (now ING Bank) in Australia in 1995. Richtor will be working with chief executive Brett Morgan, the former head of banking and wholesale at BNK Banking Corp, who joined MyState in January. Comparison site Canstar reports that seven deposit takers increased their term deposit rates in the week ending March 28 and that rates for longer terms are now between 2.5 and 3 per cent. AMP, Horizon Bank, Illawarra Credit Union, Judo Bank, Macquarie Bank, Teachers Mutual Bank and UniBank all put up rates. Judo Bank was the most aggressive with rates going up by as much as 100 basis points.