Interest rate 6 months interest rate: Up to 2.25% p.a.
Minimum opening deposit: $1,000
Account keeping fee: $0

Summary

Lock in a fixed interest rate for the term you choose with an IMB term deposit.

These fixed interest rates are for deposits between $1,000 and $4,999.99. You can choose a term length from 1 month to 5 years, and also choose how often you'd like to receive your interest payments.

Pros

Terms from 1 month to 5 years
Small opening deposit of $1000
Choose when to receive interest

Cons

Lower rates than others in the market

Details

Key details

Product Name	IMB Term Deposit
3 month interest rate	1.50%
4 month interest rate	1.50%
6 month interest rate	2.25%
7 month interest rate	2.25%
9 month interest rate	2.25%
11 month interest rate	2.25%
12 month interest rate	2.25%
24 month interest rate	2.25%
36 month interest rate	2.25%
48 month interest rate	2.25%
60 month interest rate	2.25%
Minimum Opening Deposit	$1,000
Minimum age requirement	13
Government guarantee	Yes

Eligibility

Minimum Age Requirement	13
Joint account availability	Yes
Min Deposit	$1,000
Available to children	Not available for children under 13 years of age

Key features

No monthly fees

You won't be charged any monthly fees.

$1,000 minimum deposit amount

You must have at least $1,000 available to invest into a term deposit account. The rates above are for deposits between $1,000 and $4,999.99. If you've got more to invest, higher interest rates are available.

Tiered interest rates

The interest rates for the IMB Term Deposit are fixed and tiered to grow in value with higher deposits and longer terms.

Interest payment options

You can choose how often the interest payments are made. The highest rates are offered for term deposits where you choose one payment at maturity, but you can also choose to receive your payments every six months, every year, fortnightly, or every 28 days. Payments that are made with more frequency will lose a portion of the interest rate, and in some instances will require a higher minimum deposit.

Choose how you receive interest payments

Your interest payments will be given to you either by cheque or transferred into your IMB transaction or savings account. Only when you have chosen to receive your interest at maturity will it be directly credited to your term deposit balance.

Terms from one month to five years

You can invest your money for as little or as long as you like, with terms from one month to five years available.

Early withdrawal option

IMB will allow you to withdraw your money before the end of your chosen term, but you'll need to give IMB advance notice and an interest reduction will apply to the amount you withdraw. Check the notice period in IMB's PDS before you invest.

Term deposit maturity

You have seven days after maturity to let IMB know if you intend to withdraw the money or reinvest. If you don't provide any instruction, your money will automatically be re-invested into a new term account. The interest rate for this new account may be different than what you were earning prior.

How to apply

In order to be able to open an IMB Term Deposit through the bank's website, you must have another deposit account with IMB that is not a term deposit or one with restrictions on withdrawals. Other applicants will need to visit a branch or fill out an online enquiry form in order to open a term deposit with IMB.

Although IMB is a customer owned financial institution, you do not need to fill out an additional application in order to become a member. By applying for any account with them, you are automatically becoming a member.

Eligibility

Minimum age. Check the minimum age in the Eligibility details above, and contact IMB before applying if you're opening a term deposit for a younger applicant.
Residency requirements. IMB term deposits are open to Australian residents, wherever they live in Australia.

Depository requirements. You will need to deposit at least $1,000 when opening the account. If you are choosing interest payments with more frequency the minimum deposit requirement may change.

Documentation needed

Tax file number. Your tax file number (TFN) or TFN exemption code is used to ensure that your interest earning withholding tax is at the correct rate.
Identification. A valid driver's licence or passport will be required in order for IMB to verify your identity.

What happens after I submit my application?

Upon opening your account, IMB will contact you with its details and information on how to access your term deposit online. It is important to remember that there are no transactions into or out of this term deposit once it has been established, unless you give IMB notice of an early withdrawal.

Compare other products from IMB

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. IMB Term Deposit information page
2. IMB Term Deposit TMD

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Alison Finder

Editorial Manager, Money

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

IMB Term Deposit

Pros

Cons

Key features

No monthly fees

$1,000 minimum deposit amount

Tiered interest rates

Interest payment options

Choose how you receive interest payments

Terms from one month to five years

Early withdrawal option

Term deposit maturity

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other products from IMB

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