In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other term deposit accounts
  • Your reviews
  • Ask a question
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Teachers Mutual Bank Term Deposit

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Teachers Mutual Bank Member Term Deposit
Interest rate 3 months interest rate
Up to 4.95% p.a.
Minimum opening deposit
$1,000
Account keeping fee
$0
Maximum deposit
$499,999

Summary

You can invest from as little as $1000 and choose from a range of term lengths.

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You can choose how long you keep your savings set aside, and with a fixed interest rate this gives you the opportunity to calculate exactly what your return will be.

To open an account you must first become a member. To join as a member you need to work in the education sector, be studying or have graduated from an Australian University in education or be immediate family to a Teachers Mutual Bank Member.

Pros

  • $0 account maintenance fee
  • Small minimum investment of $1,000

Cons

  • $10 shareholder fee charged for membership
  • Membership eligibility criteria applies

In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other term deposit accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name Teachers Mutual Bank Member Term Deposit
3 month interest rate 4.95%
4 month interest rate 4.95%
6 month interest rate 4.65%
7 month interest rate 4.00%
9 month interest rate 4.05%
12 month interest rate 4.75%
24 month interest rate 4.00%
36 month interest rate 4.00%
Minimum Opening Deposit $1,000
Minimum age requirement 18
Government guarantee Yes

Eligibility

Minimum Age Requirement 18
Joint account availability Yes
Min Deposit $1,000
Available to children Not available for children

Key features

No monthly account keeping fees

No money is deducted from your balance for account maintenance.

Membership required

This term deposit is only available for Teacher’s Mutual Bank members.

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How to apply

Eligibility

Existing members can apply for a term deposit via Internet banking. If you are not already a member of Teacher’s Mutual Bank, you can apply online after checking that you meet the following eligibility requirements:

  • Minimum age. Applicants must be at least 18 years of age in order to be considered. You must also be employed, or the family member or friend of someone who is, by the Australian education industry.
  • Residency requirements. All members must be permanent Australian residents.

Compare other term deposit accounts

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4 Mths p.a.
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MyState Bank Online Term Deposit
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Great Southern Bank Term Deposit Account
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$5,000 min. deposit$1,000,000 max. deposit
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24 Mths p.a.
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Judo Bank Business Term Deposit
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5 Mths p.a.
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12 Mths p.a.
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24 Mths p.a.
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Great Southern Bank Platinum Plus 55+
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$5,000 min. deposit$1,000,000 max. deposit
3 Mths p.a.
-
4 Mths p.a.
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-
7 Mths p.a.
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12 Mths p.a.
5.30%
24 Mths p.a.
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Judo Bank SMSF Term Deposit
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3 Mths p.a.
5.00%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
5.25%
7 Mths p.a.
-
12 Mths p.a.
5.25%
24 Mths p.a.
5.20%
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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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Peter

October 16, 2019

I’m a provisionally registered (VIT) teacher. Can my mother invest in a term deposit with Teachers Mutual Bank?


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Jeni Finder

October 19, 2019

Hi Peter,


Thank you for getting in touch with Finder.


Yes, your mother can invest in a term deposit with Teachers Mutual Bank so long that she becomes a member and pay a one-time membership fee of $10.00. If applying online, please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you/your mother.


I hope this helps.


Thank you and have a wonderful day!


Cheers,

Jeni


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