IMB Term Deposit

IMB Term Deposit

Min. Opening Deposit

1,000

Account Keeping Fee

0

IMB members can start saving towards the future with a term deposit that allows for competitive returns on a small deposit.

  • Terms of 1 month up to 5 years on offer
  • Negotiable rates for balances above $100,000
  • Minimum investment only $1,000

Product details

With an investment amount of $1,000 or more, IMB members can start putting their money towards future financial goals. A term deposit is a no access account, where you choose for how long your money stays invested.

With fixed rates of interest, it lets you to see exactly how much you will have increased your savings by the time the terms mature.

Product Name
IMB Term Deposit
1 month interest rate
0.25%
3 month interest rate
1.50%
4 month interest rate
1.50%
6 month interest rate
1.50%
9 month interest rate
1.50%
12 month interest rate
1.50%
24 month interest rate
2.60%
36 month interest rate
2.75%
48 month interest rate
2.80%
60 month interest rate
3.00%
Min Deposit
$1,000
Joint Application
Yes
Minimum Age Requirement
18
Covered by Government Guarantee
Yes (Up to $250,000 per person, per institution)

What are the features of the IMB Term Deposit?

Compare the features that IMB offers to help you achieve this against what other banks provide in order to see which one fits in best with your savings style:

  • Monthly fees. With the IMB Term Deposit, you are not going to be charged any monthly fees.
  • Minimum deposit amount. You must have at least $1,000 available to invest into a term deposit account.
  • Interest rates. The interest rates for the IMB Term Deposit are fixed and competitive, tiered to grow in value with higher deposits and longer terms.
  • Interest payment frequency. The interest rate is calculated every day, but you can choose how often the 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 minimum deposit of $2,000 or $5,000.
  • 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. Terms that you can choose from range between one month and five years.
  • Early withdrawal. IMB will allow you to withdraw your money before the end of your chosen terms, but this will result in an interest rate reduction of up to 3%.
  • 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.

Pros

  • Negotiable interest rates available for investment amounts over $100,000
  • Regular statements to keep you up to date on your account

Cons

  • $1000 minimum ongoing balance

How do I apply for the IMB Term Deposit?

In order to be able to open an IMB Term Deposit through their website, you must have another deposit account with IMB that is not a term deposit or one with restrictions on withdrawals. If you meet that condition, click “Go to Site” and you can begin filling out your application. 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. Other eligibility requirements include:

  • Minimum age. While IMB does not specifically set forth a minimum age requirement for a term deposit holder, you will want to check with the institution before applying if you are under the age of 18.
  • Residency requirements. As of now, membership is restricted to Australian residents living in Victoria, Queensland, South Australia, and The Australian Capital Territory.
  • 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 be $2,000 or $5,000.

Documentation you will need in order to open your term deposit with IMB includes:

  • 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.

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 request an early withdrawal at your local branch.

 

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