Product details
With as little as $5,000 to get started, this term deposit account delivers a fixed rate of return and no accounting fees, so you can make a planned investment for the nominated period. Exclusive to Edvest members, this account is available for periods of three to 36 months, with free internet and phone account management the entire time. For deposits of $5,000 or more, you can enjoy competitive interest rates.
This term deposit is exclusive to Teachers Mutual Bank Edvest members.
- Product Name
- Teachers Mutual Bank Edvest Term Deposit ($5,000)
- 3 month interest rate
- 2.35%
- 4 month interest rate
- 2.35%
- 6 month interest rate
- 2.75%
- 9 month interest rate
- 2.55%
- 12 month interest rate
- 3.05%
- 24 month interest rate
- 2.75%
- 36 month interest rate
- 2.85%
- Min Deposit
- $5,000
- Max Deposit
- $499,999
What are the features of the Teachers Mutual Bank Edvest Term Deposit?
Eligible Teacher's Mutual Edvest members, aged 50+, are able to access more options, including the Edvest Term Deposit account, to help grow their investments.
Get flexible terms
Choose your own investment period of 3 to 36 months, and know exactly how much interest you will earn during it.
Low minimum, high maximum balance
Deposit as little as $5,000 into the Edvest Term Deposit Account to get started, and deposit up to a maximum of $499,999 to grow your savings faster.
No account fees, no access fees
No charge for internet or phone balance enquiries, and no monthly account keeping fees.
Competitive, guaranteed interest rates
Competitive and guaranteed interest rates make make this account stand out.
Get regular updates
Once your term deposit is opened, you will be issued with a Term Deposit Certificate containing the details of your account. You can keep track of your deposit via online banking, phone banking or by requesting statements.
Low withdrawal penalty
If you choose to make an early withdrawal, a 2% early withdrawal penalty applies. Note that partial withdrawals require you to leave an amount equal or superior to the initial deposit.
Annual membership required
Edvest membership is required, and costs $18 per year. This entitles you to near-instant discounts on insurance, travel and other services, as well as better returns on your investments and low cost banking. Compare other Teachers Mutual Bank products.
Pros
- Enjoy peace of mind with a fixed rate and safe investment
- Know what your investment is worth at any time
- Receive additional benefits and discounts from Edvest membership
- Invest as little as $1,000 or as much as $499,999
Cons
- Requires Edvest membership
- Early withdrawal fees apply
How do I apply for the Teachers Mutual Bank Edvest Term Deposit?
It takes only a few minutes to open an Edvest Term Deposit Account online.
Eligibility to apply online
Make sure you meet all eligibility requirements before starting.
- Age. You must be at least 50 years old to qualify for Edvest membership.
- Residency. Only Australian citizens and permanent residents can apply.
- Depository requirements. A minimum deposit of $5,000 is required to open a term deposit account.
- Contact Details. You will need a valid email and Australian residential address.
Documentation for your online application
- Identification. You’ll need to present a valid form of identification, like a passport or your national ID card.
- Personal details. The personal details of all account-holders will be required.
What happens after I've submitted the application online?
Once your account has been opened you will receive a Term Deposit Certificate with the details of your investment. You can opt to receive regular statements or can check up on your account online or with telephone banking. In addition to this, you will receive written notice when your account is reaching maturity.
Related savings accounts
Teachers Mutual Bank Cash Management Account
Maximum Variable Rate
1.21Standard Variable Rate
0.10
Teachers Mutual Bank Christmas Savings Account
Maximum Variable Rate
1.00Standard Variable Rate
1.00
Could you please furnish details of changes to take place re Deeming Accounts in July 2018.
Thanks,
Shane
Hi Shane,
Thank you for getting in touch with finder.
If you are pertaining to deeming accounts from Teachers Mutual Bank, kindly contact them directly regarding this matter.
As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.
You may also want to check out this link for some list of banks that offer deeming accounts.
In addition, this link has more deeming info which could be helpful on your enquiry regarding changes that will take effect on July this year.
I hope this helps.
Have a great day!
Cheers,
Jeni
Do you have a super fund attached to Teachers Mutual?
Hi Jennifer, thanks for your inquiry.
Teachers Mutual Bank uses Bridges financial planner as their Superfund manager. You can contact them on 13 12 21.
Best regards,
Jonathan