With as little as $1,000 to get started, this term deposit account with its fixed rate of return allows you to build on your initial investment for the nominated period. Exclusive to Edvest members, this account is available for periods of three to 36 months. Besides zero accounting fees levied, members can also make enquiries online or on the phone for free. Teachers Mutual Bank was established as a credit union for teachers in the 1960s and has since grown into a multi-billion-dollar financial institution granting loans, issuing insurance and bank accounts, and offering members opportunities to grow their personal wealth.
What are the features of the Teachers Mutual Bank Edvest Term Deposit?
This term deposit account offers Edvest members a range of features to help grow their investments.
- Flexible terms. You can choose your investment period according to your needs. Investment periods vary between three and 36 months, each with its applicable per-annum interest rate.
- Investment amounts. You can deposit as little as $1,000 into the Edvest Term Deposit Account (a maximum of $499,999 applies).
- Fees. There are no accounting fees payable for administering this account. No fees are charged for consulting your account online or making queries on the phone. If you’re not an Edvest member, an application fee of $18 is levied before you can open an account.
- Interest rates. The interest rates are competitive and encourage growth over the chosen investment period. Your interest rate is guaranteed for the term of your deposit
- Written notice. Once your term deposit is opened, you will be issued with a Term Deposit Certificate containing the details of your account. Access. Edvest members can keep track of their deposit via online banking, phone banking or requesting statements.
- Early withdrawal. If you choose to make an early withdrawal, a 2% early withdrawal penalty applies. Note that if you make a partial withdrawal, you have to leave an amount equal or superior to the initial deposit in the account.
- Membership fees. Becoming an Edvest member requires an $18 membership fee. Once confirmed, you will have access to certain benefits reserved for members only, like having interest compounded fortnightly.
- Enjoy peace of mind with a fixed rate
- Know what your investment is worth
- If you're an Edvest member, you'll receive special benefits
- Only available for members
How do I apply for the Teachers Mutual Bank Edvest Term Deposit?
If you’re interested in applying for the Edvest Term Deposit account, you’ll have to be accepted as a Teachers Mutual Bank member first. Following that, there are a few criteria that you need to fulfill to open accounts and start using them. You can apply directly online by clicking “Apply” on the product page on the website. The application form is also available for download.
- Minimum age. You have to be at least 18 years old or older to apply for the term deposit.
- Residency requirements. Only Australian citizens and permanent residents can apply.
- Depository requirements. A minimum deposit of $1,000 is required to open a term deposit account.
- Identification. You’ll need to present a valid form of identification, like a passport or your national ID card.
Once your application has been submitted and your deposit received, you’ll receive a Term Deposit Certificate with details of your account.