Teachers Mutual Bank Edvest Term Deposit

Last updated: Jan 1, 2021

Teachers Mutual Bank’s Edvest Term Deposit offers teachers an opportunity to build wealth and financial security.

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.

Up to 0.95% p.a.

Interest rate

12 months interest rate

$5,000

Minimum opening deposit

Account keeping fee

$499,999

Maximum deposit

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Details

Product Name	Teachers Mutual Bank Edvest Term Deposit ($5,000)
3 month interest rate	0.80%
4 month interest rate	0.80%
6 month interest rate	0.85%
7 month interest rate	0.85%
9 month interest rate	0.85%
12 month interest rate	0.95%
24 month interest rate	0.95%
36 month interest rate	0.95%
Minimum Opening Deposit	$5,000

The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Joint account availability	No
Min Deposit	$5,000
Available to children	No minimum age

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

Shirley Liu

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Key features

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.

Launch term deposit calculator

How to apply

It takes only a few minutes to open an Edvest Term Deposit Account online.

Eligibility

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 needed

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 submit my application?

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.

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6 Comments

ANTHONY
August 2, 2019

is the interest paid fortnightly

finder Customer Care

Faye
August 3, 2019

Hi Anthony,

Thanks for contacting Finder.

Interest can be paid monthly, 12 monthly or at maturity on the Member, Edvest, Rewards Package and Customer Term Deposits and fortnightly on the Edvest Term Deposit.

I hope this helps.

Kind Regards,
Faye

Shane
April 15, 2018

Could you please furnish details of changes to take place re Deeming Accounts in July 2018.
Thanks,
Shane

finder Customer Care

Jeni
April 16, 2018

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

Jennifer
February 14, 2018

Do you have a super fund attached to Teachers Mutual?

finder Customer Care

Jonathan
March 6, 2018

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

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