Teachers Mutual Bank Edvest Term Deposit

Teachers Mutual Bank Edvest Term Deposit

Min. Opening Deposit

5,000

Account Keeping Fee

0.00

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

  • 2.75% p.a. for 6 months
  • No account keeping fees and free balance enquiries
  • Terms from 3 to 36 months
  • Competitive interest earned

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
More

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.

Launch term deposit calculator

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.

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4 Responses

  1. Default Gravatar
    ShaneApril 15, 2018

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

    • finder Customer Care
      JeniApril 16, 2018Staff

      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

  2. Default Gravatar
    JenniferFebruary 14, 2018

    Do you have a super fund attached to Teachers Mutual?

    • finder Customer Care
      JonathanMarch 6, 2018Staff

      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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