Teachers Mutual Bank Edvest Term Deposit

Teachers Mutual Bank Edvest Term Deposit

Min. Opening Deposit

1,000

Account Keeping Fee

0

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

  • 2.55% 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 $1,000 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
3 month interest rate
2.45%
4 month interest rate
2.45%
6 month interest rate
2.55%
9 month interest rate
2.65%
12 month interest rate
2.95%
24 month interest rate
3.10%
36 month interest rate
3.20%
Min Deposit
$1,000
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 $1,000 into the Edvest Term Deposit Account to get started, deposit $5,000 to earn bonus interest, 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 $1,000 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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