Teachers Mutual Bank Term Deposit Rates
What terms are available on Teachers Mutual Bank term deposits?
According to Teachers Mutual Bank, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of three months to a maximum of three years.
You can use Canstar’s term deposit calculator to help you work out what term length might be suitable. One factor to consider is that longer terms typically come with higher interest rates, but you may have to wait longer to access the maximum interest rate that can come with reaching the maturity date.
When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.
When is interest paid on Teachers Mutual Bank term deposits?
Teachers Mutual Bank’s term deposits offer customers the choice of receiving interest payments at the following frequencies:
- At maturity
It’s worth remembering that the option you select may have an impact on the rate of interest you earn. Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.
Does Teachers Mutual Bank have a notice period and charge an early withdrawal fee for withdrawals?
Yes, Teachers Mutual Bank requires you to provide notice of 31 days if you need to access your money early.
Teachers Mutual Bank does not charge an early withdrawal fee but they do apply an interest rate adjustment if you withdraw your money before the end of the term.
Teachers Mutual Bank’s website and Product Disclosure Statement provide more information on any interest adjustments or other early withdrawal penalties that may apply.
Does Teachers Mutual Bank charge any other fees for term deposits?
At the time of writing, no additional fees were listed by Teachers Mutual Bank in relation to its term deposits.
For current information on fees and how they apply, please check the Product Disclosure Statement or contact Teachers Mutual Bank.
How to apply for a Teachers Mutual Bank term deposit
Before applying for a Teachers Mutual Bank term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.
If applying, consider Teachers Mutual Bank’s eligibility criteria (below) and what you might need to have on hand, such as:
- Your TFN (Tax File Number)
- Proof of ID, such as your driver’s license or passport
- Personal details, including your residential address, contact information and potentially information on your current job
If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit may be slightly different.
To see if you can apply online for a Teachers Mutual Bank term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Teachers Mutual Bank’s website.
According to Teachers Mutual Bank, when applying for a term deposit, you will need to meet the following eligibility criteria:
- You must be at least 18 years old
- You must be an Australian resident
- You must be investing a minimum deposit of $500 for new members or $1,000 for existing members.
- You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)
What happens to a Teachers Mutual Bank term deposit when it reaches maturity?
According to Teachers Mutual Bank, when a term deposit reaches the end of its term, if no instructions have been provided the money will be reinvested at the same term using the current interest rate, bearing in mind that it may be lower than the original rate.
According to Teachers Mutual Bank, they will write to you approximately one week before maturity to confirm your instructions including the interest rate.
About Teachers Mutual Bank
Teachers Mutual Bank was founded in 1966 with the goal of providing financial services to educators and their families. Today, Teachers Mutual Bank includes three brands – the original Teachers Mutual Bank, UniBank and Firefighters Mutual Bank – making it one of the largest mutual banks in Australia. It now has nearly 175,000 members and manages $5.3 billion in assets.