To say thanks to those within the fire and emergencies community, the Firefighters Mutual Bank offers competitive financial product, like the Firefighters Mutual Bank Term Deposit. With this term deposit, Aussie savers will be able to earn 0.90% in interest for a one year term and won’t pay any account keeping fees. You might also be happy to know that Firefighters Mutual Bank took out a 2020 Mozo Experts Choice Award for Best Term Deposit.
If you’ve been considering opening a term deposit with a mutual bank and are a fire or emergency services employee, you may want to consider the Firefighters Mutual Bank Term Deposit. Depending on the length of term you choose (3 months to 3 years), you’ll be able to earn up to 0.90% in interest on balances between $1,000 and $499,999.
The good news is, if you are an Edvest member or Rewards Package member, you will receive a 0.05% higher interest rate than what is advertised. However for non-members, they receive 0.05% less than the advertised rate.
And since mutual banks are all for their members, with the Firefighters Mutual Bank Term Deposit, you won’t pay any account keeping fees. While you will need to become a member in order to open the term deposit, you do have the option to have your interest paid to another bank.
If you ever need to make a withdrawal before the term deposit reaches maturity, keep in mind you will need to provide Firefighters Mutual Bank with 31 days notice, which might not be ideal if you need the money ASAP.
The Firefighters Mutual Bank Term Deposit could be a great choice for Aussies within the fire and emergency industries who want to earn a decent return on their savings and don’t mind being a member of a mutual bank.
To become a member of Firefighters Mutual Bank, you will need to pay a one-time membership fee of $10.
Different interest rates apply to different amounts or different interest payment frequencies.
This product is not currently reviewed.