If you’re a member of the education community or a family member of a teacher, then the Teachers Mutual Bank Term Deposit may be the right choice for you. The term deposit offers two different rates depending on your balance. For instance, balances between $500 to $4,999 for a one year term will earn you an interest rate of 2.30%, while balances between $5,000 to $499,999 for the same term will earn you an interest rate of 2.80%.
Another great feature about the Teachers Mutual Bank Term Deposit is that you do have the option of having your interest paid to another bank account. Automatic rollover does come with this term deposit, if you’re happy to let it roll over into a new term. However, if you want to close your term deposit, get access to your lump sum again and collect your interest, you will need to inform Teachers Mutual Bank before your term deposit matures. It always pays to have a plan in place with a term deposit!
And while early withdrawals are not recommended with term deposits, if you do want to make a withdrawal before the maturity date, you’ll need to give Teachers Mutual Bank 31 days notice.
Who it's good for:
The Teachers Mutual Bank Term Deposit is a great choice for Aussies within the education sector who want to want to be rewarded for their savings, while being a part of a member owned institution rather than a regular bank.
The Teachers Mutual Bank Term Deposit is only available for members of the bank who are involved in the education sector or family of teachers.
And if you are a member thinking about opening a term deposit, remember that if you decide you want to make a withdrawal, you will need to provide 31 days notice and you’ll lose out on interest.