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Teachers Mutual Bank Term Deposit

Advertiser disclosure
Best rate (up to 1 year)
0.60% p.a.7 months
Minimum deposit
$1,000.00
Interest paid to another bank?
yes

Mozo editorial review Teachers Mutual Bank Term Deposit - last updated: 1 August 2021

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What's hot
  • 2021 Mozo Experts Choice Award
  • Option to have interest paid to another bank
  • 0.60% interest for 1, 2 & 3 year terms (balances over $1,000)
What's not
  • Minimum 31 days notice required for early withdrawal
Mozo snapshot

Whether you’re currently a teacher or are retired, the Teachers Mutual Bank Term Deposit can give you a great return on your hard earned savings. With great rates on offer for a range of terms, you’ll be able to be a part of a community that’s all about its members, not profit and grow your savings stash.

Plus you know you're getting a quality account given that the Term Deposit was named a 2021 Mozo Experts Choice Award winner in the Term Deposit category. 


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Key features

The Teachers Mutual Bank Term Deposit currently offers different rates depending on how long you're willing to stash your money away for. For instance, on deposits between $1,000 and $499,999 you'll be able to receive an interest rate of 0.60% p.a. on 1-3 year terms.

Plus, if you are an Edvest member or Rewards Package Member, you will receive a rate 0.05% higher than the advertised rate. On the flip side, non-members will receive a rate 0.05% lower. 

One 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 is a feature of 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.


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Who is it good for

The Teachers Mutual Bank Term Deposit could be 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. To be eligible for this product you must be an Australian citizen or permanent resident who currently or previously worked within the education sector (or a family member of a Teachers Mutual Bank member). 

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Any catches

If you are 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.



Details

Rates and fees information correct as at 25 September 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

0.55% p.a. ($1,000 to $499,999)

0.55% p.a. ($1,000 to $499,999)

0.55% p.a. ($1,000 to $499,999)

0.60% p.a. ($1,000 to $499,999)

0.60% p.a. ($1,000 to $499,999)

0.60% p.a. ($1,000 to $499,999)

0.60% p.a. ($1,000 to $499,999)

0.60% p.a. ($1,000 to $499,999)

0.60% p.a. ($1,000 to $499,999)

0.60% p.a. ($1,000 to $499,999)

0.60% p.a. ($1,000 to $499,999)

0.60% p.a. ($1,000 to $499,999)

0.60% p.a. ($1,000 to $499,999)

Other financial bits

$1,000.00

$499,999.00

Features

yes

yes

31 days notice required if customers want to withdraw their funds before the maturity date. Non-members receive 0.05% lower rates.

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Different interest rates apply to different amounts or different interest payment frequencies.

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