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Teachers Mutual Bank Term Deposit

Best rate (up to 1 year)
1.35% p.a.1 year
Interest paid to another bank?
yes

Mozo editorial review Teachers Mutual Bank Term Deposit

Last updated: 20 March 2020.

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What's hot
  • 1.35% interest for 1 year term (balances over $5,000)
  • 1.30% interest for 3 year term (balances over $5,000)
  • 2020 Mozo Experts Choice Award
  • Option to have interest paid to another bank
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 1, 3 and 5 year terms, you’ll be able to apart 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 account was named a 2020 Mozo Experts Choice Award winner in the Term Deposit category. 


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Key features

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 $1,000 to $4,999 for a one year term will earn you an interest rate of 0.85%, while balances between $5,000 to $499,999 for the same term will earn you an interest rate of 1.35%.

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.


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Who is it 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.

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Any catches

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.



Details

Rates and fees information correct as at 3 June 2020. 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
  • 0.75% p.a. ($1,000 to $4,999)

    1.25% p.a. ($5,000 to $499,999)

  • 0.75% p.a. ($1,000 to $4,999)

    1.25% p.a. ($5,000 to $499,999)

  • 0.75% p.a. ($1,000 to $4,999)

    1.25% p.a. ($5,000 to $499,999)

  • 0.75% p.a. ($1,000 to $4,999)

    1.25% p.a. ($5,000 to $499,999)

  • 0.75% p.a. ($1,000 to $4,999)

    1.25% p.a. ($5,000 to $499,999)

  • 0.75% p.a. ($1,000 to $4,999)

    1.25% p.a. ($5,000 to $499,999)

  • 0.75% p.a. ($1,000 to $4,999)

    1.25% p.a. ($5,000 to $499,999)

  • 0.75% p.a. ($1,000 to $4,999)

    1.25% p.a. ($5,000 to $499,999)

  • 0.75% p.a. ($1,000 to $4,999)

    1.25% p.a. ($5,000 to $499,999)

  • 0.85% p.a. ($1,000 to $4,999)

    1.35% p.a. ($5,000 to $499,999)

  • 0.80% p.a. ($1,000 to $4,999)

    1.30% p.a. ($5,000 to $499,999)

  • 0.80% p.a. ($1,000 to $4,999)

    1.30% p.a. ($5,000 to $499,999)

  • 0.80% p.a. ($1,000 to $4,999)

    1.30% p.a. ($5,000 to $499,999)

Other financial bits
  • $1,000.00

  • $499,999.00

Features
  • direct credit, cheque

  • yes

  • yes

  • 31 days notice required if customers want to withdraw their funds before the maturity date.

  • none

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

Customer Reviews

How are Teachers Mutual Bank term deposits rated by the Mozo community?

Overall customer rating
8.4/10
Price
8.1/10
Features
6.7/10
Customer service
8.5/10
Convenience
7.6/10
Trust
8.9/10

Latest reviews of Teachers Mutual Bank Term Deposit

  • Overall 7/10
    Excellent customer service

    I'm comfortable and I trust TMB.

    Read full review

    I'm comfortable and I trust TMB.

    Price
    -1/10
    Features
    5/10
    Customer service
    5/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Mozo community reviewer, New South Wales reviewed almost 7 years ago
  • Overall 9/10
    Good interest rates with simple rollover options

    Very flexible and safe options given, great communications channels available.

    Read full review

    Very flexible and safe options given, great communications channels available.

    Price
    8/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Mozo community reviewer, New South Wales reviewed almost 7 years ago
  • Overall 10/10
    Great rates and service for members

    Teachers Mutual Bank delivers premium interest rates and quality service to Edvest Members (>50 years old)with it's range of term deposits and savings accounts designed to suit all customers and circumstances. They also remain highly competitive with their loans options.

    Read full review

    Teachers Mutual Bank delivers premium interest rates and quality service to Edvest Members (>50 years old)with it's range of term deposits and savings accounts designed to suit all customers and circumstances. They also remain highly competitive with their loans options.

    Price
    9/10
    Features
    5/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Mozo community reviewer, New South Wales reviewed almost 7 years ago
Teachers Mutual Bank

About Teachers Mutual Bank

Teachers Mutual Bank (formerly Teachers Credit Union) offers its members a competitive range of personal banking and insurance products. They "Put you first" by offering a range of Home Loans, Credit Cards and day to day bank and savings accounts. Teachers Mutual Bank is focussed on the education community and their families so to join the Teachers Mutual Bank bank you must be a teacher, lecturer or instructor at a school, TAFE or university or a student studying education.

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