Frequently asked questions - Term deposits

How do I apply for a term deposit?

If you are a member of Teachers Mutual Bank, you can download an application or call us.

How do I transfer funds into a term deposit?

You can open a term deposit by transferring from one of your Teachers Mutual Bank accounts or by writing a cheque made payable to the account holder.

Will I receive confirmation of my term deposit?

You will receive a term deposit certificate within 5-7 days of opening an account.

How often will I get a term deposit statement?

You will only receive one statement per financial year in July, if interest was paid during that financial year period.

What happens at the maturity of a term deposit?

When you open your term deposit you can choose to:

• Reinvest the same original deposit amount (principal) into a new term deposit for the same term and transfer the interest earned to another account
• Reinvest the principal and interest together into a new term deposit for the same term
• Transfer the principal and interest together to another account and close the term deposit

If you wish to adjust any of these details, you may do so in writing any time during the term. We will also write to you approximately one week before maturity to confirm your instructions including the interest rate.

If term deposit rates increase or decrease, will it affect my term deposit?

Your interest rate is guaranteed for the full term.

How do I receive funds when the term deposit matures?

You can nominate to have your funds transferred to a Teachers Mutual Bank account or an account with another financial institution.

How can I change my maturity options?

You can change your maturity options any time during the term by advising us in writing.

Can I put more funds into my term deposit?

You cannot add funds to the deposit during the term. However you may add additional funds once the term deposit matures and you opt to re-invest.

Can I withdraw from my term deposit?

You can access your term deposit funds at maturity. If you request in writing, we may repay all your term deposit before the term ends but interest will be paid at a reduced rate from the date of deposit to the day prior to withdrawal. Refer to the Conditions of use - accounts and access document for further information.