Managing your account
Savings and term deposits
Home > Accounts > Frequently asked questions - Term deposits
If you are a member of Teachers Mutual Bank, you can download an application or call us.
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.
You will receive a term deposit certificate within 5-7 days of opening an account.
You will only receive one statement per financial year in July, if interest was paid during that financial year period.
When you open your term deposit you can choose to:
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.
Your interest rate is guaranteed for the full term.
You can nominate to have your funds transferred to a Teachers Mutual Bank account or an account with another financial institution.
You can change your maturity options any time during the term by advising us in writing.
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.
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.
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