Home > Accounts > Teachers Mutual Bank term deposits - interest rates

Effective 1 July 2014

I10 Member Term Deposits 

 

Amount
Term $5001 - $4,999 $5,000 - $9,999 $10,000 - $19,999 $20,000 - $49,999 $50,000 - $99,999 $100,000 - $249,999 $250,000 - $499,9992

Months

Days

Interest rates pa

3

90-119

3.10%

3.60%

3.60%

3.60%

3.60%

3.60%

3.60%

4

120-149

2.70%

3.20%

3.20%

3.20%

3.20%

3.20%

3.20%

5

150-179

2.70%

3.20%

3.20%

3.20%

3.20%

3.20%

3.20%

6

180-209

2.70%

3.20%

3.20%

3.20%

3.20%

3.20%

3.20%

7

210-239

3.27%

3.77%

3.77%

3.77%

3.77%

3.77%

3.77%

8

240-269

2.70%

3.20%

3.20%

3.20%

3.20%

3.20%

3.20%

9

270-299

2.70%

3.20%

3.20%

3.20%

3.20%

3.20%

3.20%

10

300-329

2.70%

3.20%

3.20%

3.20%

3.20%

3.20%

3.20%

11

330-364

2.70%

3.20%

3.20%

3.20%

3.20%

3.20%

3.20%

12

365-394

2.80%

3.30%

3.30%

3.30%

3.30%

3.30%

3.30%

13-17

395-544

2.80%

3.30%

3.30%

3.30%

3.30%

3.30%

3.30%

18-23

545-729

2.80%

3.30%

3.30%

3.30%

3.30%

3.30%

3.30%

24-35

730-1094

3.35%

3.85%

3.85%

3.85%

3.85%

3.85%

3.85%

36

Mths only

3.50%

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%


I20 Edvest Term Deposits and I39 Rewards Package3 Term Deposits

 

Amount

Term $1,000 - $4,999 $5,000 - $9,999 $10,000 - $19,999 $20,000 - $49,999 $50,000 - $99,999 $100,000 - $249,999 $250,000 - $499,9992

Months

Days

Interest rates pa

3

90-119

3.15%

3.65%

3.65%

3.65%

3.65%

3.65%

3.65%

4

120-149

2.75%

3.25%

3.25%

3.25%

3.25%

3.25%

3.25%

5

150-179

2.75%

3.25%

3.25%

3.25%

3.25%

3.25%

3.25%

6

180-209

2.75%

3.25%

3.25%

3.25%

3.25%

3.25%

3.25%

7

210-239

3.32%

3.82%

3.82%

3.82%

3.82%

3.82%

3.82%

8

240-269

2.75%

3.25%

3.25%

3.25%

3.25%

3.25%

3.25%

9

270-299

2.75%

3.25%

3.25%

3.25%

3.25%

3.25%

3.25%

10

300-329

2.75%

3.25%

3.25%

3.25%

3.25%

3.25%

3.25%

11

330-364

2.75%

3.25%

3.25%

3.25%

3.25%

3.25%

3.25%

12

365-394

2.85%

3.35%

3.35%

3.35%

3.35%

3.35%

3.35%

13-17

395-544

2.85%

3.35%

3.35%

3.35%

3.35%

3.35%

3.35%

18-23

545-729

2.85%

3.35%

3.35%

3.35%

3.35%

3.35%

3.35%

24-35

730-1094

3.40%

3.90%

3.90%

3.90%

3.90%

3.90%

3.90%

36

Mths only

3.55%

4.05%

4.05%

4.05%

4.05%

4.05%

4.05%


I40 Customer Term Deposits

 

Amount
Term $1,000 - $4,999 $5,000 - $9,999 $10,000 - $19,999 $20,000 - $49,999 $50,000 - $99,999 $100,000 - $249,999 $250,000 - $499,9992

Months

Days

Interest rates pa

3

90-119

3.10%

3.60%

3.60%

3.60%

3.60%

3.60%

3.60%

4

120-149

2.70%

3.20%

3.20%

3.20%

3.20%

3.20%

3.20%

5

150-179

2.70%

3.20%

3.20%

3.20%

3.20%

3.20%

3.20%

6

180-209

2.70%

3.20%

3.20%

3.20%

3.20%

3.20%

3.20%

7

210-239

3.27%

3.77%

3.77%

3.77%

3.77%

3.77%

3.77%

8

240-269

2.70%

3.20%

3.20%

3.20%

3.20%

3.20%

3.20%

9

270-299

2.70%

3.20%

3.20%

3.20%

3.20%

3.20%

3.20%

10

300-329

2.70%

3.20%

3.20%

3.20%

3.20%

3.20%

3.20%

11

330-364

2.70%

3.20%

3.20%

3.20%

3.20%

3.20%

3.20%

12

365-394

2.80%

3.30%

3.30%

3.30%

3.30%

3.30%

3.20%

13-17

395-544

2.80%

3.30%

3.30%

3.30%

3.30%

3.30%

3.30%

18-23

545-729

2.80%

3.30%

3.30%

3.30%

3.30%

3.30%

3.30%

24-35

730-1094

3.35%

3.85%

3.85%

3.85%

3.85%

3.85%

3.85%

36

Mths only

3.50%

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%


Interest can be paid monthly, 12 monthly or at maturity on the I10 Member, I20 Edvest, I39 Rewards Package and I40 Customer Term Deposits and fortnightly on the I20 Edvest Term Deposit. The I40 Customer Term Deposit interest is calculated on the daily closing balance of the account and can be credited (compounded) to the term deposit account annually or on maturity. Term deposits lodged for more than 12 months must have interest paid at least every 12 month period as well as at maturity and can be compounded to the principal. Fortnightly and monthly interest payments cannot be compounded to the principal.


Term deposits interest rates are subject to change without notice. However, your interest rate is guaranteed for the term of your chosen deposit, except for Edvest Term Deposit, where if your Edvest membership is cancelled, your Edvest Term Deposit will be transferred to a comparable non-Edvest Term Deposit for the remaining term providing the remaining term is 3 months or more. If the remaining term is less than 3 months, your Edvest Term Deposit balance will automatically be transferred to your S1 account. Terms and conditions are available on request.


Early withdrawal
You cannot withdraw funds from a term deposit account until:

  • for terms up to 2 years, only at maturity, or earlier if we consent. We will only consent to an early withdrawal in the case of hardship or death or, in other cases, in our absolute discretion and then upon interest being reduced, backdated to the date of deposit. 
  • for terms more than 2 years, funds will be at call after the first 2 years. However, we will reduce the interest earned on the funds withdrawn early from the date deposited until the date withdrawn. Early withdrawal requests prior to the second anniversary of deposit will be treated as above.

If we have already paid interest on the account and you make an early withdrawal we may deduct the excess interest paid from your remaining balance or the funds withdrawn.

Y
ou cannot make a partial withdrawal if the remaining balance will be less than the minimum opening balance required for the account. You must then withdraw the whole balance (minus any interest corrections) and close the account.

The reduced rate is currently 2% lower than the rate specified on your Term Deposit Certificate.

1
Term deposits between $500 and $999 can only be opened by members aged 14 to 23 and New Teachers members. A $1,000 minimum applies to other members and customers.

2
For deposits over $500,000, rates are by negotiation and subject to acceptance.

3
If you cancel or do not renew your Rewards Package by paying the annual fee each year you will no longer be eligible for the rewards benefits. As a result the term deposit will be transferred to a comparable term deposit for the remaining term, providing the remaining term is 3 months or more or if the remaining term is less than 3 months, your term deposit balance will automatically be transferred to your S1 account. Reduced interest is paid on term deposits if you withdraw your funds before the end of the proposed term.

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