Apply to join the Bank first. Once you are a member, you can open a new term deposit via Internet Banking.
Existing Member? Apply via Internet Banking.
Edvest members receive interest at a rate 0.05% p.a. higher than the rates shown in this table.
| Popular terms | Term Deposit $1,000 - $1,000,000 |
| 3 months | 4.80% p.a. |
| 6 months | 4.60% p.a. |
| 7 months | 5.00% p.a. |
| 9 months | 4.50% p.a. |
| 12 months | 5.25% p.a. |
| 18 - 23 months | 4.00% p.a. |
| 24 - 35 months | 4.00% p.a. |
| 36 months | 4.00% p.a. |
When you open a new term deposit, funds can be transferred from an existing account.
You will receive a term deposit certificate within 5-7 days of opening an account.
You will receive a statement according to your selected statement frequency, either monthly or six monthly. Additionally your June statement, available in July, will include the total amount of interest paid on your term deposit/s during that financial year period.
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.
Interest can be paid monthly, 12 monthly or at maturity on the Member, Edvest, and Customer Term Deposits. Additionally, interest can also be paid fortnightly on the Edvest Term Deposit.
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 365 days as well as at maturity and can be compounded to the principal. Fortnightly and monthly interest payments cannot be compounded to the principal.
Your interest rate is guaranteed for the full term.
When you open your term deposit you can choose to:
We will also notify you according to your communication preference approximately one week before maturity to confirm your instructions. You can set up alerts in Internet Banking to let you know 14 days before your Term Deposit matures and 2 days before interest is paid.
You can change your maturity options for the principal and interest in Internet Banking or you can contact us.
You can nominate to have your funds transferred to an account at this bank or an account with another financial institution.
You cannot withdraw or transfer funds from a term deposit account prior to maturity unless you give us thirty-one days notice. The notice period commences on the first business day after you give us notice. Refer to the Conditions of use—Accounts and access document for further information.
If you are experiencing hardship and need access to your funds before the end of the thirty-one day notice period please visit a branch or call us to discuss your situation. To assess your request you will need to provide us with evidence to support your reasons, such as invoices or a statutory declaration to satisfy our requirements.
We allow a period of grace of seven days following reinvestment, with the first day being the day of maturity, for you to withdraw or transfer your deposit without incurring a fee or reduction in interest.
Interest rates effective 6 May 2026. All interest rates quoted are subject to change at our discretion.
For products and services, Conditions of Use - Accounts and Access, and Fees and Charges apply. These may change or we may introduce new features or fees and charges in the future. Full details are available on this website or on request. This information is general in nature and does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions before deciding. Unless otherwise specified, the products and services described on this website are available only in Australia from or through Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL and Australian Credit Licence 238981.
Term Deposits – A $1,000 minimum applies to member and customer term deposits. For deposits of $1,000,000.01 and over, rates are by negotiation and subject to acceptance. View the Conditions of Use - Accounts and Access, and Fees and Charges brochure, also available from any of our offices. You should consider whether this product is appropriate for you before acquiring it.
Interest can be paid monthly, 12 monthly or at maturity on the Member, Edvest, and Customer Term Deposits and fortnightly on the Edvest Term Deposit. 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 the interest can be compounded to the principal. Fortnightly and monthly interest payments cannot be compounded to the principal.
Early withdrawal: You cannot withdraw or transfer funds from a term deposit account prior to maturity unless you give us thirty-one days’ notice. The notice period commences on the first business day after you provide notice to us. If you believe that you may have a need to immediately withdraw or transfer funds before maturity, please select a more suitable deposit product. Where you give us notice of early withdrawal and the maturity date is less than thirty-one days from the date of notice, we will not release the funds until maturity. Upon early withdrawal or transfer, we will reduce the interest payable. An adjustment may be required where we have paid interest to you prior to you making an early withdrawal. Where an adjustment is required, we will deduct the applicable amount from the deposit balance paid to you. The reduced rate is currently 0.5% lower than the rate specified on your Term Deposit Certificate.
