We are undertaking maintenance to the application process to open a Term Deposit account online. Please call the Contact Centre on 1800 472 265 and we can help you set up your Term Deposit over the phone.

Member Term Deposit

You'll need to be a Member to apply in Internet Banking

Supercharge your savings!

Earn a higher interest rate for a specific term.

  • Terms from 3 to 36 months
  • Guaranteed returns, with fixed, competitive interest rates
  • No account keeping fee
  • A certified responsible investment deposit product
  • 24/7 access via Internet Banking and mobile app
  • Receive a written notice before your deposit matures

View our Term Deposit interest rates


Effective 3 May 2024*

Edvest members receive interest at a rate 0.05% p.a. higher than Member Term Deposit rates.

Popular terms Member
Term Deposit
$1,000 - $499,999*
Term Deposit
$1,000 - $499,999*
3 months 4.75% pa 4.75% pa
6 months 4.65% pa 4.65% pa
9 months 4.05% pa 4.05% pa
12 months 4.75% pa 4.75% pa
18 months 4.00% pa 4.00% pa
24 months 4.00% pa 4.00% pa
36 months 4.00% pa 4.00% pa

Term Deposit interest rates

View all term deposit rates

Calculate your estimated returns

Members, open a term deposit in a few easy steps


Number 1 

Log into Internet Banking


Go to Self service and select Open new account

Number 3 

Select Apply under the New Term Deposit section and follow the prompts


View full details in our Help Centre



Don't have Internet Banking? Download the PDF application

Download PDF

Not a Member? Join now, then follow the steps above.

Become a Member


Build your wealth with a bank that does good



Do you have a question about Term Deposits?

FAQs: How Term Deposits work

How do I apply for a term deposit?

If you are a member of Teachers Mutual Bank, you can open a term deposit in Internet Banking, download an application or call us. If you are not a member of the Bank you can still open a Customer Term Deposit with us.

How do I transfer funds into a term deposit?

When you open a new term deposit, funds can be transferred from an existing account.

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 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.

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.

FAQs: How interest works on a Term Deposit

How often is interest paid on a term deposit?

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.

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

Your interest rate is guaranteed for the full term.

FAQs : Term Deposit maturity

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

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.

How can I change my maturity options?

You can change your maturity options for the principal and interest in Internet Banking or you can contact us.

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.

Can I withdraw funds early from my term deposit?

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.


To become a member, you'll need:

  • tmb-logo To be an Australian citizen or permanent resident
    18 years old or over
  • +
  • tmb-logo Identification
  • +
  • tmb-logo Account details to purchase your share in the bank


Customer term deposit

Not a Member of the Bank? You can still open a Customer Term Deposit with us.

Number 1

Complete the customer application form

Opening your first Customer Term Deposit? Complete Step 1.

Complete the Existing customer application for term deposit - individual

Already have a customer Term Deposit and want to open another? Complete Step 2 only.