Teachers Mutual Bank (TMB) members may be able to start making savings plans for next year, with the announcement of a new term deposit interest rate described as “market-leading” at the time of release.
The new interest rate of 2.75% is set to apply to deposits of between $100,000 and $499,999 for a term of 11 months. This rate is 35 basis points higher than the rate for TMB’s 11-month term deposits for amounts smaller than $100,000 (2.40%).
The only higher term deposit interest rate currently offered by TMB (2.80%) requires a significantly longer commitment of 36 months.
Teachers Mutual Bank CEO, Steve James, said:
“We expect that this market leading term deposit rate will be attractive to many of our members, particularly retirees seeking to grow their funds in a low-interest rate environment.”
“This new rate ensures our members have access to strong investment returns just in time for Easter next year.”
The new term deposit rate is set to apply from 9 April 2018, and is available to members of Teachers Mutual Bank (for current or retired employees of the Australian education sector and their families) UniBank (for current or retired employees, graduates and post-graduates and current students of an Australian university and their families) and Firefighters Mutual Bank (for current or retired employees of, or volunteers with, fire and emergency services and their families).