Teachers Mutual Bank savings account and term deposit rates

Teachers Mutual Bank Limited · Customer-owned bank

Teachers Mutual Bank's best ongoing savings rate is 5.35% p.a. on Momentum Saver, in months when you meet its bonus conditions. Its best term deposit pays 5.35% p.a. for 12 months on $1,000 or more.

Verified 2 Nov 2026

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Key facts

Top savings rate: 5.35% p.a.
Best term deposit: 5.35% p.a. for 12 months
Minimum term deposit: $1,000
Deposit protection: $250,000 per account holder
Credit cards: 1 card from Teachers Mutual Bank

What would your money earn at Teachers Mutual Bank?

Type any amount and pick an account. Estimates are before tax and assume the rate stays the same.

Amount

Try

Account

Fixed for the term. From $1,000.

Interest over 12 months

$1,338

5.35% p.a., interest paid at maturity.

Teachers Mutual Bank 12-month term deposit$1,338

Bank Australia Term Deposit, 5.60% p.a.$1,400

That is $62 less than the best 12-month term deposit in Australia would pay on the same amount.

See what your own balance actually earned

Teachers Mutual Bank rates

Every rate is variable. Bonus rates show as the total you earn, with the base and bonus parts underneath.

Momentum Saver

Bonus savings account

Any age

5.35%p.a.

0.10% base + 5.25% bonus

To earn the bonus each month

Bonus interest earned for each month you deposit a miniumum of $100, make no withdrawals during the month and the account has a credit balance at all times during the month.

Essential Saver account

Savings account, no monthly conditions

Any age

5.25%p.a.

No monthly conditions

An interest bearing online savings account with a tiered interest rate structure

Starter Saver account

Savings account, no monthly conditions

Under 30

5.50%p.a.

No monthly conditions

Starter Saver Account is a high interest savings account for Under 30 year olds that rewards savings.

Pension Advantage account

For retirees and pensioners

Any age

3.25%p.a.

No monthly conditions

An account for members receiving a pension or allowance from Centrelink or Veteran Affairs.

Term Deposit

Term Deposit rates, interest paid at maturity
Term	$1,000 to $9,999,999
3 months	4.95%
4 months	4.25%
5 months	4.25%
6 months	5.10%
7 months	5.10%
8 months	4.25%
9 monthsStand-out term	4.75%
10 months	4.25%
11 months	4.25%
11 months	4.25%
12 monthsBest rate	5.35%
12 monthsBest rate	5.35%
13 to 17 months	4.25%
13 to 16 months	4.25%
18 to 23 months	4.25%
18 to 22 months	4.25%
24 to 35 months	4.25%
24 to 34 months	4.25%
3 years	4.25%

Interest paid at maturity. New term deposits start at $1,000.

Compare 12-month term deposits at every bank in Australia

How Teachers Mutual Bank compares with other banks in Australia

Every bank we track in Australia, ranked by its best ongoing savings rate, with its 12-month term deposit. Verified 2 Nov 2026.

Savings and 12-month term deposit rates at every bank in Australia, 2 Nov 2026
#	Bank	Top savings rate	12-month term deposit
1	ING	5.75% p.a.Savings Maximiser, monthly conditions	5.30% p.a.Personal Term Deposits
2	St.George	5.40% p.a.Incentive Saver, monthly conditions	4.75% p.a.Term Deposit
3	Bank Australia	5.35% p.a.Bonus Saver, monthly conditions	5.60% p.a.Term Deposit
4	Teachers Mutual Bank	5.35% p.a.Momentum Saver, monthly conditions	5.35% p.a.Term Deposit
5	ANZ	5.35% p.a.ANZ Plus Growth Saver, monthly conditions	5.30% p.a.ANZ Advance Notice Term Deposit
6	Bankwest	5.35% p.a.Hero Saver, monthly conditions	5.30% p.a.Bankwest Term Deposit
7	Virgin Money	5.30% p.a.Virgin Money Boost Saver, monthly conditions	Not published
8	Macquarie	5.25% p.a.Macquarie Savings Account	5.40% p.a.Macquarie Term Deposit
9	CommBank	5.25% p.a.GoalSaver, monthly conditions	5.30% p.a.Standard Term Deposit
10	NAB	5.25% p.a.NAB Reward Saver, monthly conditions	5.30% p.a.NAB Term Deposit
11	Westpac	5.25% p.a.Westpac Life, monthly conditions	5.30% p.a.Term Deposit
12	BOQ	5.00% p.a.Simple Saver Account	5.40% p.a.myBOQ Term Deposit
13	Bendigo Bank	5.00% p.a.Bendigo Reward Saver, monthly conditions	4.90% p.a.Standard Term Deposit
14	Beyond Bank	4.90% p.a.Purple Bonus Saver, monthly conditions	4.90% p.a.Term Deposit

Who can open them, and how safe is the money?

Who can open each account

Momentum Saver: Any age
Essential Saver account: Any age
Starter Saver account: Under 30
Pension Advantage account: Any age
Term Deposit: Any age, from $1,000

Is my money protected?

The Australian Government's Financial Claims Scheme covers deposits at Teachers Mutual Bank up to $250,000 per account holder.

Questions about Teachers Mutual Bank savings and term deposits

What is Teachers Mutual Bank's highest savings rate?

Momentum Saver, at 5.35% p.a. on 2 Nov 2026: a 0.10% p.a. base rate plus a 5.25% p.a. bonus. Bonus interest earned for each month you deposit a miniumum of $100, make no withdrawals during the month and the account has a credit balance at all times during the month. A month that misses the conditions earns 0.10% p.a.

What is the Teachers Mutual Bank 12-month term deposit rate?

5.35% p.a. on new deposits of $1,000 or more, with interest paid at maturity.

Which Teachers Mutual Bank term deposit term pays the most?

12 months, at 5.35% p.a. with interest paid at maturity, on 2 Nov 2026.

Is my money safe with Teachers Mutual Bank?

Deposits at Teachers Mutual Bank are covered by the Australian Government's Financial Claims Scheme up to $250,000 per account holder.

Where do these rates come from?

From the product details Teachers Mutual Bank publishes under the Consumer Data Right, which Woodo checks every day. We last verified them on 2 Nov 2026. Teachers Mutual Bank does not pay Woodo, and no payment can change the order of any list.

Community

Teachers Mutual Bank savers will soon be able to report whether their bonus rate paid out each month, and ask other savers questions.

Cards issued by Teachers Mutual Bank

Teachers Mutual Bank Credit Card$0 annual fee

Other banks in Australia

INGSavings 5.75% p.a.12-month 5.30% p.a.
St.GeorgeSavings 5.40% p.a.12-month 4.75% p.a.
BankwestSavings 5.35% p.a.12-month 5.30% p.a.
ANZSavings 5.35% p.a.12-month 5.30% p.a.
Bank AustraliaSavings 5.35% p.a.12-month 5.60% p.a.
Virgin MoneySavings 5.30% p.a.12-month Not published

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