Fact checked
IMB Bank is the oldest mutual financial institution in New South Wales. It started life in 1880 as the Illawarra Mutual Building Society, before becoming a bank and expanding to include branches in three states and territories: NSW, the ACT and Victoria.
It now offers a wide range of financial services for both retail and business customers, including home, business and commercial loans, insurance and financial planning and bank accounts including term deposits.
Comparing term deposits is simple when you do it with Savvy. Look at the interest rates and terms available and compare them to what other banks are offering. Start your investment decision here with Savvy today.
*Please note that Savvy does not represent IMB Bank for its term deposit products.
IMB Bank offers a range of term deposits from one month right up to five years. The interest rates offered are tiered according to how much you wish to invest and also depend on how often you wish to have your interest paid.
IMB: common term deposit interest rates
| Term length offered | Less than $5,000 | $5,000 or more (special) |
|---|---|---|
|
3 months |
0.15% p.a. |
1.00% p.a. |
|
6 months |
0.15% p.a. |
1.00% p.a. |
|
12 months |
0.15% p.a. |
3.10% p.a. |
|
24 months |
0.15% p.a. |
1.25% p.a. |
|
36 months |
0.15% p.a. |
1.50% p.a. |
|
48 months |
0.15% p.a. |
1.75% p.a. |
|
60 months |
0.15% p.a. |
2.00% p.a. |
(Effective 23 September 2022)
The interest rates quoted above are for interest paid at maturity, aside from the special rates above 12 months, which are paid annually.
Deposits of $5,000 or more which are over 12 months in length and have interest paid at maturity come with the same rate as those under $5,000.
The interest rates for investments below $5,000 also include interest paid half-yearly or at maturity. The rates for interest paid monthly are lower than those of less frequent interest payments.
In addition, there is an option to have interest paid fortnightly for a set term of 12 months, with set interest offered for all sums from $2,000 up to $50,000 and over.
Minimum and maximum investment amounts
For the interest rates quoted above, the minimum amount to invest is either $1,000 or $5,000. The maximum deposit permitted is $100,000, although amounts higher than this can be negotiated on an individual basis.
Early withdrawal penalties
If you decide you want to withdraw your funds prior to the agreed end of the deposit, you’ll be penalised by losing a percentage of your interest. The amount you’ll lose will depend on how early you wish to end your deposit compared to the initial term you agreed to, which could amount to all of what you earned in some cases.
You can open an account at an IMB branch or enquire online or by phone. Online enquiries require a form to be completed, after which you’ll be contacted to complete the application process.
The requirements for opening a term deposit with IMB are:
Term deposits are available starting at one month and ranging up to five years, giving you more options to choose from for your savings.
You can choose how often you receive your interest payments, with options including fortnightly, monthly, half-yearly or annually.
IMB Bank provides term deposits for kids as young as 13 years old, unlike many other banks which have a minimum age for term deposits of 16 to 18.
Outside of their special offers available for certain term lengths, the interest rates offered by IMB Bank are amongst the lowest available in Australia.
To open a term deposit, you’ll either have to visit a branch, phone, or complete an online form and wait for a call back to complete the process.
You’ll need to open a transaction or savings account with IMB to have your interest paid into a bank account, as interest can’t be paid to an account with another bank.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.