IMB Bank Deposits

Explore IMB Bank's term deposit offers and interest rates to help you compare your options with Savvy.

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, updated on September 11th, 2023       

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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 term deposits explained

What term deposits does IMB Bank offer?

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. 

How do I open an IMB Bank term deposit?

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. 

What are the requirements for opening an IMB Bank term deposit?

The requirements for opening a term deposit with IMB are: 

  • You need to be 13 years of age to open a term deposit in your name 
  • You need to be an Australian citizen or resident 
  • You’ll need to provide 100 points of ID including at least one form of photo ID, such as your passport or driver’s licence 
  • You'll need to be a member of the bank, although membership is free 

The pros and cons of an IMB Bank term deposits


Wide variety of terms available

Term deposits are available starting at one month and ranging up to five years, giving you more options to choose from for your savings. 

Choose your interest payment frequency 

You can choose how often you receive your interest payments, with options including fortnightly, monthly, half-yearly or annually. 

Term deposits available for children

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.


Uncompetitive interest rates

Outside of their special offers available for certain term lengths, the interest rates offered by IMB Bank are amongst the lowest available in Australia. 

No simple online application

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. 

Interest can’t be paid to another bank account

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. 

More of your frequently asked questions about term deposits

What is a term deposit?

Although many people are familiar with the phrase ‘term deposit,’ not everyone knows what a term deposit is. A term deposit is an agreement between you and your bank or financial institution to lock away a set amount of money for a set period (known as the ‘term’ of the deposit) in return for a fixed rate of interest. As the interest rate and length of the deposit are fixed, you’ll be able to calculate in advance how much money your savings will earn during the life of the term deposit. When your chosen term is over, you can choose to either withdraw your funds and the interest earned or roll them over into another term deposit. 

What are the most common periods for a term deposit?

Since term deposits are designed to lock away a lump sum of savings for a set period, the most common term deposits range from six months up to one year. For this reason, many banks and financial institutions offer some of their highest interest rates for one-year term deposits, as competition for new investments is fierce. 

How can I work out how much interest I’ll earn on my term deposit?

You can use Savvy’s term deposit calculator to help you work out exactly how much interest your savings will earn over a set period. Just enter in the amount you wish to deposit, the term of the deposit and the interest rate offered, and the calculator will show you how much interest your savings will earn. 

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