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Teachers Mutual Bank cuts two-year rate to 4.67pc

by Staff Reporter7 minute read
The Adviser

Teachers Mutual Bank has reduced its two-year fixed rate from 4.83 per cent to 4.67 per cent.

The new rate is a temporary offer that covers applications between August 7 and September 7.

It comes with a free 90-day lock and a 100 per cent offset facility.

Teachers Mutual’s national manager of third-party distribution, Mark Middleton, said the bank wanted to stand out from the raft of lenders that have been cutting their five-year rates.

“We would like to approach the market differently to our competitors, so we’ve gone with the two-year rate,” he told The Adviser.

“We’ve had specials with the three-year rate, but we haven’t done a lot with the two-year rate, so we wanted to test the market and see what sort of reaction we get.”

[Related: New offset account covers all products]

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