Australian Mutual Bank

Compare Australian Mutual Bank savings accounts

Are you a young adult, retired or just looking for a little more this Christmas? Australian Mutual Bank have a savings account to help you reach your savings goals.

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Important information

On November 2021, Sydney Mutual Bank is now known as Australian Mutual Bank.
Existing Sydney Mutual Bank customers will be notified directly about changes to their banking.

Australian Mutual Bank is a provider of banking services based in Sydney. You don’t have to live in the harbor city to apply for a savings or investment account from this mutual bank.

Name Product Card access ATM Withdrawal Fee Fee Free Transactions p.m. Monthly account fee
Australian Mutual Bank Transaction Account
Australian Mutual Bank Transaction Account
Visa
$0
$0
No account-keeping fees. Visa debit card available, which is compatible with Apple Pay, Samsung Pay or Google Pay.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Australian Mutual Bank Young Saver Account
Australian Mutual Bank Young Saver Account
1%
1%
0%
$0
Earn 1% pa on balances up to $5,000.
Australian Mutual Bank iNet Saver Account
Australian Mutual Bank iNet Saver Account
0.1%
0.1%
0%
$0
Earn 0.1% pa on balances from $2,000 and over.
Australian Mutual Bank Savings Motivator Account
Australian Mutual Bank Savings Motivator Account
0.3%
0.01%
0.29%
$0
Australian Mutual Bank Pensioner Aware
Australian Mutual Bank Pensioner Aware
0.15%
0.15%
0%
$0
A transaction account that earn a high interest rate of 0.15% p.a. which is suitable for retirees and aged pensioners.
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Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Australian Mutual Bank Term Deposit $5,000.00 - $99,999.99
Australian Mutual Bank Term Deposit $5,000.00 - $99,999.99
0.20%
0.20%
0.25%
0.25%
0.25%
0.35%
0.45%
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Name Product Card access ATM Withdrawal Fee Fee Free Transactions p.m. Monthly account fee
Australian Mutual Bank Transaction Account
Australian Mutual Bank Transaction Account
Visa
$0
$0
No account-keeping fees. Visa debit card available, which is compatible with Apple Pay, Samsung Pay or Google Pay.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Australian Mutual Bank Young Saver Account
Australian Mutual Bank Young Saver Account
1%
1%
0%
$0
Earn 1% pa on balances up to $5,000.
Australian Mutual Bank iNet Saver Account
Australian Mutual Bank iNet Saver Account
0.1%
0.1%
0%
$0
Earn 0.1% pa on balances from $2,000 and over.
Australian Mutual Bank Savings Motivator Account
Australian Mutual Bank Savings Motivator Account
0.3%
0.01%
0.29%
$0
Australian Mutual Bank Pensioner Aware
Australian Mutual Bank Pensioner Aware
0.15%
0.15%
0%
$0
A transaction account that earn a high interest rate of 0.15% p.a. which is suitable for retirees and aged pensioners.
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Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Australian Mutual Bank Term Deposit $5,000.00 - $99,999.99
Australian Mutual Bank Term Deposit $5,000.00 - $99,999.99
0.20%
0.20%
0.25%
0.25%
0.25%
0.35%
0.45%
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Virgin Money Boost Saver (25+ year olds)
1.2%
0.1%
1.1%
$0
Customers aged 25+ can earn an ongoing variable 1.2% p.a. each month you deposit at least $2,000 into your linked Virgin Money Go Transaction Account and make 5+ transactions.
AMP Saver Account
1.16%
0.01%
1.15%
$0
Earn an ongoing variable 1.16% p.a. when you deposit at least $250 a month, with no monthly spend requirements to meet. Available on balances up to $250,000.
Westpac Life (18-29 year olds only)
2.5%
0.15%
2.35%
$0
If you’re between 18-29, you can earn a 2.5% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your Westpac Choice account, up to a balance of $30,000.
Rabobank High Interest Savings Account
1.35%
0.25%
1.1%
$0
Maximum variable rate of 1.35% p.a. for 4 months, reverting to a rate of 0.25% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
MyState Bank Bonus Saver Account
1.1%
0.05%
1.05%
$0
Ongoing, variable 1.2% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.
Great Southern Bank Home Saver Account
0.95%
0.05%
0.9%
$0
Ongoing, variable 0.95% when you deposit at least $2,000 into a linked Everyday Snap Account each month and make 5 or more Visa Debit card transactions per month. Bonus interest available on balances up to $250,000.
Virgin Money Boost Saver (18-24 year olds)
1.2%
0.1%
1.1%
$0
Customers aged 18-24 can earn an ongoing variable 1.2% p.a. each month you deposit at least $1,000 into your linked Virgin Money Go Transaction Account and make 5+ transactions.
Citibank Online Saver
1.1%
0.35%
0.75%
$0
Introductory rate of 1.1% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
Virgin Money Grow Saver
0.65%
0.1%
0.55%
$0
Earn an ongoing variable 0.65% p.a. each month you make at least one deposit of any amount and no more than one withdrawal.
Westpac Life
0.25%
0.15%
0.1%
$0
Ongoing, variable 0.25% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
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Who is Australian Mutual Bank?

Australian Mutual Bank (previously Sydney Mutual Bank) are a Sydney based full service mutual bank with products to cater for all types of Australians. Australian Mutual Bank savings accounts provide a blend of features that make accessing your money easy while continuing to reward you with a competitive rate of interest.

What is internet banking like for Australian Mutual Bank?

Internet banking is an increasingly important feature, Australian Mutual Bank lack the branch presence of other banking institutions such as Westpac or Commonwealth Bank.

Register for Australian Mutual Bank internet banking when you open a Australian Mutual Bank transaction, savings or investment account. Apply over the phone or at a branch to get an access code, which can be used in conjunction with your membership number to login and access your accounts online.

Notable features:

Australian Mutual Bank internet banking lets you manage your savings and other accounts from your home.

  • Transfer money between your Australian Mutual Bank savings and transaction accounts.
  • Make payments to other accounts in Australia or overseas.
  • Pay bills using BPAY.
  • View interest earned and electronic statements.
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What high interest savings accounts are offered by Australian Mutual Bank?

  • iNetSaver Account

Get rewarded with one of Australian Mutual Bank’s highest rate of interest, the iNetSaver Account rewards you with more interest when you keep a balance over $2,000. This account does not include Debit or rediCARD access, manage your account online. Make an online transfers to a transaction account to withdraw the funds in the iNetSaver.

  • Savings Motivator Account

The Australian Mutual Bank Motivator gives you an Incentive to keep saving. Get rewarded with bonus interest when you make deposits and no withdrawals each month. This account does not offer ATM access.

  • Pension Aware Accounts

Australian Mutual Bank’s savings account for pensioners and retirees. Internet and telephone banking allows you to make BPAY payments and transfer money to other accounts. Use the rediCARD or get the Visa Debit Card to make online purchases as well as cash withdrawals. An overdraft facility can be attached to this account.

What term deposits are offered by Australian Mutual Bank?

  • Term Deposit Account

Invest in terms from 3 months to 5 years. Lock in your investment for a fixed return and get interest paid when the investment matures. Open a Australian Mutual Bank term deposits with $5,000 or more.


What are the pros and cons of banking with Australian Mutual Bank?

Pros

  • Bonus interest. Australian Mutual Bank provides you an incentive to save through bonus interest when you make regular deposits and no withdrawals.
  • Kid’s accounts. Australian Mutual Bank have a great range of savings products specifically tailored to meet the needs of junior savers.

Cons

  • Limited branch access. Australian Mutual Bank offer a suite of tools so you can do your banking online or over the phone; however, there is a limited number of Australian Mutual Bank branches if you wish to do your banking in person, especially outside of Sydney.
  • Dated online banking. Australian Mutual Bank online banking lacks to the fresh and new look and feel of other online banking facilities, such as Commbank for example.

How do I apply for a Australian Mutual Bank account?

You must already be a Australian Mutual Bank member to apply for a savings or investment account. Australian citizens and permanent residents are eligible to become members. You can become a Australian Mutual Bank member online.

  • Eligibility

You must be over 18 to become a Australian Mutual Bank member.

You must be registered on the electoral role or in the telephone book.

  • Identity

Make sure you have your passport, driver's licence or medicard on hand to complete the identification requirements of the Australian Mutual Bank membership application.

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