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Australian Mutual Bank savings and bank 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.
The mutual has been operating in Australia since 1953.
On November 2021, Sydney Mutual Bank is rebranded to Australian Mutual Bank. Existing Sydney Mutual Bank customers were notified directly about changes to their banking.
Australian Mutual Bank is a Sydney based full service mutual bank with products to cater for all types of Australians.
As a mutual bank, it's owned by members not shareholders.
Deposits in Australian Mutual Bank are covered under the government's financial claims scheme.
What 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.
Are you looking for another Australian Mutual Bank product instead?
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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