IMB is a mutual bank that has been operating for 140 years.
Because IMB is a mutual bank, its customers are all members.
It was originally a building society for the Illawarra region, however since rebranding to IMB it services other parts of Australia too.
IMB has bank branches and ATMs in the Illawarra region as well as Sydney, NSW South Coast, Newcastle, the ACT and Melbourne.
What transaction accounts are offered by IMB?
Everyday Account. Link your issued Visa debit card to your everyday account and get access to your money at over 3,000 ATMs across Australia using the networks of IMB, Westpac, St.George Bank, Bank of Melbourne, and BankSA with no fees.
Everyday Unlimited Account. If you are able to keep your balance above $2,000 you can take advantage of IMB’s Everyday Account without paying any monthly fees.
Everyday Unlimited Kick Start Account. Designed for Australian’s under 18, students and apprentices up to the age of 30, the Kick Start account is a no fee everyday account that is a part of student package including a reward savings account.
What high interest savings accounts are offered by IMB?
Reward Saver Account. The Reward Saver Account helps with reaching savings goals by calculating bonus interest when you deposit at least $50 a month and make no withdrawals. There are no fees for this account, and you have the option of making saving easier by setting up regular deposits from your Everyday Account.
Kick Start Reward Saver. Working together with the Kick Start Everyday Account, the savings side pays bonus rates to young Australians who are making a $20 deposit each month and not pulling any money out.
Cash Management Account. With IMB’s Cash Management Account you are given a competitive interest rate on your balance, while still having complete access to your money. You will need a minimum of $5,000 to open the account and be issued a Visa debit card linked to it.
Christmas Club Account. Earn bonus interest for your holiday shopping, which is paid on the 31 October. If you make any withdrawals before that date, your account will be closed and the bonus interest forfeited.
What term deposits are offered by IMB?
You can invest in an IMB term deposit for terms between 1 month to 5 years, for balances starting at $1000. The fixed interest rates are tiered, so you'll get a higher rate for a larger balance. You can also choose to receive your interest annually, bi-annually or at maturity.
What are the pros and cons to banking with IMB?
Pros
Variety. IMB offers a wide range of different account options.
Fees. IMB's products charge no or minimal account fees.
Youth accounts. IMB offers dedicated product options for young people.
Cons
Interest rates. The interest offered on some IMB accounts is lower than what you can find elsewhere.
Lack of physical presence. Compared to the bigger banks, IMB has less branches and fewer ATMs available.
How do I apply for an account with IMB?
You don’t need to become a member first before applying for a savings account. Your membership is assumed once your application is approved.
Eligibility conditions. You must be a resident of Australia. Age restrictions will depend on the type of account you are applying for (most accounts are for customers 18+).
Documentation. You'll need to provide a current Australian passport, driver’s licence or Medicare card to verify your identity, and tax file number.
Application processing. Once the application has been successfully processed, IMB will set you up with online banking so that you are able to access your money.
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.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
Put more spirit in your holidays with an account that is specially designed to help you have the money you need to play Santa to all your friends and family.
With your retirement cash tucked away in one convenient account you can add to your monthly budget from your interest earnings while still getting the advantage of total access to your money.
With its relatively low opening balance, IMB’s term deposit could make it easy for Australians to begin making a positive investment towards their financial future.
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