After serving Aussies in Illawarra for 135 years, the Illawarra Mutual Building Society expands its wings to become IMB.
Don’t let the new logo fool you, early in August of 2015, the Illawarra Mutual Building Society opened its 44 branches as a mutual bank. It’s a member-owned financial institution for approximately 180,000 members.
Who is IMB?
As a building society, the institution was focused in the Illawarra region, but as Illawarra Mutual Bank (IMB) they will be expanding into other parts of Australia.
All of the accounts can be managed for free online or over the phone and include other options for deposits and withdrawals. Study the variety of savings accounts available and then compare those to what you get with other Australian financial institutions before making a commitment to any one.
What about the mobile app?
Image Source: App Store| Login page | Account balance | Entity Management |
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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?
For amounts starting at $1,000 you can tuck away your savings into a term deposit account which discourages you from touching your money by applying a penalty fee and loss of interest if you break the terms. Interest rates are tiered, growing progressively higher for larger deposits and longer terms. Interest payments are made every six months or at maturity.
Alternatively, you can invest $2,000 or more into a fortnightly money plan and have the interest paid into your account every 14 days. This is a fixed term account of 12 months, but be advised that like other term deposits, the account will roll over into a new one if you do not advise IMB of your intent to withdraw before the terms expire.
The monthly money plan is for investors who have at least $5,000 to invest, and would like monthly interest payments made into the account. Available for terms of three months to five years like the regular term deposit, this account allows you to grow your savings faster by paying you interest on your interest earned.
Back to topWhat are the pros and cons to banking with IMB?
Pros
- Variety. With IMB, you will find variety in the different savings accounts offered that help you in choosing the right one for your circumstance.
- Fees. You save even more with savings accounts that do not charge any monthly account keeping fees.
- Youth accounts. IMB offers products that help to instill good money management skills in young people by rewarding them for saving.
Cons
- Interest payment on term deposits. Without the option of monthly interest payments for smaller deposits, you lose the opportunity to earn compound interest.
- Restrictions. At this time only residents of Victoria (VIC), Queensland (QLD), South Australia (SA), and the Australian Capital Territory (ACT) are eligible to become members of IMB.
- Conditions. In order to earn bonus interest you will have to commit to meeting certain deposit and withdrawal conditions.
How do I apply for an account with IMB?
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. In order to be approved for an IMB savings account you must be a resident of Australia, but not a citizen or tax resident of the United States. Age restrictions will depend on the type of account you are applying for.
- Documentation. IMB recommends that you have readily available your current Australian passport, driver’s licence (VIC, QLD, SA and ACT only), Medicare card 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.
Before signing on to open an account and become a member of IMB, make sure that they are offering you the products you need to secure your financial future by making careful comparisons with other banks and financial institutions.
