With Select Mutual Bank you are able to save for the little things like Christmas shopping money or think big and shave years off of your home loan.
Established in 1963, Select Mutual Bank began as a financial services provider for the employees of the Sydney County Council along with their families. Since that time they extended membership to cover a larger community, serving more members with a larger selection of products and financial services.
On 1 February 2018 Select Encompass Credit Union Ltd changed its name to Endeavour Mutual Bank Ltd. You can find Endeavour Mutual Bank's products here.
Who is Select Mutual Bank?
You will find that all of your savings needs can be met through one of the various accounts Select Mutual Bank offers.
With competitive interest rates and accounts that carry no fees, you have the opportunity to plan a prosperous financial future. Products are designed to suit everyone, from young Australians just starting on their fortunes, to homeowners who want to save thousands on their home loan interest payments.
What is Internet banking like for Select Mutual Bank?
With Select Mutual Bank you can register for both Internet and mobile banking for a convenient way of managing your financial accounts.
The mobile banking app is available for android and iPhone users for free, with android users having the added benefit of Visa payWave. With this feature you are able to make contactless purchases of up to $100 simply by waving your mobile phone when checking out.
Notable features include:
- Check your account balances
- Make bill payments using BPAY
- Transfer money between your accounts
- Change your pin numbers
- Report your debit or credit card lost or stolen
- Find the closest rediATM
What about the mobile app?Image Source: App Store
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What transaction accounts are offered by Select Mutual Bank?
- Mortgage Saver Account. You can make your banking needs also work towards reducing your home loan balance with this account. Each month, the entire balance will be offset against your home loan principal before interest is applied, lowering your interest obligation and allowing you to pay your debt off quicker.
What high interest savings accounts does Select Mutual Bank offer?
- Kick Start Saver Account. Australian kids can increase their piggy bank funds with a specialised account that offers a highly competitive interest rate for the balance. Funds are available whenever needed, plus special features are included that are designed to help children learn the value of saving.
- Edvest. When you sign up to become an Edvest member, you are given exclusive access to a high interest paying account that affords you access using a Visa debit card and cheque book. Interest will be calculated on your balance each day and then paid into your account monthly.
- Select Direct Account. With this online savings account you earn a higher rate of interest on your balance and pay no monthly account keeping fees. Access is available through transfers made with your internet banking service or over the phone.
- Christmas Club Account. The Christmas Club Account gives you the opportunity to put aside funds during the year so that you have enough when the holiday expenses start adding up. Withdrawals are limited to the holiday season, and interest will be paid to your account each month.
- Cash Management Account. Interest rates for this account are tiered, so that those who are able to keep more money in the account are able to earn more each month in interest. You can also set up direct debits and credits, or access your money with a cheque book provided for you.
What term deposits are offered by Select Mutual Bank?
With $1,000 you can lock your money into a term deposit account for a period of time that ranges from three months to two years. The fixed interest rate is applied to your daily balance and you can choose to be paid monthly or when the account matures. In addition, an Edvest member who is over the age of 50 can earn a bonus interest rate on top of the one applicable for the length of the term.Back to top
What are the pros and cons of banking with Select Mutual Bank?
- Low fees. With most of the savings products found with Select Mutual Bank you will not be charged any monthly maintenance fees.
- Term deposit. The minimum opening balance requirement for the term deposit makes it a more accessible account for Australians who want to earn a higher interest rate.
- RediATM. Select Mutual Bank is a part of the rediATM network, allowing you to make withdrawals at thousands of ATMs across all of Australia.
- Mobile app. The mobile app offered by Select Mutual Bank gives you access to your accounts no matter where you are.
- Bonus interest. Unlike many other financial institutions, Select Mutual Bank does not provide members with an account that pays bonus interest for meeting monthly saving goals.
- Membership. These accounts are exclusive to members of the mutual bank.
How do I apply for a Select Mutual Bank account?
Select Mutual Bank makes it easy to apply for their accounts by providing online applications that can be filled out at your convenience.
You will need to complete a membership application first which can be done at the same time as applying for an account. The age requirements will vary depending on the account you choose, but be prepared to provide proof of your identity as well as a residential Australian address.