Compare Sydney Mutual Bank savings accounts

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

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Sydney Mutual Bank

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Sydney 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 Deposit p.m. Monthly account fee
Sydney Mutual Bank Transaction Account
Sydney Mutual Bank Transaction Account
Visa
$0
$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
Sydney Mutual Bank Young Saver Account
Sydney Mutual Bank Young Saver Account
1%
1%
0%
$0
Earn 1% pa on balances up to $5,000.
Sydney Mutual Bank iNet Saver Account
Sydney Mutual Bank iNet Saver Account
0.15%
0.15%
0%
$0
Earn 0.15% pa on balances from $2,000 and over.
Sydney Mutual Bank Savings Motivator Account
Sydney Mutual Bank Savings Motivator Account
0.35%
0.05%
0.3%
$0
Sydney Mutual Bank Lifestyle Account
Sydney Mutual Bank Lifestyle Account
0.75%
0.1%
0.65%
$0
Sydney Mutual Bank Emoney Account
Sydney Mutual Bank Emoney Account
0.3%
0.3%
0%
$0
Earn 0.3% pa on balances from $250,000.
Sydney Mutual Bank Direct Saver
Sydney Mutual Bank Direct Saver
0.2%
0.2%
0%
$0
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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.
Sydney Mutual Bank Term Deposit $5,000.00 - $99,999.99
Sydney 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 Deposit p.m. Monthly account fee
Sydney Mutual Bank Transaction Account
Sydney Mutual Bank Transaction Account
Visa
$0
$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
Sydney Mutual Bank Young Saver Account
Sydney Mutual Bank Young Saver Account
1%
1%
0%
$0
Earn 1% pa on balances up to $5,000.
Sydney Mutual Bank iNet Saver Account
Sydney Mutual Bank iNet Saver Account
0.15%
0.15%
0%
$0
Earn 0.15% pa on balances from $2,000 and over.
Sydney Mutual Bank Savings Motivator Account
Sydney Mutual Bank Savings Motivator Account
0.35%
0.05%
0.3%
$0
Sydney Mutual Bank Lifestyle Account
Sydney Mutual Bank Lifestyle Account
0.75%
0.1%
0.65%
$0
Sydney Mutual Bank Emoney Account
Sydney Mutual Bank Emoney Account
0.3%
0.3%
0%
$0
Earn 0.3% pa on balances from $250,000.
Sydney Mutual Bank Direct Saver
Sydney Mutual Bank Direct Saver
0.2%
0.2%
0%
$0
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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.
Sydney Mutual Bank Term Deposit $5,000.00 - $99,999.99
Sydney 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
Westpac Life (18-29 year olds only)
3%
0.2%
2.8%
$0
If you’re between 18-29, you can earn a 3% 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.
MyState Bank Bonus Saver Account
1.2%
0.1%
1.1%
$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.
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.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
2.5%
0.05%
2.45%
$0
Only available to those aged 14-24. Ongoing, variable 2.5% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Max bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn a lower bonus rate. Base rate applies on balances over $250,000.
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.
Bank of Queensland Fast Track Saver Account
1.05%
0.05%
1%
$0
Ongoing, variable 1.05% p.a. when you link to an BOQ Day2Day Plus Account, deposit $1,000+ into the Day2Day account each month from an external account and make 5+ eligible transactions per month. Available on balances up to $250,000.
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.
Bank of Queensland WebSavings Account
0.01%
0.01%
0%
$0
Introductory rate of 0.01% p.a. for months, reverting to the standard rate of 0.01% p.a. for balances between $0 and $1,999.
HSBC Flexi Saver Account
0.25%
0.05%
0.2%
$0
Ongoing, variable 0.25% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.
Westpac Life
0.4%
0.2%
0.2%
$0
Ongoing, variable 0.4% 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.
HSBC Serious Saver
0.3%
0.15%
0.15%
$0
Receive a maximum variable rate of 0.3% p.a. for 4 months, reverting to an ongoing rate of 0.15% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
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Who is Sydney Mutual Bank?

Sydney Mutual Bank (previously SCU) are a Sydney based full service mutual bank with products to cater for all types of Australians. Sydney 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 Sydney Mutual Bank?

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

Register for Sydney Mutual Bank internet banking when you open a Sydney 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:

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

  • Transfer money between your Sydney 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 Sydney Mutual Bank?

  • iNetSaver Account

Get rewarded with one of Sydney 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.

  • Money Market Account

A savings account which rewards you with interest linked to money market rates. The Sydney Mutual Bank money market investment account has a $5,000 minimum opening deposit. This online access account has no withdrawal restrictions.

  • Savings Motivator Account

The Sydney 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.

  • Christmas Club Savings Account

The Christmas Club is a special savings account just for Christmas, you can withdraw money between the 1st of November and the 31st of January only. This account has no minimum opening balance.

  • Pension Aware Accounts

Sydney 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 Sydney 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 Sydney Mutual Bank term deposits with $5,000 or more.


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

Pros

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

Cons

  • Limited branch access. Sydney 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 Sydney Mutual Bank branches if you wish to do your banking in person, especially outside of Sydney.
  • Dated online banking. Sydney 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 Sydney Mutual Bank account?

You must already be a Sydney 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 Sydney Mutual Bank member online.

  • Eligibility

You must be over 18 to become a Sydney 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 Sydney Mutual Bank membership application.

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