Compare Teachers Mutual Bank savings accounts

Teachers Mutual Bank provides day to day banking accounts, savings accounts and term deposits, giving you the ability to choose as per your needs.

Teachers Mutual Bank began operations in 1966 and offers membership to individuals related to the education sector as well as their family members. This mutual bank has more than 160,000 members and holds more than $4.5 billion in assets. It has branches in ACT, NSW, WA and it has online and phone banking systems in place.

Rates last updated April 25th, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
Teachers Mutual Bank Everyday Account
Visa
$0
$0
An everyday bank account with unlimited transactions.
Teachers Mutual Bank Everyday Direct Account
Visa
$0
$2,000
An everyday transaction account designed for electronic transactions.
Teachers Mutual Bank Bill Paying Account
N/A
$0
$0
Managing your bills will be a piece of cake with this bill paying account.

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Rates last updated April 25th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Teachers Mutual Bank Online Savings Account
1.56%
1.56%
0.00%
$0
$0 / $0
If you prefer to save online and earn a competitive interest rate, an online savings account could help.
Teachers Mutual Bank Reward Saver Account
2.36%
0.10%
2.26%
$0
$0 / $0
Ongoing, variable 2.36% p.a. when you deposit $50+ each month. Available on the entire balance.
Teachers Mutual Bank Cash Management Account
1.21%
0.10%
$0
$5,000 / $0
Ongoing, variable 1.21% p.a. is valid only on balances of $5,000 and over. Available on the entire balance.
Teachers Mutual Bank Christmas Savings Account
1.00%
1.00%
0.00%
$0
$0 / $0
Ongoing, variable 1.00% p.a.. Available on the entire amount.

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Rates last updated April 25th, 2018
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a. Min Deposit Interest Earned
Teachers Mutual Bank Term Deposit ($5,000)
2.30%
2.30%
2.50%
2.50%
2.65%
2.70%
$5,000
Teachers Mutual Bank Edvest Term Deposit ($5,000)
2.35%
2.35%
2.55%
-
2.70%
2.75%
$5,000
Teachers Mutual Bank Rewards Package Term Deposit ($5,000)
2.35%
2.35%
2.55%
-
2.70%
2.75%
$1,000

Compare up to 4 providers

Rates last updated April 25th, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
Teachers Mutual Bank Everyday Account
Visa
$0
$0
An everyday bank account with unlimited transactions.
Teachers Mutual Bank Everyday Direct Account
Visa
$0
$2,000
An everyday transaction account designed for electronic transactions.
Teachers Mutual Bank Bill Paying Account
N/A
$0
$0
Managing your bills will be a piece of cake with this bill paying account.

Compare up to 4 providers

Rates last updated April 25th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Teachers Mutual Bank Online Savings Account
1.56%
1.56%
0.00%
$0
$0 / $0
If you prefer to save online and earn a competitive interest rate, an online savings account could help.
Teachers Mutual Bank Reward Saver Account
2.36%
0.10%
2.26%
$0
$0 / $0
Ongoing, variable 2.36% p.a. when you deposit $50+ each month. Available on the entire balance.
Teachers Mutual Bank Cash Management Account
1.21%
0.10%
$0
$5,000 / $0
Ongoing, variable 1.21% p.a. is valid only on balances of $5,000 and over. Available on the entire balance.
Teachers Mutual Bank Christmas Savings Account
1.00%
1.00%
0.00%
$0
$0 / $0
Ongoing, variable 1.00% p.a.. Available on the entire amount.

Compare up to 4 providers

Rates last updated April 25th, 2018
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a. Min Deposit Interest Earned
Teachers Mutual Bank Term Deposit ($5,000)
2.30%
2.30%
2.50%
2.50%
2.65%
2.70%
$5,000
Teachers Mutual Bank Edvest Term Deposit ($5,000)
2.35%
2.35%
2.55%
-
2.70%
2.75%
$5,000
Teachers Mutual Bank Rewards Package Term Deposit ($5,000)
2.35%
2.35%
2.55%
-
2.70%
2.75%
$1,000

Compare up to 4 providers

Rates last updated April 25th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
RaboDirect High Interest Savings Account
3.05%
1.80%
1.25%
$0
$0 / $1
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.80% p.a. Available on balances below $250,000
Bankwest Hero Saver
2.60%
0.01%
2.59%
$0
$0 / $0
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
Bank Australia Bonus Saver Account
2.60%
0.15%
2.45%
$0
$0 / $1
Ongoing, variable 2.60% p.a. when you deposit at least $100 and make no withdrawals. Available on the entire balance.
Bank of Queensland WebSavings Account
2.90%
1.30%
1.60%
$0
/ $1
Introductory rate of 2.90% p.a. for 4 months, reverting to the standard rate of 1.30% p.a. Available on balances up to $5,000,000 and subject to approval above this balance.
HSBC Serious Saver
3.00%
1.60%
1.40%
$0
$0 / $0
Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
Citibank Online Saver
2.85%
1.70%
1.15%
$0
$0 / $0
Introductory rate of 2.85% p.a. for 4 months, reverting to a rate of 1.70% p.a. Available on balances below $500,000.
HSBC Flexi Saver Account
2.50%
1.25%
1.25%
$0
$0 / $0
Ongoing, variable 2.50% p.a. when you deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.
Westpac Life
2.30%
1.50%
0.80%
$0
$0 / $0
Ongoing, variable 2.30% 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.
Bank of Melbourne Maxi Saver
2.85%
0.80%
2.05%
$0
$0 / $0
Introductory rate of 2.85% p.a. for 3 months, reverting to 0.80% p.a. Available on the entire balance.
Westpac eSaver
2.51%
0.80%
1.71%
$0
$0 / $0
Total introductory rate of 2.51% p.a. for 5 months, reverting to a rate of 0.80% p.a. Available on the entire balance.
St.George Maxi Saver
2.85%
0.80%
2.05%
$0
$1 / $1
Introductory rate of 2.85% p.a. for 3 months, reverting to a rate of 0.80% p.a. Available on the entire balance.
BankSA Maxi Saver
2.85%
0.80%
2.05%
$0
$1 / $1
Introductory rate of 2.85% p.a. for 3 months, reverting to a rate of 0.80% p.a. Available on the entire balance.
Bank of Melbourne Incentive Saver
2.30%
1.10%
1.20%
$0
$1 / $1
Ongoing competitive interest rate applied to your entire balance when you make at least one deposit and no withdrawals each month.
BankSA Incentive Saver Account
2.30%
1.10%
1.20%
$0
$0 / $0
Earn a competitive interest rate when you make one deposit of any amount per month and don't make any withdrawals. Available on the entire balance.

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Awards that Teachers Mutual Bank has earned

  • Roy Morgan Customer Satisfaction Awards, 2015. Teachers Mutual Bank awarded Bank of the Year with customer satisfaction levels hovering around the 95% mark.
  • Asia-Pacific Banking and Finance (AB+F) Awards, 2015 .Teachers Mutual Bank awarded Best Bank in Socially Responsible Performance (ESG)
  • UNAA World Environment Day Awards, 2014. Teachers Mutual Bank won the UNAA Sustainability Leadership award
  • Australian Banking & Finance Awards, 2013. Teachers Mutual Bank awarded Best Bank in Socially Responsible Performance category

Who is Teachers Mutual Bank?

Teachers Mutual Bank’s offerings are largely similar to financial products and services you would find at mainstream banks. This mutual bank provides its members with everyday accounts, savings accounts, term deposits, credit cards, personal loans, car loans, home loans, insurance solutions, and financial planning advice..


What are the transaction accounts provided by Teachers Mutual Bank?

  • Everyday account

This everyday account gives you the ability to earn interest in a tiered manner. It comes with a Visa debit card, it allows direct debits and credits, you can use its mobile app to transfer money to friends, and you can pay bills using BPAY. This account offers unlimited transactions for a flat monthly fee, it comes with a chequebook, and you can transact using Bank@Post outlets.

  • Everyday direct account

This account also gives you the ability to earn interest, and you can access funds in your account at any time using a Visa debit card. This account allows direct debits and credits, you can pay friends using a mobile app, and you can use BPAY to pay bills. You can also turn to Bank@Post outlets for certain kinds of transactions.

  • Bill Paying account

You can use this account to keep money for bills separately in order to simplify budgeting. This account allows direct debits and credits, you can pay bills using BPAY, and you can withdraw funds using cheques. You can deposit and withdraw cash at the Homebush and Western Sydney regional offices. This account offers interest.

What high interest savings accounts are offered by Teachers Mutual Bank?

  • Online Savings account

This account gives you reasonable controls over how you manage your funds while paying you interest and it does not require a minimum balance. It gives you 24/7 access to online and phone banking, which you can use to transfer funds. This account allows direct credits, it does not charge account keeping fees, and offers higher interest on balances of $0 and more.

  • Reward Saver account

This account gives you the ability to earn bonus interest each month. To qualify, you should deposit at least $50 in your account every month, and not make any withdrawals. This account allows direct credits, and it gives you round-the-clock access to your account through online and phone banking.

  • Cash Management account

This account does not come with a minimum balance requirement, and it does not charge any fees when you access your account using online or phone banking. It allows direct credits, and gives account holders access to SMS banking. If your balance is $5,000 or more, you earn noticeably higher interest.

  • New Teachers Online Savings account

This account can help new teachers get on the savings bandwagon, given that it offers a competitive interest rate. This account does not have a minimum balance requirement, it allows direct credits, and it provides account holders with access to online and phone banking.

  • Edvest Cash Management account

This account is exclusive to Edvest members. It offers a highly competitive interest rate, it allows direct credits, and it gives account holders access to SMS, online, and phone banking.

  • Deeming account

You can apply for this account is you receive any allowance or pension from Department of Veteran Affairs or Department of Family and Community Services. It allows direct credits, it offers four free transactions per month, and it offers access to online and phone banking.

What term deposits are offered by Teachers Mutual Bank?

  • Member term deposit

As a new teacher member or if you’re less than 24 years of age, you can open a term deposit with as little as $500. Otherwise, you have to start with a minimum of $5,000. The term of the deposit can vary in between three and 36 months.

  • Edvest term deposit

This term deposit is exclusive to Edvest members, and they can look forward to earning a higher than usual interest rate. The minimum required to open this term deposit is $1,000, and terms vary in between three and 36 months.

  • Rewards package term deposit

If you are an existing rewards package member, you can open this term deposit, which offers 0.05% bonus interest. Open this term deposit with a minimum of $1,000, for a term in between three and 36 months.

  • Customer term deposit

You can apply for this term deposit even if you’re not a Teachers Mutual Bank member. Open this term deposit with $1,000 or more, and choose a term in between three and 36 months.

What are the pros and cons of Teachers Mutual Bank accounts?

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

Pros

  • Variety of accounts. This mutual bank offers great diversity through its offerings, and you get to choose from different alternatives in everyday accounts, savings accounts, as well a term deposits.
  • Easy access to account information. Customers can look forward to accessing account related information from anywhere, at anytime, by turning to the bank’s online, mobile, and phone banking platforms.
  • Term deposits for non-members. Most mutual banks limit their offerings to members, but with Teachers Mutual Bank even non-members can consider opening term deposits.

Cons

  • Not many branches. Teachers Mutual Bank has a handful of branches spread across few Australian cities, and this can be a drawback for people who wish to bank in person.
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How do I apply for a Teachers Mutual Bank savings account?

You need to compare the accounts offered by Teachers Mutual Bank to make sure they suit your personal financial needs and your unique situation. If you decide one of the accounts meets your needs, you can apply for a Teachers Mutual Bank savings account online, in person, or over the phone. To apply online, simply click on the ‘Go to Site’ button, but make sure you meet the following eligibility criteria.

  • You are a Teachers Mutual Bank member
  • You meet account specific age requirements

If you’re not a Teachers Mutual Bank member you can apply for membership online. To qualify, you should meet any of the following criteria.

  • You work in the Australian education sector, or are retired and worked in this sector
  • You are studying teaching and are a member of a relevant education union
  • You are a family member of an existing Teachers Mutual Bank member
  • You are a member of a relevant industrial association
  • You have Teachers Health Fund membership
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Read more on this topic

Savings Account Offers

Important Information*
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.80
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
Bank Australia Bonus Saver Account

Maximum Variable Rate

2.60

Standard Variable Rate

0.15
Citibank Online Saver

Maximum Variable Rate

2.85

Standard Variable Rate

1.70

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