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.
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 about the mobile app?
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Menu
Account Balance
Payments
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.
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 and more.
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.
Pension Advantage 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 $1,000. 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.
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?
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.
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
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
Give your money the benefit of a high interest savings account boost with a flexible term deposit that allows you to structure the terms to meet your needs.
I wish to invest money in a 6 month deposit above $5000.
Retired teacher. What is the process please?
I like it smooth and simple not stressful please.
Thanks for your comment. It’s good looking after your financial health!
The process to apply for a Teacher’s Mutual Bank depends on how you want to apply. It can be online, in person, or over the phone. To apply online, simply click on the MORE button on the right side of the type of account you want to apply for.
You will be directed to the official webpage of Teachers Mutual Bank where you will be guided carefully on how to apply.
As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of the chosen account before applying. You may also contact the bank should you have any questions about their product.
Hope this helps and feel free to reach out to us again for further assistance.
You can invest with their term deposit account even if not a member or from any teaching field but there’s a limit. You can be a member even if you do not have any teaching or teaching-related background. Please see details below for the membership requirements:
-Be an Australian citizen or permanent resident
-Be at least 18 years or over
-Provide your identification documents with your full name, date of birth and address (e.g. Driver’s Licence, Passport)
-Subscribe to one-time membership ($10.00)
If I am an Australian resident but not have any teaching past or present history. Can I make an investment in to anyone of your term deposits for any length of term up to 5 years?
To invest on one of term deposits offered by Teachers Mutual Bank, you must be a Teachers Mutual Bank member. To qualify as a Teachers Mutual Bank member, 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
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
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I wish to invest money in a 6 month deposit above $5000.
Retired teacher. What is the process please?
I like it smooth and simple not stressful please.
Hi Ange,
Thanks for your comment. It’s good looking after your financial health!
The process to apply for a Teacher’s Mutual Bank depends on how you want to apply. It can be online, in person, or over the phone. To apply online, simply click on the MORE button on the right side of the type of account you want to apply for.
You will be directed to the official webpage of Teachers Mutual Bank where you will be guided carefully on how to apply.
As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of the chosen account before applying. You may also contact the bank should you have any questions about their product.
Hope this helps and feel free to reach out to us again for further assistance.
Best,
Nikki
Can I open a term deposit account if I am not a current member of Teachers Mutual Bank nor in the teaching field?
Hi Michael,
Thank you for getting in touch with Finder.
You can invest with their term deposit account even if not a member or from any teaching field but there’s a limit. You can be a member even if you do not have any teaching or teaching-related background. Please see details below for the membership requirements:
-Be an Australian citizen or permanent resident
-Be at least 18 years or over
-Provide your identification documents with your full name, date of birth and address (e.g. Driver’s Licence, Passport)
-Subscribe to one-time membership ($10.00)
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
If I am an Australian resident but not have any teaching past or present history. Can I make an investment in to anyone of your term deposits for any length of term up to 5 years?
Hi David,
Thank you for getting in touch with finder.
To invest on one of term deposits offered by Teachers Mutual Bank, you must be a Teachers Mutual Bank member. To qualify as a Teachers Mutual Bank member, 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
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni