Compare Teachers Mutual Bank Savings Accounts

Information verified correct on December 4th, 2016

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 December 4th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
Teachers Mutual Bank Everyday Account
An everyday bank account with unlimited transactions.
Visa $0 $0 Unlimited withdrawals at NAB, BOQ and rediATMs for a flat monthly fee. More
Teachers Mutual Bank Everyday Direct Account
An everyday transaction account designed for electronic transactions.
Visa $0 $2,000 Monthly fee is waived if you meet the deposit requirements: access to rediATMs, NAB ATMs and BoQ ATMs. More
Teachers Mutual Bank Bill Paying Account
Managing your bills will be a piece of cake with this bill paying account.
N/A $0 $0 No monthly fees and unlimited electronic banking with periodical payments. More
Rates last updated December 4th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Teachers Mutual Bank Online Savings Account
If you prefer to save online and earn a competitive interest rate, an online savings account could help.
1.76% 1.76% 0.00% $0 $2,000 / $0 More
Teachers Mutual Bank Reward Saver Account
Ongoing, variable 2.61% p.a. when you deposit $50+ each month. Available on the entire balance.
2.61% 0.10% 2.51% $0 $0 / $0 More
Teachers Mutual Bank Cash Management Account
Ongoing, variable 1.21% p.a. is valid only on balances of $5,000 and over. Available on the entire balance.
1.21% 0.10% $0 $0 / $0 More
Teachers Mutual Bank Christmas Savings Account
Ongoing, variable 1.00% p.a.. Available on the entire amount.
1.00% 1.00% 0.00% $0 $0 / $0 More
Rates last updated December 4th, 2016
$
3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
Teachers Mutual Bank Term Deposit
Teachers Mutual Bank Term Deposit
2.40% 2.40% 2.50% 2.90% 3.05% 3.15% - - $1,000 More
Teachers Mutual Bank Edvest Term Deposit
Teachers Mutual Bank Edvest Term Deposit
2.45% 2.45% 2.55% 2.95% 3.10% 3.20% - - $1,000 More
Teachers Mutual Bank Rewards Package Term Deposit
Teachers Mutual Bank Rewards Package Term Deposit
2.85% 2.75% 2.85% 2.95% - - - - $1,000 More
Rates last updated December 4th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
Teachers Mutual Bank Everyday Account
An everyday bank account with unlimited transactions.
Visa $0 $0 Unlimited withdrawals at NAB, BOQ and rediATMs for a flat monthly fee. More
Teachers Mutual Bank Everyday Direct Account
An everyday transaction account designed for electronic transactions.
Visa $0 $2,000 Monthly fee is waived if you meet the deposit requirements: access to rediATMs, NAB ATMs and BoQ ATMs. More
Teachers Mutual Bank Bill Paying Account
Managing your bills will be a piece of cake with this bill paying account.
N/A $0 $0 No monthly fees and unlimited electronic banking with periodical payments. More
Rates last updated December 4th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Teachers Mutual Bank Online Savings Account
If you prefer to save online and earn a competitive interest rate, an online savings account could help.
1.76% 1.76% 0.00% $0 $2,000 / $0 More
Teachers Mutual Bank Reward Saver Account
Ongoing, variable 2.61% p.a. when you deposit $50+ each month. Available on the entire balance.
2.61% 0.10% 2.51% $0 $0 / $0 More
Teachers Mutual Bank Cash Management Account
Ongoing, variable 1.21% p.a. is valid only on balances of $5,000 and over. Available on the entire balance.
1.21% 0.10% $0 $0 / $0 More
Teachers Mutual Bank Christmas Savings Account
Ongoing, variable 1.00% p.a.. Available on the entire amount.
1.00% 1.00% 0.00% $0 $0 / $0 More
Rates last updated December 4th, 2016
$
3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
Teachers Mutual Bank Term Deposit
Teachers Mutual Bank Term Deposit
2.40% 2.40% 2.50% 2.90% 3.05% 3.15% - - $1,000 More
Teachers Mutual Bank Edvest Term Deposit
Teachers Mutual Bank Edvest Term Deposit
2.45% 2.45% 2.55% 2.95% 3.10% 3.20% - - $1,000 More
Teachers Mutual Bank Rewards Package Term Deposit
Teachers Mutual Bank Rewards Package Term Deposit
2.85% 2.75% 2.85% 2.95% - - - - $1,000 More
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 $2,000 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 $0 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 $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.

  • 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 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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