In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Teachers Mutual Bank Reward Saver Account

Teachers Mutual Bank Reward Saver Account - DISCONTINUED

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Maximum variable rate
2.25% p.a.
Base interest rate
0.1%p.a.
Minimum deposit
$50

Summary

Need an incentive to save? Teacher’s Mutual Bank will reward you with extra earnings every month that you increase the amount of money in your account.

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The Reward Saver Account raises your interest rate each month that you meet the required deposit amount without making any withdrawals. You are also provided free access to your account 24/7 to help in keeping track of your savings goals. With this type of high interest savings account, you have a real chance at building your nest egg for the future.

Pros

  • There is a monthly account keeping fee of $0
  • $0 ongoing minimum balance required
  • Bonus interest is offered on accounts without withdrawals or if $50 is met as a minimum balance each month

Cons

  • Limited free withdrawal per month
  • Fees apply on excess usage

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name Teachers Mutual Bank Reward Saver Account - DISCONTINUED
Maximum Variable Rate 2.25% p.a.
Standard Variable Rate 0.10% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Key features

Monthly service fee

Teacher’s Mutual Bank does not charge a monthly fee for the Reward Saver Account.

Transaction fees

You are allowed one free transfer to another Teacher’s Mutual Bank account per month. After that you are charged $1.50 for each withdrawal transaction. For any staff assisted transactions or enquiries you will be charged $3.


How to apply

Eligibility

Existing members of the mutual bank can apply for this saving account by logging into their online banking platform and clicking on “new accounts”. New members must be employed in the Australian education field or be a family member or close friend of someone who is. Other eligibility requirements you will have to meet first include:

  • Minimum age. Only applicants who are at least 18 years old will be considered.
  • Residency requirements. In order to be eligible for membership and the Reward Saver Account you must be an Australian citizen or permanent resident.

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