Compare Victoria Teachers Mutual Bank Savings Accounts

Information verified correct on December 9th, 2016

Reach your savings goals with one of these savings and investment accounts.

Victoria Teachers Mutual Bank is a mutual, which means their customers own the organisation. Profits are reinvested back into the Mutual Bank to provide continuing value through highly competitive interest rates, low fees and superior customer service.

You don’t have to be a teacher to join this customer owned bank, anyone can become a customer and access leading savings and investment products.

The Mutual Bank is regulated in the same way as the big four banks, and its deposits are guaranteed by the Federal Government up to $250,000.

Awards that Victoria Teachers Mutual Bank has earned

Victoria Teachers Mutual Bank has been consistently recognised by both their customers and those within the financial community for an outstanding range of investment, insurance and banking products and services, including:

  • 2015 Money Magazine's Best of the Best awards Winner – Cheapest Personal Loan – Bank and Best Term Deposits – Long Term – Bank.
  • Mozo – People's Choice Awards 2014 & 2015 – Top 5 Mutual Bank.
  • Mozo – Experts Choice Awards 2015 – Best New Car Loan, Best Used Car Loan and Best Unsecured Personal Loan.
  • Smart Investor Blue Ribbon Awards 2014 – Mutual Bank of the Year.
  • 2014 Canstar Outstanding Value - Personal Loan.
  • 2014 Canstar Best Value Australia – Savings.
  • Mozo – People's Choice Awards 2014 – Most Recommended Bank.

Who is Victoria Teachers Mutual Bank?

Victoria Teachers Mutual Bank is an award-winning bank with over 100,000 customers and $2 billion in assets. Anyone can open an account with them.

Rather than profits being distributed to external shareholders (like they do with the big four banks), profits are reinvested back into the Mutual Bank to provide continuing value to customers.

Its range of banking products includes transaction and savings accounts, term deposits, credit cards, home loans, personal loans, insurance and financial planning advice.

Victoria Teachers Mutual Bank gives you secure, online access to your accounts 24/7 through their internet and mobile banking facilities. Make one off and recurring BPAY payments to your billers, transfer funds, view electronic account statements and more.

The Mutual Bank is regulated in the same way as the big four banks, and its deposits are guaranteed by the Federal Government up to $250,000.

Notable features include:

  • Set up a PIN for mobile banking for easy access to your online account.
  • Schedule payments to billers and other accounts.
  • Make instant transfers to other Victoria Teachers Mutual Bank accounts.

What about the mobile app?

Image Source: App Store

Payments
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What transaction accounts are provided are by Victoria Teachers Mutual Bank?

  • Everyday Account

This is a basic everyday interest bearing transaction account ideal for managing your day to day finances. Get free a free Visa Debit Card with this account and make free ATM withdrawals at non-Commonwealth Bank ATMs.

  • Budget Account

This account is used as a companion to the Victoria Teachers Mutual Bank Everyday Account. Allows you to set up direct debits and credits so you can save and budget for your everyday and big ticket purchases.

  • First Access Account

A transaction account for under 18’s. This account is used as a day to day account with ATM, internet and telephone access. There is no minimum balance requirement. Victoria Teachers Mutual Bank reward First Access Account holders with interest.

  • Deeming Account

Eligible pensioners can apply for the Deeming Account, a transaction account that offers two rates of interest depending on the Deeming Account balance. Get a Visa Debit Card, ATM card or cheque book to access funds and this account includes the option to add an overdraft facility.

  • Student Banking Account

A full access student transaction account with features to save money on related products such as car finance, health insurance, student and personal loans and a complimentary financial planning consultation.

  • Starting Out Account

The Starting Out Account is a transaction account aimed at 18 - 25 year olds and offers a range of money saving features for young adults: 100% finance for purchasing a new card, discounts on insurance, home loan establishment fee waiver, deals on credit cards and complimentary financial planning.

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

  • Bonus Saver

An high interest savings account that gives you an incentive to grow your savings balance. Earn 2.20% p.a. bonus interest when you deposit of more than $1 and make no withdrawals each month.

  • Online Saver

A online savings account that offers a high rate of interest for maintaining a minimum balance of $0. This account allows you to make withdrawals and there’s no minimum deposit requirement to earn the full rate of interest.

  • First Saver

A savings account for kids that offers a tiered rate of interest. Balances greater than $2,000 earn more interest. There’s no minimum requirements or deposit requirements to earn the full rate of interest, funds are available via internet and telephone banking.

  • Cash Management

The Cash Management offers a higher interest rate for balances greater than $20,000. The more you save the more interest you earn. The minimum opening deposit is $5,000. You can withdraw your money at any time.

  • Christmas Club

A savings account just for Christmas, make deposits whenever you want and access your money in time for the holidays. Set up direct credits so part of your wage can be paid directly into this account.

  • First Home Bonus Saver

The First Home Bonus savings account rewards you with bonus interest when you deposit more than $100 each month and make no withdrawals. You'll also receive $60 cash back, and they'll waive the establishment fee on any Mutual Bank Home Loan.

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What term deposits are offered by Victoria Teachers Mutual Bank?

  • Victoria Teachers Mutual Bank Term Deposits

Enter into a fixed term deposit investment for periods of 30 days through to 5 years. Term deposit interest rates are tied to the investment term, longer terms get higher returns. Your money is locked in till the investment matures.


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

Pros

  • A customer-owned bank. Victoria Teachers Mutual Bank is a mutual, which means their customers own the organisation. Rather than profits being distributed to external shareholders (like they do with the big four banks), profits are reinvested back into the organisation to provide continuing value to customers through highly competitive rates, fees and products.
  • Wide range of products and services. A range of loans, savings accounts, term deposits, insurance and financial planning services are available to help customers make the most of their money.
  • Give back to the community. Victoria Teachers Mutual Bank supports the education community through a wide range of events, donations and sponsorships, does not invest in fossil fuels and implements a range of environmentally friendly practices.
  • Award-winning bank. The Mutual Bank has won a wide range of awards from independent organisations for its products and service.
  • Secure. The Mutual Bank is regulated in the same way as the big four banks, and its savings deposits are guaranteed by the Federal Government up to $250,000.

Cons

  • Transaction fees can apply. While customers can bank fee free, fees do apply to certain transactions or when transactions exceed a maximum limit.
  • Branch access. There are a limited number of Victoria Teachers Mutual Bank branches, however you can still access your funds online using Internet Banking, Mobile Banking app, ATMs and via Phone Banking.
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How do I apply for a Victoria Teachers Mutual Bank account?

You can open an account online with ease. The application should take 10 minutes to complete. You’ll be asked to provide your contact information.

You can also open an account over the phone by calling the Mutual Bank on 1300 654 822.

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