The Teacher’s Mutual Bank Bill Paying Account allows you to keep the money you need for your monthly living expenses aside from your everyday spending money. This way you never have to worry about spending the funds you left aside for petrol or groceries. This account features access methods especially for bill paying, making it easy to keep up with your expenses.
What are the features of the Teacher’s Mutual Bank Bill Paying Account?
Before choosing a Bill Paying Account for your monthly expense management, look over the features of several different accounts offered by other Australian banks against those that you get with Teacher’s Mutual Bank:
- Membership. In order to take advantage of the Bill Paying Account from Teacher’s Mutual Bank, you will first need to buy a $10 share and become a member of the customer owned financial institution.
- Monthly account keeping fees. With this account you will not be charged any monthly fees for its use or maintenance.
- Interest rates. With this account a nominal interest rate is being applied to your balance, which increases as your average balance does.
- Deposit options. Funds can be deposited into the account with electronic transfers, direct credits or at the Teacher’s Mutual Bank offices.
- Withdrawal options. Payments can be made from the account using cheque, direct debit, BPAY, periodical payments, and electronic transfers. You are also able to make cash withdrawals at the Teacher’s Mutual Bank regional offices in Homebush and Western Sydney.
- Accessibility. You can see the details of your account and make transfers anytime using online, mobile and phone banking.
- Sweep facility. This account is eligible for the Teacher’s Mutual Bank sweep facility. The sweep facility will automatically transfer money between your accounts when the balance reaches a certain limit set by you. With this feature you can manage your account balance to make sure that there are always enough funds available to cover your bills.
- Mobile banking. Teacher’s Mutual Bank does offer a free app that allows you to make transactions and manage your accounts from a mobile device. The app is available to be downloaded on iPhone and android devices.
- $0 account keeping fee.
- Get fee-free on bank transactions.
- There is a $10 overdrawn account fee.
How do I apply for the Teacher’s Mutual Bank Bill Paying Account?
Becoming a member of Teacher’s Mutual Bank is the first step in applying for this account. If you are already a member, you can apply through your online banking platform. If not, it is important to note that you must be employed in Australia’s education industry, or a family member or close friend of someone who is. There is also a $10 shareholder fee, which can be refunded if you choose to ever give up your membership. Click “Go to Site” to access the online membership application which will also allow for you to apply for the Bill Paying Account. Other eligibility requirements you should be aware of before continuing include:
- Minimum age. Applicants will need to be at least 18 years of age.
- Residency requirements. In addition to having ties to the education industry, you must be an Australian citizen or permanent resident in order to be eligible for the account.
- Depository requirements. You will not be asked to make a minimum deposit into the Bill Paying Account, but new members will need to pay $10 for to purchase your share.
It is also recommended that you have the following documentation readily available in order to make it easier as you are filling in the forms:
- Tax file number. Providing the mutual bank with your tax file number (TFN) is not mandatory, however by doing so they will be able to apply the correct withholding tax rate to any of your interest earnings.
- Identification. Documents that will help in proving your identity include your passport or driver’s licence.
- Bank account information. In order to process your $10 payment for a share in the mutual bank you will need to provide a bank account number from which the money can be withdrawn from.
After your application has been submitted, it will be reviewed by Teacher’s Mutual Bank before the account is activated in your name. Once you have been notified of your new account details, you can set up your online banking platform and begin making deposits into the account to cover your expenses.