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Summary

Spend less time managing bills and other payments

Finder Awards winner

Green Award

The Teacher’s Mutual Bank Bill Paying Account can be held separately, with no monthly fees, to manage your bills, groceries and other expenses more efficiently. Simply deposit what's needed, and take advantage of the transaction options available.

Pros

$0 account keeping fee.
Unlimited fee-free transactions
Your choice of transaction methods

Cons

There is a $10 overdrawn account fee
international transaction fees apply

Details

Key details

Product Name	Teachers Mutual Bank Bill Paying Account
Monthly account fee	$0
Card access	No Debit card
Own network ATM fee	$0
Monthly deposit required to waive account fee	N/A
Contactless Payments	N/A

Eligibility

Joint account availability	Yes
Minimum opening deposit	N/A
Residency status	Permanent Australian residents with an Australian address

Key features

Membership required

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.

No monthly account keeping fee

With this account you will not be charged any monthly fees for its use or maintenance.

Easy deposit options

You can deposit funds with electronic transfers, direct credits or at the Teacher's Mutual Bank offices.

Your choice of withdrawal options

Payments can be made from the account using cheque, direct debit, BPAY, periodical payments, and electronic or telephone transfers. If needed you can even make in-person cash withdrawals at the Teacher's Mutual Bank regional offices in Homebush and Western Sydney.

Access to your account online and over the phone

You can see the details of your account and make transfers anytime using online, mobile and phone banking.

Free TMBank app for mobile banking

The Teacher's Mutual Bank app lets you quickly manage your account and make mobile transactions on iPhone or android.

Compare more Teacher's Mutual Bank products

How to apply

Teacher's Mutual Bank members can open this account online at the Teacher's Mutual website. Non-members will need to sign up first, which requires being either currently working in or retired from Australia's education sector, or being a family member of someone who is. A $10 entry share fee, which can be refunded if you ever choose to ever give up your membership, is needed. Just like opening an account, you can sign up for Teacher's Mutual Bank membership online.

Eligibility

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.

Membership. Non-members will need to pay $10 to purchase a membership share.

Documentation needed

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.

What happens after I submit my application?

After your application has been submitted, it is reviewed by Teacher's Mutual Bank representatives, and an 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 start utilising the account.

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Teachers Mutual Bank Bill Paying Account

Pros

Cons

Key features

Membership required

No monthly account keeping fee

Easy deposit options

Your choice of withdrawal options

Access to your account online and over the phone

Free TMBank app for mobile banking

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Your reviews

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