Teacher’s Mutual Bank offers their members a savings account that affords you full accessibility, while still earning a competitive interest rate when your balance is over a certain amount. This is an online account providing you with unlimited transactions for free when you bank over the internet or phone. Teacher’s Mutual Bank is a credit union, requiring that you purchase a share first to join, yet once you do you have the opportunity to take advantage of all of their banking products.
What are the features of the Teachers Mutual Bank Cash Management Account?
Compare their features with what you get with the Teachers Mutual Bank Cash Management Account:
- Monthly fees. There are no monthly fees charged to this account.
- Interest. Balances under $0 are given a nominal rate of interest, which rises to a competitive rate when your balance goes above that amount.
- Interest calculation. Your interest on the balance is calculated daily and paid into the account once a month.
- Accessibility. You have continual access to your account through online banking. This means you will need to have an additional banking account that this one can be linked to in order to make withdrawals or deposits from.
- Transactions fees. There is no charge for accessing your account over the phone or online to make transfers.
- Minimum balance. There are no balance requirements, but you will not receive the higher rate of interest if it falls below $0.
- Direct credit. You can have money electronically deposited into this account for no charge.
- Membership. You will first need to become a member of Teachers Mutual Bank before you can apply for the Cash Management Account.
- There is a $0 account keeping fee per month
- $0 minimum ongoing balance
- Unlimited free withdrawals per month
- Tiered interest rate structure
How do I apply for the Teachers Mutual Bank Cash Management Account?
If the features of the Teachers Mutual Bank Cash Management Account work with your savings plans and spending habits, you can apply for this by clicking “Go to Site” and printing their application form. Before you begin, you should first ensure that you are eligible to apply:
- Minimum age. You must be at least 18 years of age to apply.
- Residency requirement. Only applications from permanent Australian residents will be accepted for this account.
- Depository requirement. You are not required to make a minimum deposit when first opening the account. Do keep in mind that you will not earn the higher rate of interest until your balance exceeds $0.
- Credit union member. You must first apply to be a member of Teachers Mutual Bank Cash Management Account. Membership is available to any Australian employed in the education sector, or their friends and family. You can apply online, and the cost to buy a share is $10.
Certain documentation will also be needed in order for you application to be processed. This will include:
- Tax file number. Your tax file number (TFN) or TFN exemption is not obligatory, but it will ensure that your interest earnings are being taxed at the correct rate.
- Identification. You can verify your identity using details from your Australian passport or driver’s licence.
- Membership number. While filing in the application, be prepared to provide your Teachers Mutual Bank membership number.
- Linked account. The details of your linked account will be necessary in order for you to transfer money in and out of your Cash Management Account.
Once all of your information has been faxed or mailed to Teachers Mutual Bank, a representative will review your application and issue you your new account details. Once activated you are free to make deposits and withdrawals from your new savings account.