Teachers Mutual Bank Cash Management Account

Use a cash management account to earn daily interest on your balance while retaining access to your money when you need it.

You must be currently working in or retired from Australia's education sector, or the family member of someone who is. With this account members get a savings account with full accessibility, a tiered interest rate when your balance is over a certain amount as well as unlimited free transactions over the phone or online. Consider the Teacher's Mutual Cash Management Account for hybrid benefits.

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Shirley Liu

Last Updated Jan 4, 2021

0.20% p.a.

Maximum variable rate

0.1%p.a.

Base interest rate

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Product Name	Teachers Mutual Bank Cash Management Account
Maximum Variable Rate	0.20% p.a.
Standard Variable Rate	0.10% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Pros

There is a $0 account keeping fee per month
$0 minimum ongoing balance
Unlimited free withdrawals per month
Competitive interest in addition to free accessibility

Cons

Tiered interest rate structure
Requires Teacher's Mutual Membership

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

Teacher’s Mutual Bank is for members only.

Key features

Zero monthly and transaction fees

No account keeping fees, no fees for accessing your account online or over the phone and free unlimited phone and internet transfers.

Earn 0.2% p.a. interest on $5,000 and above

A nominal 0.1% interest is earned on balances of up to $4,999, but 0.2% is earned on balances of $5,000 and above.

Interest calculated daily

Interest on the balance is calculated daily and paid directly into your account once a month.

Linked account required

You will need a suitable account to link to this one from with which to make deposits and withdrawals. Compare other Teachers Mutual Bank products.

Continuous accessibility

You have continual access to your account through online and phone banking.

Zero transaction fees

There is no charge for accessing your account over the phone or online to make transfers.

$5,000 bonus interest balance requirement

There are no general balance requirements, but in order to earn bonus interest rates your balance should not fall below $5,000.

Free direct deposits

You can have money electronically deposited into this account for no charge.

Membership required

You will first need to become a member of Teachers Mutual Bank before you can apply for the Cash Management Account. Membership comes with a $10 fee for your entry share.

Launch savings account calculator

How to apply

Eligibility

Check the eligibility requirements before getting started.

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, but remember that your balance needs to exceed $5,000 before you can earn bonus interest.
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 family. You can apply online and buy a member share for $10.

Documentation needed

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.

What happens after I submit my application?

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.

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