Teachers Mutual Bank Cash Management Account

Teachers Mutual Bank Cash Management Account

Maximum Variable Rate

1.21

Standard Variable Rate

0.10

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

  • Earn competitive interest and get access to funds when you need them
  • No minimum balance requirements
  • No monthly fees
  • No fees for internet and phone banking

Product details

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 as well as a competitive 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.

Teacher’s Mutual Bank is for members only.

Product Name
Teachers Mutual Bank Cash Management Account
Maximum Variable Rate
1.21% p.a.
Standard Variable Rate
0.10% p.a.
Introductory / Bonus Offer Conditions
1.21% p.a. is valid only on balances of $5,000 and over. Interest rate of 0.10% p.a. applies on balances up to $4,999.
Monthly Fee
$0
Minimum Opening Deposit
$0
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Joint application?
Yes
Minimum Age Requirement
18
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

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:

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 1.21% p.a. interest on $5,000 and above

A nominal 0.10% p.a. interest is earned on balances of up to $4,999, but  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 $0.

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

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

How do I apply for the Teachers Mutual Bank Cash Management Account?

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 $0 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.

Certain documentation will also be needed for your application.

  • 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 the online 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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