Holiday spending can be handled with ease when you start saving well in advance. The Teachers Mutual Bank Christmas Savings Account pays you interest on your holiday balance, while limiting your access to help it grow. By saving with an account structured in this way, Christmas shopping will have no effect on your monthly budget. When comparing various Christmas Savings Accounts, keep in mind that with Teachers Mutual Bank you do need to first sign up as a member.
Get unlimited withdrawals from this account during 1 November - 31 January.
What are the features of the Teachers Mutual Bank Christmas Savings Account?
A Christmas Savings Account can offer you tremendous financial benefit during the holiday season if you choose one with the right features and terms.
- Fees. You will not be charged any monthly or maintenance fees for this account.
- Interest. Your balance is increased with a competitive interest rate.
- Interest payments. Your interest is calculated on the daily balance and paid into the account once a month. This feature allows you to earn even more by getting paid interest on your previously earned interest payments.
- Restrictions. You are only allowed to make withdrawals from the Christmas Saver account from 1 November until 31 January. If you access your money outside of this period, the account will be closed and any balance transferred to your transaction account.
- Linked account. You must have a transaction account which will be linked to this one and used to make your deposits and withdrawals.
- Accessibility. See your savings balance grow with free online and phone balance enquiries and transfers.
- Minimum balance. There is no minimum balance requirement.
- Membership. In order to be able to take advantage of this account you will first need to become a member of the Teachers Mutual Bank.
- There is a monthly maintenance fee of $0
- Access your funds anytime via internet and phone banking
- There is $0 minimum balance
- Usable during Christmas season only - from November 1 to January 31
How do I apply for the Teachers Mutual Bank Christmas Savings Account?
It will take you approximately ten minutes to fill out the application form for the Christmas Savings Account. Before you start an online application, check the following eligibility requirements to ensure that you qualify for this account:
- Minimum age. In order to be eligible for this account you need to be at least 18 years of age.
- Residency requirements. Only Australian permanent residents will be considered for the Christmas Savings Account.
- Depository requirement. Teachers Mutual Bank does not require you to make a minimum initial deposit in order to open the account.
- Credit union membership. In order to be eligible for any Teachers Mutual Bank product you must first become a member. Membership is open to any Australian permanent resident working in the education sector along with their friends and family members. The cost of your share is $10 and will be refunded if you ever decide to leave the credit union.
Additionally you are going to have to provide certain documentation during as you apply. This will include:
- Tax file number. A tax file number (TFN) or TFN exemption code is not required but if provided it will ensure that the Teachers Mutual Bank withholds tax on your interest earnings at the correct rate.
- Identification. Your identify must first be verified using information that can be found on your Australian driver’s licence or passport.
- Membership number. You are going to be asked to provide your membership number as you fill out the application.
Once the application has been completed, you can mail or fax it to Teachers Mutual Bank. After verifying your provided information, Teachers Mutual Bank will contact you with the details of your Christmas Savings Account. You can then begin transferring money from your transaction account into your new savings account.