Teachers Mutual Bank Everyday Account

Teachers Mutual Bank Everyday Account

Maximum Variable Rate

0.10

Account Keeping Fee

5

Get unlimited transactions for $5 a month and bank how you want with a flexible everyday account.

  • Linked Visa debit card with payWave
  • Unlimited transactions for a flat monthly fee
  • Unlimited internet and phone banking
  • Access online banking 24/7

Product details

With no deposit requirements and a low monthly fee, Teachers Mutual Bank gives you a flexible way to manage your everyday spending. You have easy access to your cash with the help of a Visa debit card as well as online and mobile banking for your convenience. Sign up for your Teacher's Mutual membership to access this account, and other Teacher's Mutual offerings.

Product Name
Teachers Mutual Bank Everyday Account
Monthly Account Fee
$5
Debit Card Access
Visa
ATM Withdrawal Fee
$0
Interest Rate p.a.
0.10%
Details
Unlimited withdrawals at NAB, BOQ and rediATMs for a flat monthly fee.
Joint Application
Yes

What are the features of the Teachers Mutual Bank Everyday Account?

Before you choose a transaction account you can check the various features that different financial institutions provide in order to decide which one will best suit the way you spend your money each month:

Flat $5 monthly account fee

Get unlimited transactions for $5 a month.

No minimum balance required

There is no minimum balance requirement for the Teachers Mutual Bank Everyday Account.

Easy account access

Access funds through online and mobile banking, direct debit and credit, BPAY, cheque book, cash withdrawals at Teachers Mutual Bank offices or by setting up periodical payments.

Attach an overdraft facility

If you qualify you can opt to attach an overdraft facility to your account, giving you a protective buffer when spending more than is in your account.

Linked Visa debit card

Account holders aged 18 and older are able to access their money using a linked Visa debit card. This card can be used in Australia and around the world where Visa is accepted. There is a daily withdrawal limit of $1,000 when using the card that includes the sum total of your ATM, EFTPOS and Bank@Post transactions.

Australia-wide NAB transactions

Teachers Mutual Bank has a special arrangement in place that allows you to go into NAB stores to cash Teachers Mutual Bank cheques of up to $200, deposit cheques and cash into your account with special deposit slips and obtain bank cheques. Some fees may apply for certain services.

Free SMS updates

You can sign up for SMS banking to get instant account balance updates texted to you at no cost.

Free sweep service

Access a free sweep service to help consolidate your funds and earn more interest

Membership required

You need to be a Teacher's Mutual Bank member before you can sign up. Membership is limited to those currently working in or retired from the Australian education industry, and family members. Your membership share costs $10. Compare other Teacher's Mutual bank products.

Pros

  • Unlimited transactions
  • Monthly service fee can be waived if exemption criteria is met
  • No fees and charges on bank transactions
  • Flat, low monthly fee
  • Free sweep service

Cons

  • Low interest rate compared to the other products available in the market
  • Must be eligible for Teacher's Mutual Bank membership

How do I apply for the Teachers Mutual Bank Everyday Account?

In addition to being involved with Australia's education sector, other requirements apply.

Eligibility to apply online

  • Minimum age. Applicants will need to be at least 18 years old.
  • Residency requirements. You must be a citizen or permanent resident of Australia.
  • Depository requirements. You will not be asked to make a minimum opening deposit for the Everyday Account, but new members will be asked to pay a $10 for their member share.

Documentation for your online application

You will also need:

  • Identification. In order to verify your identity you will need to provide information that is found on your passport, driver’s licence or Medicare card.
  • Tax file number. You are not required to provide your tax file number (TFN) or exemption code, but if you don't then any interest earnt will be subject to withholding tax at the highest marginal rate.

What happens after I submit the application online?

Once you've completed your application a representative of Teachers Mutual Bank will review the details and contact you when the account has been activated. Your Visa debit card will be mailed to your address and will need to be activated by you before it can be linked to your account for ATM withdrawals and EFTPOS purchases.

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