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 membership into Teachers Mutual in order to access this, or any, account that they offer members.
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:
- Monthly account keeping fee. You will be charged $5 each month with this everyday account.
- Minimum balance requirement. You are will not be obligated to maintain a minimum balance with this account.
- Accessing your account. With Teachers Mutual Bank Everyday Account you are able to access your account and your funds with; online and mobile banking, direct debit and credit, BPAY, cheque book, cash withdrawals at Teachers Mutual Bank offices, and periodical payments.
- Overdraft facility. If you qualify you can opt to attach an overdraft facility to your account, protecting you from those times when your spending needs exceed your available funds.
- 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.
- NAB transactions. Teachers Mutual Bank has a special arrangement in place that allows for you to cash a Teachers Mutual Bank cheque 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.
- SMS banking. You can sign up for SMS banking and use this service to get instant updates on your account balance for free with a text message sent to your phone.
- Membership. Membership to the Teachers Mutual Bank is limited to those working in the Australian education industry. You can apply for membership online, and will be asked to pay a $10 fee for your share in the bank.
- Unlimited transactions
- Monthly service fee can be waived if exemption criteria is met
- No fees and charges on bank transactions
- Low interest rate comparing to the other products available in the market.
How do I apply for the Teachers Mutual Bank Everyday Account?
Existing members can apply by using their online banking platform. If you have not already signed up for Teachers Mutual Bank you can begin your application using the internet by clicking on “Go to Site”. In addition to being a part of the Australian education sector, or a family member of someone who is, you will also need to be able to meet these eligibility requirements:
- Minimum age. Applicants will need to be at least 18 years of age in order to be considered for this account.
- Residency requirements. Teachers Mutual Bank requires that you 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.
After having determined that you are eligible to become a member and apply for this account, you can proceed to the application with the following documentation readily available to refer to:
- Tax file number. You are under no obligation to provide your tax file number (TFN) or exemption code when completing the application, however if you don’t any interest earnings you receive will be subject to a withholding tax at the highest marginal rate.
- 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.
A representative of Teachers Mutual Bank will review the details after you have submitted your application online 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.