For Australians who like the convenience of online banking, and ATM access to your money, the Teachers Mutual Bank Everyday Direct Account offers you the best of both worlds. This account allows you to handle all of your transactions from one place, and features a sweep facility for when you overestimate your balance. Teachers Mutual Bank is a member owned financial institution, which you will need to join before signing up this everyday account.
The monthly fee is waived if you meet the deposit requirements.
What are the features of the Teachers Mutual Bank Everyday Direct Account?
The Everyday Direct Account from Teachers Mutual Bank has a number of features to compare against similar accounts offered by other Australian financial institutions:
- Monthly account keeping fee. Your account will be charged a $5 fee each month. This fee can be avoided if you deposit at least $2,000 a month into the account.
- Minimum balance requirement. You do not have to meet any balance requirements for this account.
- Accessibility. This is an online account where you can access your account through the internet or over the phone as well as through ATMs.
- Linked debit card. Your account is linked to a Teachers Mutual Bank Visa debit card to use for withdrawals or to make online and point of sale purchases.
- ATM network. The linked debit card allows you to use rediATM as well as NAB and Bank of Queensland ATMs for no charge. You may have to pay a fee for using an ATM outside of this network.
- National Australia Bank. Teachers Mutual Bank has made it possible for you to make deposits at a NAB branch but these transactions could incur fees.
- Direct deposits. You can have your income directly deposited into this account electronically.
- Direct debits. This account enables you to set up periodic payments electronically for no charge.
- Free sweep. If you also have a savings account with Teachers Mutual Bank, the sweep feature will automatically draw funds from that account if a transaction you make exceeds your available balance. If you choose an overdraft for this account, that will be used first before the sweep is activated.
- App. There is an app available for both Android and iPhone mobile devices that will allow you to make online transactions the same way as if you are using a personal computer.
- Unlimited transactions
- Access to NAB and Bank of Queensland ATMs
- Monthly service fee is waived if you made a minimum monthly deposit of $2000
- There is a $5 service account fee per month if you weren't able to reach the minimum of $2000.
How do I apply for the Teachers Mutual Bank Everyday Direct Account?
If you like the accessibility that this account affords you, click on “Go to Site” and you can print out an application that can then be mailed or faxed to the Teachers Mutual Bank. Before getting started, you should check the following to ensure that you will be eligible for this account:
- Minimum age. Applicants will need to be at least 18 years old to be considered for this account.
- Residency requirements. Teachers Mutual Bank requires account holders to be Australian permanent residents or citizens.
- Depository requirements. There is no initial deposit needed to open this account.
- Membership. You do need to first be a member of Teachers Mutual Bank, which is open to all Australians who work in the education field, along with their family and friends. A $10 fee buys you your own share which is refundable if you choose to give up your membership.
There is also documentation needed that will help to ensure that the application is correctly filled out before submitting it to Teachers Mutual Bank:
- Tax file number. Your tax file number (TFN) or TFN exemption code is used to make sure that any interest you earn on a bank account is being taxed at the correct rate.
- Identification. In order to verify your identity, you will need to provide details from your driver’s licence or passport.
- Membership number. The Teachers Mutual Bank will ask that you provide your membership number.
Upon receiving your application, a representative from Teachers Mutual Bank will review the information and contact you with your new account details. The Visa debit card that is linked to your account will then be mailed to your provided address.