For Australians who want the freedom of full electronic access to their bank accounts, as well as offline options and ATM withdrawals, along with low or no fees and some extra benefits, the Teachers Mutual Bank Everyday Direct Account can deliver. It's flexible enough to suit almost everyone without compromising on value or benefits. Easily handle handle all of your transactions in one place, in the way you prefer, and take full advantage of extras like a free sweep facility to help you save even more money.
Teachers Mutual Bank is for members only. If you are currently or have previously worked in the education sector, or are family of someone who is, then you may be eligible for a Teachers Mutual Bank (TMB) Everyday Direct Account.
As long as you deposit $2,000 or more each month, you'll get a $0 account keeping fee.
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:
- Low and no fees. Your account will be charged a $5 fee each month, but this fee is waived entirely if you deposit at least $2,000 into the account over a month. Other than this, you can expect nominal fees for in-office or over the phone staff assistance. Avoid fees entirely by meeting deposit requirements and not relying on staff assistance.
- No minimum balance required. You do not have to meet any balance requirements for this account.
- Easy accessibility. This is an online account and is largely designed to be managed electronically, but you can still access your account over the phone, at TMB offices or 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. Fees may apply for using an ATM outside of this network.
- Bank at Post. With this account you can make withdrawals, check your balance, pay credit card bills and conduct transactions at participating Australia Post offices.
- Receive direct deposits. You can choose to have your income deposited directly deposited into this account.
- Free direct debits. 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 exceed your balance on this one. If you choose an overdraft for this account, that will be used first before the sweep is activated.
- Apps. Manage your account and make transactions online with apps, including Android Pay, being available.
- 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 balanced combination of low or no fees, accessibility and extra features offered by this account, apply online at Teachers Mutual Bank. Before getting started, however, you should check the eligibility requirements.
- Minimum age. Applicants need to be at least 18 years old to open 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 or have retired from the education field, along with their family members. A $10 fee buys you a membership share which is refundable if you choose to leave.
You will also need to provide:
- 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.
What happens after I apply?
The application process itself only takes a few minutes. Once you've finished and confirmed the new account your new Visa debit card will be sent to you. You can start moving funds and using your account as soon as it has been created and verified.