Teachers Mutual Bank Online Savings Account

Last updated: Jan 6, 2021

Open a flexible Online Savings Account with Teacher’s Mutual Bank today and watch your savings grow.

With a Teacher's Mutual Online Savings Account, you receive an ongoing interest rate of 0.5% on your first $2,000. Account holders who are able to deposit more than $2,000 will receive bonus interest on their balance. This bonus saver account offers multiple ways to access your savings and transfer funds without incurring fees, and while enjoying competitive interest rates.

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Product Name	Teachers Mutual Bank Online Savings Account
Maximum Variable Rate	0.5% p.a.
Standard Variable Rate	0.50%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Pros

$0 account keeping fee
Earn interest regardless of balance, and earn bonus interest for balances over $2,000
Unlimited electronic transactions

Cons

A $3 fee may apply when requesting staff assistance
Teachers Mutual membership is limited to those with either personal or family connections to the Australian education industry.

Key features

$0 Account keeping fees

There are no monthly service fees with the online savings account from Teacher’s Mutual Bank.

Low assistance fees

You will be charged $3 for each transaction that requires the assistance of a Teacher’s Mutual Bank staff member.

Competitive interest rate of 0.5%

A base interest rate is applied to balances of up to $1,999. Once your balance exceeds $2,000 you will receive a competitive rate of interest.

Daily interest calculations

Interest is calculated on the daily balance, and interest payments are made to your account once a month. Every dollar deposited will start earning interest from day 1.

Base interest rate of 0.5%

New account holders will receive bonus interest on top of the standard rate when they are able to maintain a balance of at least $2,000. Interest is calculated on the daily balance and the payment will be made into the account once a month.

Restrictions around receiving the bonus interest

The bonus interest offer is only available to Teacher’s Mutual Bank members who do not have an existing Online Savings Account with the institution as of 22 October 2015. Only one account may be opened per member.

Easy accessibility

You can view and make transfers with your online savings account through online, mobile and phone banking. Direct credits and other transfers can also be made into and out of the account.

No minimum balance requirements

There is no minimum balance that must be maintained, but remember that in order to earn a higher rate of interest you need to have at least $2,000 in the account.

Membership availability

The banking products offered by Teachers Mutual Bank are only available to its members. In order to become a member you must be employed in the Australian education industry or be a family member or friend of someone who is. The cost of buying a share into the mutual bank is $10, which is refundable if you ever decide to abandon your membership.

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How to apply

Eligibility

First ensure that it will be accepted by going over the following eligibility requirements:

Minimum age. Only applicants who are at least 18 years of age will be accepted.
Residency requirements. You must either be an Australian citizen or permanent resident to become a member of Teacher’s Mutual Bank.

Depository requirements. There is no minimum deposit requirement to open the Online Savings Account, but you will need to pay a $10 fee for your share before becoming a member of the mutual bank.

Documentation needed

As you work your way through the application, you will find it easier to fill in if you have the following documentation readily available:

Tax file number. Although not obligatory, providing your tax file number (TFN) or exemption code allows the bank to withhold tax on your interest earnings at the correct rate for your circumstance.
Identification. You will be asked to verify your identity using your passport or your driver’s licence.
Bank account information. Account details will be needed in order for you to pay the $10 fee for becoming a member.

What happens after I submit my application?

After your information has been verified, Teacher’s Mutual Bank will contact you with your membership information and new online savings account number. Make your deposit as quickly as possible in order to take advantage of the three months of bonus interest on your balance.

Shirley Liu

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

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Teachers Mutual Bank Online Savings Account