New Online Savings Account holders will receive bonus interest on their balance for a limited time when they are able to meet the balance requirements set by Teacher’s Mutual Bank. This is a bonus saver account that provides you with multiple ways to access your savings combined with a competitive interest rate.
What are the features of the Teacher’s Mutual Bank Online Savings Account?
With its low overhead to maintain, online savings accounts are able to offer Australians an inexpensive way to stockpile some earnings, while earning a competitive interest rate. Many financial institutions are now providing this type of savings account to their customers, and you should be comparing a number of those with the features that you find with Teacher’s Mutual Bank:
- Monthly account keeping fee. There are no monthly service fees with the online savings account from Teacher’s Mutual Bank.
- Other fees. You will be charged $3 for each transaction that requires the assistance of a Teacher’s Mutual Bank staff member.
- Interest rates. 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.
- Bonus interest. New account holders will receive bonus interest on top of the standard rate for the first three months when they are able to maintain a balance of at least $2,000.
- Interest payments. Interest is calculated on the daily balance and the payment will be made into the account once a month.
- Restrictions for 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.
- Accessibility. You can view and make transfers with your online savings account through online, mobile and phone banking. Direct credits are also allowed to be made into the account.
- 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. The banking products offered by Teacher’s 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.
- $0 account keeping fee
- Children with 10 years of age can apply too
- Unlimited electronic transactions
- A staff assisted fee applies
How do I apply for the Teacher’s Mutual Bank Online Savings Account?
If you are already a member of Teacher’s Mutual Bank you can log into your internet banking and select “open an account” from the accounts menu. For those who need to apply to become a member first, click “Go to Site” to begin your application. 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.
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.
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.