Teachers Mutual Bank Reward Saver Review | Up to 2.36%

Product details

The Reward Saver Account raises your interest rate each month that you meet the required deposit amount without making any withdrawals. You are also provided free access to your account 24/7 to help in keeping track of your savings goals. With this type of high interest savings account, you have a real chance at building your nest egg for the future.

Product Name: Teachers Mutual Bank Reward Saver Account

Maximum Variable Rate: 2.36% p.a.

Standard Variable Rate: 0.10% p.a.

Bonus Variable Rate: 2.26% p.a.

Introductory / Bonus Offer Conditions: Deposit at least $50 each month to get the maximum variable rate and make no withdrawals otherwise the interest rate for that month will only be 0.10% p.a.

Monthly Fee: $0

Minimum Opening Deposit: $0

Minimum monthly deposit for bonus interest rate: $50

Internet Banking: Yes

Internet Transaction Fee: $1.50

Phone Banking: Yes

Phone Transaction Fee: $0

Joint application?: Yes

Minimum Age Requirement: 18

Covered by Government Guarantee?: Yes (Up to $250,000 per person, per institution)

What are the features of the Teacher’s Mutual Bank Reward Saver Account?

A high interest savings account can afford you an incredible opportunity to grow your savings passively, so long as its features fit in with your savings style. Compare the features that are a part of the Reward Saver Account with what you find from other banks to determine which account is most beneficial for your financial future:

Monthly service fee. Teacher’s Mutual Bank does not charge a monthly fee for the Reward Saver Account.
Transaction fees. You are allowed one free transfer to another Teacher’s Mutual Bank account per month. After that you are charged $1.50 for each withdrawal transaction. For any staff assisted transactions or enquiries you will be charged $3.
Accessibility. You can transfer money in and out of the Reward Saver using internet, phone and mobile banking. Direct credits and electronic transfers are allowed as well as transactions over the counter at a Teacher’s Mutual Bank office.
Interest rates. A minimal interest rate is the base rate for this account.
Bonus interest. Bonus interest is added to the base rate each month that you deposit at least $50 into the account without making any withdrawals. The account must also have a positive credit balance throughout the entire month in order to be eligible for bonus interest.
Interest calculation and payment. The interest is calculated on your daily balance and paid into the account once a month.
Mobile banking. An app for both iPhone and android can be downloaded onto your mobile device to give you online access to your account without the use of a personal computer or laptop.
Mutual bank membership. In order to be eligible for this account you must be a member of Teacher’s Mutual Bank.

Pros

There is a monthly account keeping fee of $0
$0 ongoing minimum balance required
Bonus interest is offered on accounts without withdrawals or if $50 is met as a minimum balance each month

Cons

Limited free withdrawal per month
Fees apply on excess usage

How do I apply for the Teacher’s Mutual Bank Reward Saver Account?

Existing members of the mutual bank can apply for this saving account by logging into their online banking platform and clicking on “new accounts”. If you are not already a member you can apply online by clicking on “Go to Site” and following the prompts. New members must be employed in the Australian education field or be a family member or close friend of someone who is. Other eligibility requirements you will have to meet first include:

Minimum age. Only applicants who are at least 18 years old will be considered.
Residency requirements. In order to be eligible for membership and the Reward Saver Account you must be an Australian citizen or permanent resident.
Depository requirements. There is no minimum opening deposit required, but you will have to pay a $10 fee for your share in the mutual bank.

Having the following documentation nearby when filling in the application will ensure that all fields are completed correctly:

Tax file number. By providing your tax file number (TFN) or TFN exemption codes Teacher’s Mutual Bank will be able to apply the correct withholding tax rate to your interest earnings. This is not mandatory, but if not given then the mutual bank is obligated to charge you at the highest marginal rate.
Identification. In order to confirm your identity information from your driver’s licence or passport will be needed.
Banking account number. In order to initiate the $10 payment for your share you will need to provide the details of your banking account from which those funds will be withdrawn.

After submitting your application the details will be checked over before you are given your new account number. Once activated, you can begin to make deposits towards earning your bonus interest.