Teachers Mutual Bank Reward Saver Account

Last updated: Jan 6, 2021

Need an incentive to save? Teacher’s Mutual Bank will reward you with extra earnings every month that you increase the amount of money in your account.

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.

$50

Minimum deposit

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Product Name	Teachers Mutual Bank Reward Saver Account
Maximum Variable Rate	0.85% p.a.
Standard Variable Rate	0.10%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

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

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.

Key features

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.

How to apply

Eligibility

Existing members of the mutual bank can apply for this saving account by logging into their online banking platform and clicking on “new accounts”. 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.

Documentation needed

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.

What happens after I submit my application?

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.

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Teachers Mutual Bank Reward Saver Account