The Teacher’s Mutual Bank S1 Everyday Account is equipped with a number of ways in which you can spend your money and pay your bills. A linked debit card lets you shop where you want, while electronic transactions make it easy to set up direct payments for your monthly expenses. This is a flexible account worth taking a closer look at if you like the convenience of conducting all of your financial business from one place.
Teachers Mutual Bank S1 Everyday account is no longer available for new applications. The information provided and bank account cannot be applied for, however, the information on this page has been kept for the benefit of existing customers and for those who are interested.
If you would like to compare other bank accounts, please go through our comparison page.
What are the features of the Teacher’s Mutual Bank S1 Everyday Account?
The design of an Everyday Account should make it a useful tool for taking care of all of your expenses. Features for these types of accounts will vary from bank to bank. Be sure to compare them to what Teacher’s Mutual Bank offers before deciding which one complements your spending needs:
- Monthly account keeping fee. The monthly account keeping fee for the Everyday Account is $5.
- Monthly fee exemptions. You can have the $5 monthly access fee waived if you meet any of the following conditions; you are under the age of 24, your combined loan balances are equal to or more than $100,000, your combined deposit balances are over $100,000, you are a rewards package holder, or you are a student over 24 depositing at least $50 a month into an account.
- Unemployed exemption. You can request to be exempt from the monthly fee for three months if you are receiving a Centrelink unemployment allowance that is being deposited into the account.
- Paying bills. With this account you have the ability to pay your bills using direct debit, BPAY and periodic payments through online or mobile banking. You can also send money to your friends and family using the mobile app, or pay your debts with a cheque.
- Account access. You can view your account at any time through online and mobile banking.
- Accessing your money. The account is linked to a Visa debit card, allowing you to access your money without interest payments at an ATM. You can also use the card for EFTPOS purchases as well as online and telephone shopping. Cash withdrawals can be made at the Teacher’s Mutual Bank regional offices in Western Sydney and Homebush.
- ATM network. You have unlimited free use of over 3,000 ATMs, including rediATM and those in the Bank of Queensland and NAB network.
- Depositing your money. Direct credits, direct deposits of your paycheck and electronic transfers can all be used to add money to your account.
- Sweep facility. This account has a sweep feature, which when linked to another account allows you to set balance limits. If you reach that limit the money is automatically transferred to or from the nominated account.
- Unlimited transactions
- Monthly service fee can be waived if exemption criteria is met
- No fees and charges on bank transactions
- Low interest rate comparing to the other products available in the market.
How do you apply for the Teacher’s Mutual Bank S1 Everyday Account?
If you are already a member of the mutual bank, you can apply for this product through your online banking portal. If not, you will first need to apply for membership to Teacher’s Mutual Bank. Membership is open to Australians employed in the education as well as their family and friends. You can apply online by visiting their website after you have checked that you meet the eligibility requirements:
- Minimum age. In order to be approved for membership and the Everyday Account you must be at least 18 years old.
- Residency requirements. Teacher’s Mutual Bank will only accept applications from Australian permanent residents.
- Depository requirements. While there is no minimum opening balance requirement, you are asked to pay a $10 fee for your share in the mutual bank.
As you are completing your application online you will find it easier if you have the following documentation readily available:
- Tax file number. Your tax file number (TFN) or exemption code is used to ensure that any interest earnings you receive have the correct tax rate applied to them.
- Identification. Teacher’s Mutual Bank is required by law to first verify your identity. This can be done using information found on your driver’s licence, passport or Medicare card.
After submitting your application online, you will receive confirmation of its receipt and your account details. The Visa debit card that is linked to your account will then be mailed to the address that you provided.