Victoria Teachers Mutual Bank Pension Account

Victoria Teachers Mutual Bank Pension Account

Maximum Variable Rate

2.50

Standard Variable Rate

2.50

A convenient, everyday account designed for those receiving a government pension.

  • Earn interest while enjoying the flexibility of transaction account
  • $0 account keeping fees
  • No minimum deposit
  • Government guaranteed

Product details

Looking for a hassle-free way to manage their money? If you’re receiving a government pension from Centrelink or the Department of Veterans’ Affairs and looking for an easy way to manage your day-to-day finances, this account could be an ideal fit for you. It offers a competitive, tiered interest rate from 1.50% - 2.50% meaning the more you save, the more you’re rewarded, with Interest calculated daily.

Check your account and organise payments anywhere anytime via internet banking or the mobile banking app, and easily access your money via a Visa debit card, ATM card or cheque book – the choice is yours!

Product Name
Victoria Teachers Mutual Bank Pension Account
Maximum Variable Rate
2.50% p.a.
Standard Variable Rate
2.50% p.a.
Bonus Variable Rate
0.00% p.a.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$0
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Minimum Age Requirement
18

What are the features of the account?

Check out the features of the account below to help you decide if it’s the right fit for you and your financial needs. If this account isn’t quite right, take a look at the alternative savings account offered by Victoria Teachers Mutual.

Tiered interest rate from 1.50% p.a. - 

Earn the variable interest rate of 1.50% on balances between $0 - $48,999, and earn the variable interest rate of 2.50% on your balance between $48,600 - $149,999. Please note this rate is variable and can change at any time in line with the official cash rate.

Daily interest

Interest is calculated daily on the balance in your account, and paid each quarter.

Visa debit card

You’re not limited by how you access your money. You can use your Visa debit card, ATM card or cheque book.

Mobile banking app

Access your account easily on the go via Internet banking or the mobile banking app

Automatic payments

Set up automatic direct debits ensuring you never miss a bill again

Four free ATM withdrawals a month

Use your Visa debit card for four free ATM withdrawals at CBA ATMs each month. After this it will cost $1.80 per withdrawal at a CBA ATM.

No transaction fees for students

Full-time students who provide proof of student status will have their transaction fees waived.

Pros

  • Earn competitive interest while enjoying the flexibility and benefits of transaction account
  • $0 account keeping fees
  • No minimum deposit
  • Government guaranteed

Cons

  • Only 4 free ATM withdrawals at CBA ATMs
  • Restricted for those receiving a government pension
  • Limited branch network

How do I apply for this account?

There are various application options available including online, over the phone or in branch. Please note that you need to be an Australian resident and over the age of 18 to apply.

Eligibility requirements

If you would like to apply for a Victoria Teachers Mutual Pension Account, you need to meet the following criteria:

  • Minimum age. You need to be over the age of 18 to apply for this account.
  • Residency requirements. You need to be an Australian resident to apply for this account.
  • Depository requirements. There is no minimum deposit required to open this account.
  • Pensioner status. You need to receive a government pension from Centrelink or the Department of Veterans’ Affairs.

Documentation required to apply

You will need the following documentation to complete your application, so make sure the following are handy before applying.

  • Tax file number. You need to supply your tax file number, which stops you from having to pay withholding tax on the account.
  • Personal details. You will need to provide your personal details including name, contact number and Australian residential address.
  • Identification. Prove your identity by providing your valid passport or driver's licence with your current address. If these do not show your current address, you will need to provide additional forms of identification such as your birth certificate, and a utility bill.
  • Pension status. Appropriate proof of your pensioner status is required.

What happens after I've applied online?

  • What happens after I submit my application? You should be approved on the spot, unless there are unusual circumstances.
  • How long do I have to wait for my card? After you are approved, your Visa debit card should arrive in the mail within five business days. Your PIN number should arrive two business days after this.
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