Nexus Mutual Savings Accounts

Nexus Mutual

Nexus Mutual is a provider of savings accounts, transaction accounts, term deposits, home loans, personal loans, credit cards and a range of insurance products. Its membership is made up of employees in the ExxonMobil Group and their family members.

What savings accounts does Nexus Mutual offer?

At the time of writing, Nexus Mutual offers the following savings accounts:

  • Direct Saver – an online savings account that must be linked to a Nexus Mutual transaction account. 
  • Bonus Saver – pays bonus interest when you deposit at least $50 and make no withdrawals in the same month. 
  • Home Saver – a savings account designed to help boost your home loan  deposit savings. It pays bonus interest when you deposit at least $100 and make no withdrawals in the same month. You can also receive added benefits when you use these savings to take out a Nexus Mutual home loan. 
  • Junior Saver – for members under the age of 18. Bonus interest is paid when you deposit at least $2 and make no more than two withdrawals in a month. 
  • Cash Management – pays tiered interest based on your account balance. Interest is calculated daily and paid quarterly. Sub-accounts available. 

You can view the current interest rates on some of Nexus Mutual’s savings accounts in Canstar’s comparison tables.

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Do Nexus Mutual savings accounts require a linked transaction account?

Nexus Mutual says its Direct Saver account requires a linked everyday Nexus Mutual account, such as its Access or Cash Management account. A linked transaction account is not required for Nexus Mutual’s Bonus Saver, Home Saver, Junior Saver or Cash Management accounts. However, in order to use Nexus Mutual’s Round Up savings feature – where each Visa Debit Card or rediCARD purchase is rounded up to the nearest dollar and the difference is put into your savings account – you must have a linked Nexus Mutual transaction account.  

If you are looking to compare transaction accounts, you can do so here to potentially find one that suits your requirements.

Does Nexus Mutual charge fees on its savings accounts?

Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. At the time of writing, Nexus Mutual says it charges no monthly fees on its Bonus Saver, Home Saver, Junior Saver and Cash Management savings accounts. Nexus Mutual does not specify whether it charges monthly fees on its Direct Saver account. 

What does Nexus Mutual offer in terms of mobile banking for savings accounts?

Nexus Mutual’s mobile app is free to download from the iTunes or Google Play stores. The Nexus Mutual app allows you to:

  • Check balances and view your account history
  • Transfer funds between your accounts or to other accounts
  • Pay your bills with BPAY
  • Access home loan and finance tools and calculators
  • Send and receive payments in real time with PayID

How do I apply for a Nexus Mutual savings account?

Before applying for a Nexus Mutual savings account, consider comparing it against other savings accounts on the market to ensure it’s the right one for you. 

Compare Savings Accounts

To open a Nexus Mutual savings account you must be a Nexus Mutual member. To be eligible to join, Nexus Mutual says you must:

  • Be an employee or long-term contractor to companies in the ExxonMobil Group or a family member
  • Be a business entity associated with these persons, such as companies, incorporated bodies, personal superannuation funds and family trusts

If you are already a Nexus Mutual member you can apply for a Nexus Mutual savings account online. Otherwise, you can apply at a Nexus Mutual branch, provided you have the correct documentation. 

Nexus Mutual says its savings accounts do not require a minimum account balance. 

About Nexus Mutual 

Nexus Mutual was established in 1969 in Sydney as the Esso Employees Credit Union. In 2017, it changed its name to Nexus Mutual to reflect its “core values of prosperity, cooperation and community”. Today, Nexus Mutual says it has over 6,000 members across Australia and beyond.

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Written by: Tamika Seeto | Last updated: July 12, 2019