Teachers Mutual Bank Savings Accounts
What savings accounts does Teachers Mutual Bank offer?
At the time of writing, Teachers Mutual Bank offers the following saving accounts:
Reward Saver Account
This account pays bonus interest each month if a minimum amount of $50 is deposited, no withdrawals are made and the account maintains a credit balance at all times. Otherwise, the standard interest rate will apply. There is also a monthly withdrawal limit and fees apply when this is exceeded.
Summer Stash Account
The Summer Stash account allows unlimited withdrawals between 1 November and 31 January and requires no minimum balance. Withdrawals outside of that period result in the account being closed and the funds being transferred to a transaction account. New accounts can only be opened between 1 January and 30 June each year.
Online Savings Account
This account features unlimited online banking access and no minimum balance. At the time of writing, the account pays a higher interest rate on accounts with a balance of $2,000 and over. If the account is empty for a certain amount of time, Teachers Mutual Bank says it may close the account.
Cash Management Account
This account features unlimited online banking access and no minimum balance. At the time of writing, the account pays a higher interest rate on accounts with a balance of $5,000 and over.
Over 50s Savings
Edvest Cash Management Account
This account is available to Edvest members only. At the time of writing, the account pays a higher interest rate on accounts with a balance of $2,000 and over. It has unlimited access via electronic banking and there is no minimum amount to open an account and interest is calculated daily and paid monthly.
Pension Advantage Account
According to Teachers Mutual Bank, if you receive an eligible government pension or allowance, then you may be able to open a Pension Advantage account. From the 1 July 2018, Teachers Mutual Bank requires that all new accounts must have the eligible pension or allowance paid directly into the account. If this payment is not made, Teachers Mutual Bank may transfer the account into an Online Savings at their discretion. There is also a monthly withdrawal limit and fees apply when it is exceeded.
Under 18s Savings
Mighty Saver Account
This Mighty Saver account is intended for customers under the age of 18 and there is no minimum balance required. It pays bonus interest each month if a minimum amount of $10 is deposited, no withdrawals are made and the account maintains a credit balance at all times. Otherwise, the standard interest rate will apply. There is also a monthly withdrawal limit and fees apply when it is exceeded. At the time of writing, you must be under 18 years of age to open a Mighty Saver Account and it is automatically transferred to a standard Reward Saver Account when the account holder turns 18.
You can view the current interest rates of some Teachers Mutual Bank savings accounts in Canstar’s comparison tables.
Do Teachers Mutual Bank savings accounts require a linked transaction account?
Teachers Mutual Bank does not require you to have a linked account to make use of its savings accounts. Teachers Mutual Bank allows you to nominate any Australian bank account as your linked account as long as your bank lets you transfer money to other bank accounts.
You can compare transaction accounts with Canstar here to potentially find one that suits your requirements.
Does Teachers Mutual Bank 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, Teachers Mutual Bank charges a $3 staff assist fee on its online savings accounts if you require staff assistance for enquiries or transactions, and extra fees for additional statements and cheque withdrawals.
Additionally, both the Reward Saver Account and Mighty Saver Account have a limit of one free transaction per month to another internal account and the Pension Advantage account has a limit of four per month. If the limit is exceeded, a fee of $1.50 per transaction is charged. This fee is debited in the last week of each month or when the account is closed.
Further fees may be found in the disclosure documents on the Teachers Mutual Bank website.
What does Teachers Mutual Bank offer in terms of mobile banking for savings accounts?
Teachers Mutual Bank offers electronic banking for all its saving products. Teachers Mutual Bank states that electronic banking includes internet banking, mobile banking app and telephone banking.
Teachers Mutual Bank’s mobile app is available for download from the App Store and Google Play Store. Notable features of the app include the ability to:
- Login using face recognition, your fingerprint or a passcode
- View your account balances without logging into the app
- Show/hide/reorder account views
How do I apply for a Teachers Mutual Bank savings account?
Before applying for a Teachers Mutual Bank savings account, consider comparing it against other savings accounts on the market to ensure it is the right one for you. You can then apply for a Teachers Mutual Bank savings account online, provided you have the correct documentation.
For example, to apply for the Teachers Mutual Bank you may need to:
- Be over 18 years old and a resident of Australia
- Be a member of Teacher Mutual Bank and purchase a $10 share in the bank
- Have a valid email and Australian residential address.
- Provide a Tax File Number (TFN)
- Only use the account as a personal account
If you are under 18 and wish to open a Mighty Saver Account, you must be a family member of a Teachers Mutual Bank member, be able to purchase a $10 share in the bank and provide details on income and expenses.
About Teachers Mutual Bank
The Teachers Credit Union was established in 1966 and became the Teachers Mutual Bank in 2012. It is a mutual (member owned) financial institution and says that it now has over 200,000 members and more than $7 billion in assets.