The Mutual: Customer Owned Institution of the Year – Term Deposits

The Mutual is a customer-owned provider of term deposits, business or SMSF term deposits, bank accounts, home loans, credit cards, personal loans, travel money, home insurance, landlord insurance, car insurance, travel insurance, loan repayment insurance, business loans and accounts, and financial planning advice.

“Good for you, good for your money.”

Source: themutualau

The Mutual Term Deposits

The Mutual’s term deposits are the winner of CANSTAR’s 2016 Award for Customer Owned Institution of the Year – Term Deposits.

The Mutual wins CANSTAR 2016 Customer Owned Institution of the Year Term Deposit award

Here are just a few of the reasons why we have assessed them as providing award-winning, 5-star rated outstanding value:

  • Who can open a term deposit: Available for personal investment, business investment, or SMSF investment.
  • Term lengths: The Mutual offers term deposits of 3 months up to 3 years.
  • Minimum deposit: A minimum deposit of just $1,000 is required to open a term deposit with The Mutual.
  • Fees: At the time of writing, The Mutual advertises that they charge no account-keeping fees on their term deposits.
  • Maturity: You can specify your own maturity date. You receive a reminder notification via the post before your term deposit matures and comes due for renewal, and you can give instructions online or over the phone to pay out the deposit upon maturity or renew and rollover the deposit.
  • Interest payments: You can choose how often you receive interest.
  • Early withdrawal: You can withdraw your term deposit early before it is due to mature, but you will forfeit interest earned on it.

These inclusions represent a selection of what is covered, based on information provided to CANSTAR by The Mutual. Additional conditions may apply to different features. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement to determine all the current policy options and inclusions for the product you are considering.

Source: themutualau

What can customers of The Mutual receive?

Customers with The Mutual receive a range of benefits:

  • Customer Owned: As a customer-owned institution, The Mutual’s profits are channelled back into The Mutual to provide better products and services at competitive rates and fees.
  • School Banking: The Mutual began its Bank@School school banking program in 2006, and it continues to run in schools in the area today.
  • Mobile app: The Mutual’s mobile banking app is available on the iStore for Apple devices and Google Play for Android.

Source: themutualau

About The Mutual

Canstar reviews The Mutual term deposits
Source: The Mutual

The Mutual was founded in 1888 as the Maitland Mutual Building Society to serve the people of Maitland and the Hunter Valley. The Mutual has always been a strong supporter of many local community organisations in the Hunter region.

The Mutual is proud to have helped its members survive the financial disasters of the 1890s, two world wars, and the devastating 1955 flood in Maitland.

Should members need extra financial assistance to rehabilitate themselves, every effort should be made to meet their requirements.”
– Extract from Board minutes

The first ATM owned by The Mutual was opened in 1992 in Branxton.

How The Mutual supports the community

  • Sponsorships: A list of the community organisations sponsored by The Mutual is available on the website.
  • Volunteering: The Mutual employees volunteer at events including Australia Day, Money Talks high school financial literacy workshops, practise interview workshops at Careers Day, etc.

How The Mutual protects the environment

  • The Mutual is continually working to ensure resources are used efficiently and environmental impact is reduced.
  • Recycling paper, photocopy toner cartridges and office waste.
  • Reducing energy consumption and paper wastage by promoting the maximum use of electronic communication and data management.


Compare Term Deposits

Read about our other Bank of the Year – Term Deposits winners

Written by: TJ Ryan

To the extent that the information in this report constitutes general advice, this advice has been prepared by CANSTAR Research Pty Ltd A.C.N. 114 422 909 AFSL and ACL 437917 (“CANSTAR”).  The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs.   Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs.  You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product.  CANSTAR provides information about financial products. It is not a financial provider and in giving you information it is not making any suggestion or recommendation to you about a particular financial product.  Please refer to Canstar’s FSG for more information.

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