What are the transaction account changes?
What do I have to do?
How can I avoid paying monthly fees?
How can I open an Everyday Direct account?
What are the conditions for the new Everyday Direct account?
What is the staff assist fee? What is the cost?
What will be the additional exemptions to the S1 Everyday account?
How do I apply for my exemption as a pensioner?
How do I apply for my exemption as a student?
I receive a First State Pension, will I be exempt? Will Edvest members be eligible for an exemption? How will self-funded retirees benefit from these changes? There are 3 main changes:
- Introduction of a new Everyday Direct account
On 1st December 2010, a new transaction account will be available. The Everyday Direct account is a convenient account with no monthly access fee when a deposit of $2,000 a month is made to Teachers Mutual Bank into the same membership number. It offers unlimited free transactions through electronic channels including access to the second largest ATM network in Australia, EFTPOS, internet banking, phone banking. A staff assist fee of $3 will apply for all staff assisted balance enquiries and transactions (see also ‘What is a staff assist fee?’). - Everyday account
We will continue to offer our Everyday account which has full flexibility and unlimited transactions, as it suits many members and the way they like to transact. It has a low monthly access fee that covers a wide range of transactions. It also recognises and rewards members who have multiple product and service relationships with us - these members may meet the exemption criteria and therefore are exempted from the $5 monthly access fee.
Click here to see if you are exempt.
- Everyday Pension account
From 1st December 2010, the S1 Everyday Pension account will no longer exist. If you have an Everyday Pension account, this will be transferred automatically to the Everyday account and exempted from the monthly access fee.
We have improved our transaction account options for members receiving a pension. Members who hold an S1 Everyday Pension account which has a limit of 8 free transactions per month, from 1st December 2010 will be transferred to have the S1 Everyday account with unlimited transactions and no monthly access fee.
If you have a current S1 Everyday account and you are happy with it then there is nothing to do.
If you would like to change accounts and transfer to the new S1 Everyday Direct account, it’s a quick and easy process through phone banking or internet banking. You won’t need to complete any forms. The information booklet sent to you contains terms and conditions relating to this account so that you can make a considered and informed decision. If you don’t have a current transaction account with us and would like to open one, then you will need to complete an application form. It can be downloaded from our website or you can phone us on 13 12 21 and we will send one to you. If you have an S1 Everyday Pension account you won’t have to do anything. We will seamlessly transfer you to the S1 Everyday account, along with all of your credits and debits. You will be automatically exempted from the monthly fee on the account and have unlimited transactions.
Qualify for an exemption from the monthly fee on the S1 Everyday account or open a new S1 Everyday Direct account and deposit $2,000 a month to Teachers Mutual Bank (into the same membership).
It's easy there are 2 options:
- If you have an existing S1 Everyday account you can transfer it to the Everyday Direct account. If you transfer to the S1 Everyday Direct account all of your current payments, credits and debits will be transferred.
- If you don’t have an S1 Everyday account you can apply for the S1 Everyday Direct account by completing the Transaction and savings account application. Simply print one from our website or call us on 13 12 21 and we will send one out.
The Everyday Direct account will have no monthly fee when $2,000 a month is deposited into Teachers Mutual Bank. The deposits need to be to the same member number (excluding internal transfers, Teachers Credit Card and term deposits).
Electronic transactions are unlimited and include:
- Visa debit card purchases
- Direct debit
- Direct credit
- BPAY®
- Periodical payments
- Electronic funds transfer via internet banking
- rediATM and NAB ATM withdrawals
- Visa debit EFTPOS
- rediCARD EFTPOS
- Electronic deposit
- Internet and phone banking
If a deposit of $2,000 is not made in any particular month, the $5 access fee will apply. This account is suited to members who do not require staff assistance, as a staff assist fee of $3 applies for balance enquiries, transaction enquiries and transactions done by our staff at our offices, member events and over the phone.
The staff assist fee will be charged where a member requests staff to provide the following services:
- balance enquiry
- transaction details or listing
- transfer
- cash withdrawals
There are considerable exemptions already available on this account and these are being expanded to include: part and full Centrelink and Department of Veterans Affairs pension recipients who have an eligible pension payments deposited into their Teachers Mutual Bank account. Click here for a full list of the exemptions.
The following pensions are eligible for the access fee exemption:
- Age pension
- Wife pension
- Widow pension
- Disabilities support pension
- Carer payment
- Service pension and income support supplement
- Single parent pension
If you receive an eligible pension and deposit it in your account (excluding Teachers Credit Card and term deposit accounts), just give us a call as we will ensure you are exempt from the access fee.
You will need to provide us with a copy of your student card or an enrolment confirmation letter and arrange a deposit of at least $50 (from an external source) each month into a transaction, savings or loan account.
It is expected that all self-funded retirees will be able to transact monthly fee free – but not through their First State Pension. As a self-funded retiree you have 2 options:
- Deposit $2000 per month – if you can deposit this amount per month into Teachers Mutual Bank and you actively use phone banking and/or internet banking then the new S1 Everyday Direct account may be right for you.
- If your income is less than $2000 a month then you may be eligible for a part pension from Centrelink or the Department of Veterans Affairs, If you receive one of the eligible pensions (either a full or part pension) then you can be exempt from the monthly access fee on the S1 Everyday account.
There is no specific Edvest exemption. Edvest members will be able to take advantage of the new exemptions on the Everyday account if they meet the criteria.
If you are a self-funded retiree there are 2 options available to you:
- Deposit $2000 per month – if you can deposit this amount per month into Teachers Mutual Bank and you actively use phone banking and/or internet banking then the new S1 Everyday Direct account may be right for you.
- If your income is less than $2000 a month then you may be eligible for a part pension from Centrelink or the Department of veterans affair., If you receive one of the eligible pensions (either a full or part pension) then you can be exempt from the monthly access fee on the S1 Everyday account.