Online Savings account

With this account, you have full control - you can transfer funds, check your balance and more. It's simple to open in internet banking and only takes a few minutes.

  • $0

    Access Fee

  • 1.56%pa

    $2k and over

  • $3

    Staff Assist Fee

  • $0

    Minimum Amount

Apply

Online Savings account

If you like the convenience of saving online and to be rewarded with a high interest rate, the Online Savings account is the solution.

  • Rates and fees

    Rates and fees

    Interest rates
    $2k and over 1.56%pa
    up to $1,999 0.10%pa
    Interest rates effective date Interest rates effective 1 September 2016
    Interest rates type

    Variable
    Other information
    Staff Assist Fee $3
    Additional Statements Fee $7 per month

    For full details of our fees please review the Fees and charges brochure.

  • Open an account online

    How to open an Online Savings account

    To open an Online Savings account, you need to be a member of Teachers Mutual Bank and an internet banking user. 

    If you do not have access to internet banking, contact us.

    How to open an Online Savings account in internet banking

    Opening an account online is easy and only takes a few minutes.

    • Log in to internet banking
    • Go to 'Self Service' in the menu 
    • Select 'Open New Account' in the drop-down menu and follow the prompts.

    Not a member yet?

    Become a member and we will guide you through the process to open your new account.

    Join online today

  • Features and benefits

    Online Savings account features and benefits

    With this account, you have full control – you can transfer funds, check your balance and more. It’s simple to open in internet banking and only takes a few minutes.

    Enjoy:

    • Track payments with SMS and email alerts
    • Access to online banking anywhere, anytime
    • Direct credits
    • No minimum balance
    • Internal transfers
    • Free online and phone banking balance enquiries
    • Free online and phone banking transfers
    • SMS banking
    • No fees for accessing your account online or via phone banking
    • 24/7 banking - transfer anytime
    • No monthly access fee
    • Higher interest rate for balances $2,000 and over
    • Simplicity of setting up a regular savings plan
    • Convenience of managing your account online
    • 24/7 access via internet, mobile app and phone banking
    View all accounts

  • FAQs

    Frequently asked questions—Online Savings account

    Who can open an Online Savings account?

    You must be a Teachers Mutual Bank member and registered to use Internet Banking.

    How do I open an Online Savings account?

    This account can only be opened online in internet banking. Go to Account Information then to Open Account and follow the prompts. It only takes a few minutes.

    What is the interest rate and how is it calculated?

    Interest is calculated daily, tiered and credited monthly. Refer to interest rates on this website for the current rates.

    When is my Online Savings account opened and ready to use?

    You will receive confirmation that the account is opened at the end of the application process. When you select the Finish button, the account is ready to receive deposits.

    Can I set up an Online Savings account as a joint account?

    The account can be opened with a maximum of 2 account holders who both need to be Teachers Mutual Bank members. If you choose to open the account where both account holders need to authorise withdrawals, you will both be prompted to enter your internet banking access code on the same computer at the time of opening.

    Can I link my Online Savings account to another Teachers Mutual Bank savings account?

    No. This account cannot be linked to another Teachers Mutual Bank savings account.

    How long do the funds have to be in the account to earn interest?

    Every dollar earns interest from the day it is deposited.

    Can I open more than one Online Savings account?

    Yes. You can open up to 9 accounts.

    How do I transact on my Online Savings account?

    Transactions can be done by internet or phone banking. To link your new Online Savings account to phone banking, contact us here.

    How do I deposit and withdraw?

    You can transfer funds to and from your Online Savings account and your other accounts through internet and phone banking. In Internet Banking, select:

    • Payments and Transactions
    • Transfer
    • Transfer from (select account type)
    • Transfer to (select account type)

    Is there a minimum and maximum balance requirement?

    There is no minimum deposit required to open this account or to keep it opened. No maximum balance applies to this account however if there is a nil balance in the account for 3 months, we may close the account.

    What is the minimum deposit and withdrawal on this account?

    There are no minimum deposit or withdrawal restrictions.

    Can I set up regular deposits?

    Yes. You can set up regular deposits from any of your Teachers Mutual Bank savings accounts to go directly to the Online Savings account. Do this in internet banking. Select Payments and Transactions then Transfers.

    Can I arrange for my pay or other income to be deposited into this account?

    You can also have all or part of your pay or other income directly deposited into this account. Contact us for a form.

    Can I establish automatic deposits from another financial institution to go into my Online Savings account?

    You can have an automatic deposit into your Everyday account and then transfer to your Online Savings account by internet or phone banking. Alternatively, by using your account reference number, you can credit funds directly into this account. Contact us for more details.

    How can I check my balance?

    Use internet, phone or SMS banking. For staff assisted transactions over the phone or at our offices, a staff assist fee of $3.00 applies.

    Can I have a cheque book or a card on this account?

    No - this account is an internet banking account designed to work with your other Teachers Mutual Bank accounts, so cheque books and cards cannot be issued.

    How often will I receive a statement?

    Your Online Savings Account transactions are listed on your monthly statement.

    Do I have to lodge my Tax File Number (TFN) for this account?

    It is optional, however if you don’t quote your TFN you may have to pay withholding tax on any interest earned.

    Can I advise my TFN online?

    Yes, however the TFN advised will only be updated on your Online Savings account. Contact us to update on your TFN on your other accounts.

    Are there any fees?

    There are no account keeping or transaction fees, however if you require staff to help you with this account over the phone or at our offices, a staff assist fee applies. This fee includes, but is not limited to balance enquiries, transaction enquiries, transfers and cheque deposits. The fee will not apply for pay or income reallocation, TFN lodgement or on closure of the account.

    Can I have sweep on this account?

    No, sweep is not available.

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