Teachers Mutual Bank

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3.5

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Teachers Mutual Bank

Overview

The Teachers Mutual Bank Limited, previously known as the New South Wales Teachers Credit Union, is one of the leading mutual banks in Australia. It has over 200,000 and controls assets worth over $8 billion. Initially established in 1966, the membership was strictly restricted to public school teachers in New South Wales. The membership of the bank is now spread throughout New South Wales, Australian Capital Territory, Western Australia, Northern Territory, and South Australia. The bank presently has six main branches, three in Sydney and one each in the Hunter Region, the Australian Capital Territory and Western Australia. Following its merger with two credit unions in 2016, three divisional branches were established in Perth, trading as UniBank, and one was established in Sydney, recognised as Firefighters Mutual Bank. The bank offers various Wholesale, Consumer, Wealth Management, Insurance, and Travel Services.

Bank Type
Consumers' co-operative
Founded
1966
Headquarters
Homebush, New South Wales, Australia
Industry
Banking
Formerly/Predecessor
New South Wales Teachers Credit Union (F)
Subsidiaries
UniBank, Firefighters Mutual Bank

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Pros & Cons-Teachers Mutual Bank

Pros

Strict lending policies.

About Teachers Mutual Bank
Services Offered
Types of Accounts
Banking Hours
FAQs

About Teachers Mutual Bank

Established in 1966, Teacher Mutual Bank is one of the leading banking institutions in the country. This bank primarily caters to the banking needs of public school teachers in Australia. With over 50 years of experience, this bank has carved a niche by providing world-class banking products and services like everyday banking accounts, home loans, credit cards, personal loans, insurance, and travel banking services. This organisation is a long-time supporter of education programs and has made a significant impact on the public education system in New South Wales. This support is spread across a wide range of educational programs like arts, workshops, conferences, and workshops.

Services Offered by Teachers Mutual Bank

Given below are some of the services offered by the Teachers Mutual Bank to its members:

Home Loan

Customers can also obtain a home loan from Teacher Mutual Bank, with interest rates starting at 4.93% per annum. You can take the benefits of both variable and fixed rate interest rate options. You can enjoy greater confidence in your financial freedom, regardless of what you face down the road. You can get a minimum loan amount of $25,000 and a maximum amount of up to 90% of the property value. Given below are some of the features and benefits of a home loan from Teachers Mutual Bank:

Variable and fixed interest rate options available
Security of unlimited no-cost redraws
Unlimited additional repayments
Flexible top-up options available

Personal Loan

You can obtain a personal loan from Teachers Mutual Bank for various different reasons like a special occasion, foreign vacation, consolidating existing debt, purchasing a new car, etc. Whatever your reason, a personal loan from Teachers Mutual Bank can give your plan a head start. With an easy application process and low processing costs, this is an ideal loan product for every Aussie. Given below are some of the features and benefits of this loan product:

Both variable and fixed interest rate options are available; you can lock in your interest rate for two years to six years
Pay off loan faster with no early payment charges
Unlimited additional repayments
No on-going fees
Low application fee

Types of Accounts in Teachers Mutual Bank

Given below are the different types of accounts offered by the Teachers Mutual Bank:

Everyday Direct Account

This all-in-one banking solution offers security, flexibility, and hassle-free online transactions. The Everyday Direct account is ideal for a customer who transacts electronically. With the internet and mobile banking capabilities, the account provides various different ways to access your money. Given below are some of the features of this account:

Samsung/Google/Apple Pay compatible
Electronic deposits option available
Make transactions using electronic deposits
Transfer funds through the mobile banking app and internet banking feature
Access to worldwide ATMs

Bill Paying Account

This type of account is specifically designed for the customer to be able to separate funds for bills, with various features formulated to make sure that you do not miss a payment. All the customer needs to do is deposit a portion of their income to the account on a periodic basis. Given below are some of the features and benefits of the bank:

Keep track of your payments using the SMS and email alerts feature
Direct credits and debits
Zero monthly access fee
Cheque withdrawals available
Multiple bill payment options available
24/7 access to internet banking

Reward Saver Account

It is specially designed for bank members. Save as little as $50, make no withdrawals, ensure the account has enough credit balance at any given time in that month, and be rewarded with great bonus rates. The account pays out a bonus in the form of interest if you meet all the above-given criteria. If they are not fulfilled, only standard interest rates will be applicable. Given below are some of the features of this account:

SMS Banking
Payment tracking with SMS and email
Internal transfers available
A certified responsible investment deposit product
Free mobile and online balance enquiries available
One free withdrawal per month

Online Savings Account

This a high-interest online savings tool which is linked to your savings account to provide seamless access to your account. If you want to enjoy the convenience of online savings while also earning returns at the rate of 1.75%pa, then the Online Savings Account is ideal for you. Given below are some of the featured and benefits of this account:

No minimum balance requirement
Free net banking funds transfer
SMS and email banking
No monthly access charges
Direct credits
Manage your account online

Term Deposits

Take the benefit of significant returns on Term Deposits Teachers Mutual Bank offers. There is a minimum $1,000 deposit requirement. The tenure for this deposit ranges from 3 months to 36 months. Utilise the fixed rate of return for the nominated tenure to know what your investment is worth. Given below are some of the features of this deposit scheme:

The deposit has a guaranteed rate of return
The customer receives a written notice prior to deposit maturity
It is an official responsible deposit investment product
No account upkeep fee

Teachers Mutual Bank Opening Hours

The table given below shows the opening and closing times for Teachers Mutual Bank Australia:

Store Hours	Opening Time	Closing Time
Monday	8:00 am	4:30 pm
Tuesday	8:00 am	4:30 pm
Wednesday	8:00 am	4:30 pm
Thursday	8:00 am	4:30 pm
Friday	8:00 am	4:30 pm
Saturday	8:00 am	4:00 pm
Sunday	Closed

Teachers Mutual Bank Contact Details

Given below are some of the different ways you can get in touch with Teachers Mutual Bank in case of doubts and queries:

Phone Enquiries	13 12 21
Overseas Phone Number ( Weekdays 8 am to 7 pm, and Saturdays 9 am to 3 pm)	+61 2 9735 9111
Email Address	You can submit an online enquiry through the website’s customer care portal
Phone Banking Number	13 21 40

Frequently Asked Questions

How good is Teachers Mutual Bank?

Teachers Mutual Bank is one of the leading banking institutions in Australia. They are a customer-owned corporation that primarily focuses on the education sector. They have low-interest rates and offer special seasonal offers that beat most of the major banks in the country. The only drawback is that they do not serve other customer types like business owners.

Who owns Teachers Mutual Bank?

Teachers Mutual Bank is a subsidiary of Teachers Mutual Bank Limited. Ms Maree O’Halloran is the Chairperson of the bank.

How do I contact Teachers Mutual Bank?

You can contact Teachers Mutual Bank using their telephone number 13 12 21. If you are an overseas employee, you can contact them at +61 2 9735 9111.

How much cash can I withdraw from Teachers Mutual Bank ATM?

The maximum cash withdrawal limit from a Teachers Mutual Bank ATM is $1,000 or a maximum of 60 bills at one time. The limit might also differ on the basis of the availability of funds or the type of account.

What is the minimum balance for Teachers Mutual Bank?

With Teachers Mutual Bank, you can take the double benefits of free electronic transfers and no minimum balance requirements.

Why use us?

The customised financial services from UrbanMoney Oceania caters to the varying requirements of the applicant on their fund procurement journey.

Low interest rates

The intricate online model ensures the best interest rates are offered to the customers. The services aim to diminish the overhead costs.

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Australian based support team

Our support team offers tailor-made services to customers intending to conclude loan transactions without any hassle. Available to customers at their convenience.