Members can quickly and easily open an Essential Saver account through Internet Banking. If you want to become a member, find out more here.
We provide flexible and simple banking options, giving you the freedom to bank your way at a time that works for you. Find out more about ways to bank with us.
Your deposits with us are protected under the Australian Government Financial Claims Scheme, up to a limit of $250,000 for each account holder at the Bank. For further information please refer to the Financial Claims Scheme webpage..
You can access your money anytime, anywhere:
You’ll pay no monthly account, overdraw or electronic transfer fees on your Essential Saver account. Other fees and charges may apply. Please see our Fees and Charges for more information.
You’ll receive interest at the great variable rate for the tier(s) your account balance falls within. There’s no bonus interest rate for Essential Saver.
There’s no maximum deposit limit3 for an Essential Saver account. You can save as much as you want and will receive interest at the variable rate for the tier(s) your account balance falls within. Deposits over $5,000,000 (in aggregate across all your savings accounts) are subject to acceptance at the bank's discretion.
An account can be opened with a maximum of two account holders who both need to be members. If you choose to open an account jointly where both account holders need to authorise withdrawals, both members will need to either visit their local branch together, call the contact centre with both members present, or complete and sign the Transaction and savings account application form for the account to be set up.
All interest rates quoted are subject to change at our discretion. Interest for savings accounts is calculated on daily balances and credited monthly.
For products and services, Conditions of Use - Accounts and Access, and Fees and Charges apply. These may change or we may introduce new features or fees and charges in the future. Full details are available on this website or on request. This information is general in nature and does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions before deciding. Unless otherwise specified, the products and services described on this website are available only in Australia from or through Australian Mutual Bank a division of Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL and Australian Credit Licence 238981.
1 MOBILE WALLET- You should consider whether this service is appropriate for you before acquiring it. Terms and conditions apply to the use of Mobile Wallet and are available on our website. Access to the system is subject to availability and maintenance. We do not charge a fee to allow you to use your Visa card via your Mobile Wallet. Internet data charges may be incurred through your mobile service provider – check with your Internet Service Provider for more details.
Google Pay - You should consider whether this service is appropriate for you before acquiring it. Terms and conditions apply to the use of Google PayTM and Teachers Mutual Bank Limited Mobile Wallet and are available on our website. Smart phone must be NFC (Near Field Communication) enabled and running Lollipop 5.0 and above. Access to the system is subject to availability and maintenance. We do not charge a fee to allow you to use your Visa card in Google PayTM. Internet data charges may be incurred through your mobile service provider – check with your Internet Service Provider for more details. Android, Google PayTM and Google logo are trademarks of Google Inc.
Apple Pay - You should consider whether this service is appropriate for you before acquiring it. Terms and conditions apply to the use of Apple Pay and Teachers Mutual Bank Limited Mobile Wallet and are available on our website. Access to the system is subject to availability and maintenance. We do not charge a fee to allow you to use your Visa card in Apple PayTM. Internet data charges may be incurred through your mobile service provider – check with your Internet Service Provider for more details. Apple, the Apple logo, Apple Pay, Apple Watch, iPad and iPhone are trademarks of Apple Inc, registered in the U.S. and other countries. Apple Pay works with iPhone 6 and later in stores, apps and websites in Safari; with Apple Watch in stores and apps, with iPad Pro, iPad Air 2 and iPad mini 3 and later in apps and websites; and with Mac in Safari with an Apple Pay enabled iPhone 6 or later or Apple Watch. For a list of compatible Apple Pay devices, see https://support.apple.com/en-au/102896.
Samsung Pay - You should consider whether this service is appropriate for you before acquiring it. Terms and conditions apply to the use of Samsung Pay and Teachers Mutual Bank Limited Mobile Wallet and are available on our website. Access to the system is subject to availability and maintenance. We do not charge a fee to allow you to use your Visa card in Samsung Pay. Internet data charges may be incurred through your mobile service provider – check with your Internet Service Provider for more details. For more information and a list of compatible Samsung Pay devices visit our page about Samsung Pay.
2 MOBILE APP - You should consider whether this service is appropriate for you before acquiring it. For additional information please refer to our Security Guide for electronic transactions and the Mobile App Terms of Use. Internet connection is needed to access the Mobile App. Normal mobile data charges apply. We test mobile banking to ensure compatibility with the majority of popular devices, but cannot guarantee compatibility with all devices and operating systems. The Mobile App is free to download, however your mobile network provider may charge you for accessing data on your phone. We recommend that you read the App Terms of Use and consider if this service is appropriate to you prior to making a decision to use the Mobile App. We test the Mobile App to ensure compatibility with the majority of popular devices, but cannot guarantee that it will be compatible with all devices and operating systems.
3 DEPOSITS OVER $5,000,000 (in aggregate across all your savings accounts and transaction accounts) are subject to acceptance at the bank’s discretion. The interest rate(s) applicable are dependent on the relevant interest rate tier(s) based on account balance.
4 PAYID - PayID Terms of Use apply in respect of any PayID you create, attempt to create or request that we create for an Account and must be read together with any other terms and conditions that apply to the relevant Account. The complete PayID Terms of Use can be reviewed and accepted before you create any PayID within your Internet Banking.
Design and Distribution Obligations
The target market for this product will be found within the product’s Target Market Determination, available here.
