Straightforward savings to make more of your money

Earn a great variable rate on your savings every day. With our new Essential Saver account, there are no tricky deposit or withdrawal conditions1 and no hassles. Just an easier way to grow and manage your savings.

*You'll need to be a Member to open in Internet Banking.

Open an Account as an existing Member Become a Member to open an account

Earn up to 4.25% p.a.1 variable interest with Essential Saver

Whether you’re saving for a home, a holiday, a car or you simply want to build some ‘rainy day’ security, at Teachers Mutual Bank we know it’s not always easy. And sometimes to get what looks like a good rate, you have to meet tricky minimum balance requirements or make a regular monthly deposit. Not with Essential Saver1.

Every day you’ll be earning a great variable rate on every dollar you’ve saved. And to help you save even more, there is no monthly account fee. Whether your savings goals are small or big, short term or long, set yourself up for savings success with Essential Saver today. You can even open up to 9 accounts to manage all your savings goals.

An icon of a calendar with a dollar sign and a cross over it, representing that there are no monthly account fees.

$0 monthly account fee

An icon of a dollar sign with a crossed circle over it, representing there are no deposit conditions on the account.

No deposit conditions1

An icon showing a collection of coins, representing that you can have up to 9 accounts.

Open up to 9 accounts

An icon of a hand holding up a dollar sign, representing easy access to your money.

Easy access to funds

An icon representing how when you join to open an Essential Saver account, you also get an Everyday Direct account for your transaction needs.
When you open an Essential Saver account as a new Member of the bank, you’ll 
automatically get an Everyday Direct transaction account too.

 

A man plays his electric guitar excitedly while his savings grow in his Essential Saver account.

Essential Saver - the way saving should be

If you’ve ever found it hard to keep your savings on track, or you’re worried about tying up your money to earn a decent rate, Essential Saver is for you. Earn a great variable rate on your savings with no tricky deposit or withdrawal conditions1. And if you need your money urgently, you have easy access to your savings at any time, with no electronic transfer fee. Your money, your way.

Open an Account as an existing Member
Become a Member to open an account
Interest rates
Portion of account balance up to and including $250,000 4.25%pa
Portion of account balance over $250,000 up to and including $500,000 4.00%pa
Portion of account balance over $500,000 up to and including $1,000,000 4.00%pa
Portion of account balance over $1,000,000 up to and including $5,000,000 3.00%pa
Portion of account balance over $5,000,0001 3.00%pa
Interest rates effective date Interest rates effective 31 October 2024
Interest rates type

Variable
Other information

Please note: The interest rate(s) applicable are dependent on the relevant interest rate tier/tiers based on account balance, as set out in the above table. 
For example, an account balance of $800,000 would earn 4.25%pa on the first $250,000, 4.00%pa on the next $250,000, and 4.00%pa on the remaining $300,000.

A teacher smiles at her students who are surrounding her, raising their hands.

Why Teachers Mutual Bank?

As the bank that was built for teachers by teachers, we're all about doing things differently for our Members. Different ways to help you save and more ways to help you thrive. Whatever you're saving for, get there faster with the value and convenience of Essential Saver.

As a member you'll enjoy...

When you join Teachers Mutual Bank, you’ll own a share in one of Australia’s largest mutual banks.

This means you're not just a customer, you're a shareholder who benefits from our profits with competitive rates, low fees, and amazing products and services.

Loading
Become a member

It only takes a few minutes

Members, open an Essential Saver in a few easy steps

Loading
  • tmb-logo Log in to Internet Banking
  • tmb-logo Go to Self Service and select Open new account
  • tmb-logo Select Apply under the Savings account section and follow the prompts

Not a Member?

Join and open your account online now.

Become a Member

Buying your home and Better Money Management podcasts

Join host Alan Waugh and financial coach Betsy Westcott. In our Better Money Management podcast series, we'll cover essential topics including budgeting, saving, and being credit healthy. 

In this Savings episode, we talk about why saving is a key part of financial wellness, where we talk about the importance of saving goals/saving strategies and getting set for success with a savings plan.

 

FAQs

Is there a monthly account fee on Everyday Direct or Essential Saver accounts?

Our Members pay no monthly account, overdraw or electronic transfer fee on their Everyday Direct or Essential Saver accounts. Other fees and charges may apply. Please see our Fees and Charges.

Is there a bonus interest rate for Essential Saver?

You will receive interest at the great variable rate for the tier(s) your account balance falls within. There is no bonus interest rate for Essential Saver.

How much can I deposit into an Essential Saver account?

There’s no maximum deposit limit1 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 are subject to acceptance at the bank's discretion.

How do I open an Essential Saver account?

Members can quickly and easily open an Essential Saver account through Internet Banking. If you’re not a Member already, you’ll need to join first. You can find more information about becoming a Member.

Is my deposit protected by the Government Guarantee?

Your deposits 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.

Can I open an account in joint names?

The account can be opened with a maximum of 2 account holders who both need to be Members. If you choose to open the account as a joint account where both account holders need to authorise withdrawals, both Members can either visit their local branch together, or call the contact centre with both Members present, or complete the Transaction and savings account application form with both Members to sign.

How do I access my account?

We have 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.

Are there any special conditions to earn interest?

You will receive interest at the great variable rate for the tier(s) your account balance falls within. There are no special or tricky deposit or withdrawal conditions1 for an Essential Saver account.

Can I withdraw my money at any time?

Your money is available to you 24/7. And even better there are no special or tricky deposit or withdrawal conditions1. You can deposit or withdraw funds from your Essential Saver account through your linked Everyday Direct transaction account via Internet Banking, our Mobile Banking App2, through your Mobile Wallet3 or PayID, in one of our branches, via Australia Post at one of 3,300 Bank@Post outlets or at one of more than 10,000 fee-free ATMs nationwide.

Why would I have up to 9 accounts?

With Essential Saver, you can open up to 9 accounts to help you bucket your savings into separate accounts for different purposes. This can help you more easily keep track of how much you have set aside for each goal. You can even set a savings amount goal for each account in the Mobile App to monitor your savings progress.

If you open multiple Essential Saver accounts they will operate as separate accounts. Balances are not combined or pooled together across accounts to determine which interest rate tier is applicable.

Do I need to become a Member to open an Essential Saver account?

You can open an Essential Saver account with the Bank as a Member or a Customer. If you’re not a Member already, you’ll need to join first. You can find more information about becoming a Member. If you prefer to open an account as a customer, complete the customer application form.

A man sits on a couch, using his laptop and holding a phone to his ear. The Teachers Mutual Bank Security Promise logo is overlaid next to the man.

Teachers Mutual Bank Security Promise

Our commitment to you

Our Teachers Mutual Bank Security Promise is your guarantee we are working around the clock to protect you, your identity and your money. This includes repaying money lost to fraud so long as you’ve complied with our terms and conditions and haven’t contributed to the loss.

Tools and resources

Back to top