Teachers Mutual Bank Essential Saver account
No conditions on the rate
An interest bearing online savings account with a tiered interest rate structure
- Base rate up to
- 5.25%
- Introductory rate
- None
- Maximum balance
- None published
Rate a year, up to
Rates by balance
| Balance | Base rate |
|---|---|
| $0 to $1,000,000 | 5.25% |
| $1,000,000 and over | 3.25% |
Who can open it
- Age to open
- Any
- Maximum balance
- None published
Who it's for
- You must be a member. Membership is open to current or retired employees of the Australian education sector or family members of members (i.e. shareholders) of the Bank.
How it compares
Against the other savings accounts we compare. Typical means the middle half of them.
Most it pays
5.25%
At its best balance, with any bonus. Typical is 3.65%.
Base rate
5.25%
What it pays without a bonus. Typical is 2.40%.
Pros and cons
Pros
- A higher rate. Up to 5.25%, above the typical 3.65%. On $10,000 that's about $525 a year.
- No conditions. You earn the same rate every month, with no deposits to make or withdrawals to avoid.
Cons
Nothing stands out.
Similar savings accounts
Savings accounts from other banks that pay a similar rate at their best.
- Most it pays
- 5.25%
- Bonus conditions
- None
- Most it pays
- 5.25%
- Bonus conditions
- None
- Most it pays
- 5.25%
- Bonus conditions
- None
