Teachers Mutual Bank Limited expands its savings product range
Teachers Mutual Bank Limited today announced changes to its range of saving accounts, including the launch of a new high interest saving account and enhancements to its youth saving account.
The new saving account, Momentum Saver, is designed to encourage positive saving habits by rewarding account holders with bonus interest on top of a base interest rate. Members who deposit a minimum of $100 each month into their Momentum Saver account without making a withdrawal during the month will be rewarded with bonus interest up to 4.25%* on top of the base rate of 0.10%**.
Alongside this new product, Teachers Mutual Bank has revamped its youth savings account, making it available to members in their early working years when many people are looking to save for a first home or major purchase. Now called Starter Saver, and available until the age of 30, this account is designed to help young people establish good habits and accelerate towards their savings goals. The account offers a high rate of 4.50% on balances up to $50,000, and like all Teachers Mutual Bank Limited savings accounts, it is fee free.
Teachers Mutual Bank Limited Chief Customer Officer, Greg Johnson said: “Developing strong savings habits when you’re young sets you up for greater financial freedom later in life and we think that journey should start at school and extend through to those first big financial decisions – whether that be buying a car or something bigger like a first home.
“Making Starter Saver – our youth savings account – available all the way up to 30 years old makes it easier for younger members to keep up the good work and stick with their savings habits as they enter the workforce, work towards new goals and face new financial demands that come with greater independence.”
The Momentum Saver, Starter Saver and Essential Saver accounts are available to members across Teachers Mutual Bank Limited’s four retail brands – Teachers Mutual Bank, Health Professionals Bank, Firefighters Mutual Bank, and UniBank.
Summary: Teacher’s Mutual Bank Limited Savings Accounts
|
Savings account / feature*** |
Starter Saver |
Momentum Saver |
Essential Saver |
|
Age eligibility |
Up to 30 years |
n/a |
n/a |
|
Interest rate (as at 1 September 2025) |
4.50% variable interest rate on balances up to and including $50,000 3.50% variable interest rate on portion of account balance over $50,000
|
0.10% standard base interest rate paid on entire balance. 4.25% bonus interest rate paid on portion of account balance up to and including $250,000. 3.25% bonus interest rate paid on portion of account balance over $250,000 up to and including $1,000,000. Bonus variable interest only applies when each month members i) make no withdrawals, and ii) deposit $100+ by 5pm Sydney time by the last day of the month. |
3.50% variable interest rate on balances up to $250,000 |
|
Other features |
No monthly account fee No minimum deposit No regular deposit requirement No introductory rates that vanish Organise your savings with up to 9 account bucket |
No monthly account fee No introductory rates that vanish Organise your savings with up to 9 account buckets |
No monthly account fee No minimum deposit No regular deposit requirement No introductory rates that vanish Organise your savings with up to 9 account bucket |
*4.25% bonus rate paid on portion of account balance up to and including $250,000. 3.25% bonus rate paid on portion of account balance over $250,000 up to and including $1m.
**0.10% standard base interest rate paid on entire balance.
***General information only. Terms and conditions available on the Bank’s websites: