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Everyday Account Interest Rates

The Mutual has a range of Everyday Account options to suit your individual needs. 

Express Savings Account

Interest Rate (p.a.)
Up to $2,000 0.00% pa
Over $2,000 to $5,000 0.00% pa
Over $5,000 to $20,000 0.01% pa
Over $20,000 to $50,000 0.05% pa
Over $50,000 0.10% pa
Interest is calculated by applying the daily percentage rate1 to the different portions of the daily balance and paid 6 monthly on 30 June and 31 December.*

Retirement Account

Interest Rate (p.a.)
Up to $49,200 1.75% pa
Over $49,200  2.60% pa
Interest is calculated by applying the daily percentage rate1 to the different portions of the daily balance and paid monthly on the last day of each month.*

Loan Saver

Interest Rate (p.a.)
Over $2 1.00% pa
Interest is calculated by applying the daily percentage rate1 applicable to the daily balance to the entire balance. Interest is not credited to your account but interest which would otherwise be payable is offset against the interest charged each month on your loan (this is called an “interest offset”).*

100% Loan Offset

 

Rather than attracting interest on your at-call deposit account, which may be taxable income, The Mutual reduces the balanceof your loan for interest calculation purposes by the amount held in your 100% Loan Offset Account each month. In this way, funds held in your deposit account are saving you interest on your loan account. This can be a tax effective means of holding cash available for all your transaction needs, while minimising the interest on your loan.*

Rates are effective as at 1 April 2017.

Questions?

If you have any questions, please contact us

 

1 The daily percentage rate is the applicable annual percentage rate divided by 365.
* Penalty Interest will be charged at a rate of 20.00% per annum on overdrawn savings accounts. This penalty interest will be calculated daily and charged on
a monthly basis.
Note: Both the Loan Saver and 100% Offset type of account have been approved by the Australian Taxation Office only on the basis that no interest is earned. The interest offset accrues on these accounts up to the point where the balance of the account equals the balance owing on the home loan. No interest offset accrues on the portion of the balance of the Loan Saver or 100% Loan Offset Account which exceeds the balance outstanding on the loan.

View all rates
View all rates