Transaction Accounts

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Explore our Transaction Accounts

We offer a range of transaction accounts to help you manage your finances with ease. Whether you're looking for an account for everyday expenses, a first saver for your child or seeking options linked to your home loan, we have an account ready for you.

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The Mutual Bank has been supporting regional communities with trusted banking for over 135 years

We’re proudly customer owned, which means we exist to benefit you. Not external shareholders. Whether you're opening your first account or planning for the future, we’re here with genuine service, great-value products and the kind of care only a mutual can offer.

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  • 1 Rather than attracting interest on your at-call deposit account, which may be taxable income, The Mutual reduces the balance of 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.
  • 2 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.
  • 3 Interest is calculated by applying the daily percentage rate to the different portions of the daily balance and paid monthly on the last day of each month. 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 accounts. This penalty interest will be calculated daily and charged on a monthly basis.
  • 4 Interest is calculated by applying the daily percentage rate 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. The daily percentage rate is the applicable annual percentage rate divided by 365.
  • 5 Interest is calculated by applying the daily percentage rate to the daily balance and paid monthly. Bonus Interest of 10% of the amount of interest earned is payable if there are no withdrawals for the month. The daily percentage rate is the applicable annual percentage rate divided by 365.

The daily percentage rate is the applicable annual percentage rate divided by 365.

Financial Claims Scheme information available at fcs.gov.au.

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Any advice or information on this site does not take into account your personal objectives, financial situation, or needs and you should consider whether it is appropriate for you. Please review our Product Disclosure Statement, Target Market Determinations, Terms and Conditions, Financial Services Guide, and Credit Guide before deciding to acquire a product.

Eligibility and lending criteria, conditions, fees, and charges apply to all loans. Interest rates, fees, and charges may change without notice. Information is current as at date of appearance and is subject to change. We use reasonable efforts to provide accurate and up to date information. However, mistakes may still occur from time to time, and we cannot guarantee that this website is free from any errors, inaccuracies or omissions. Maitland Mutual Limited trading as The Mutual Bank ABN 94 087 651 983 AFSL/Australian credit licence 238139.

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We acknowledge the Traditional Owners of the lands on which we operate and pay our respects to Elders past and present, and to emerging community leaders. We also acknowledge the important role Aboriginal and Torres Strait Islander peoples continue to play within the communities in which The Mutual Bank operates and where our team members reside.