Supercharge your savings
Ready to supercharge your savings? Make savings growth yours with our bonus interest rate promotion on our Internet Saver and Internet Saver Business accounts where you can receive bonus interest on new to bank money.
From 1 June until 31 August, you could earn an extra 2% bonus interest on top of the base interest rate on new to bank money for 90 days from the date of each new deposit earning you an impressive 4.25%.
Bonus interest is paid on new to bank money only. If no new money is deposited during the promotional period, only the base interest rate will apply. Withdrawals made during the promotional period may affect the bonus interest paid.
Frequently Asked Questions
What is the New Money Bonus Rate Promotion?
Between 1 June 2025 and 31 August 2025, we will be running a “New Money Bonus Interest Rate” promotion. The promotion applies to the Internet Saver and Internet Saver Business accounts only.
During these dates, existing and new account holders have the opportunity to earn a bonus rate when they deposit money that is new to the bank.
What is new money?
This means money that has come from an external source and not an internal transfer between your other accounts you hold with The Mutual Bank. The Bonus interest rate will be paid for 90 days on each deposit made.
What is the bonus interest rate and how is it paid?
The bonus interest rate is 2%. Each time a Member makes a new money deposit they will receive bonus interest for 90 days on each deposit not the entire account balance. For example, if they make a new money deposit on the 1 June 2025, they will receive bonus interest on that deposit for 90 days. If they make a deposit on 31 August 2025 they will receive bonus interest for 90 days on that deposit.
Bonus interest is calculated daily and paid monthly.
Is there a cap on the bonus interest?
No. The bonus interest will be paid on the whole amount of new money deposited.
What happens if I want to make a withdrawal from my Internet Saver account during the new money bonus period?
If you make a deposit which is considered new money, the withdrawal amount will be first deducted against the first new money amount deposited and then the next and so forth until the total withdrawn amount has been deducted.
Please note, that when a withdrawal is made and taken against a new money deposit, the bonus interest will be applied on the new amount not on the original deposited amount from that date forward. For example, John deposits $30,000 on 1 June. On10 June John withdraws $10,000. John will receive 2% bonus interest on the $30,000 up until the $10,000 withdrawal, and then they will receive 2% bonus interest on the $20,000 until the 90 days interest period is finished (unless John does another withdrawal and the same process will occur.)
Tiered interest rates apply: Different interest rates may apply to different portions of account balances. Fees and charges may apply. Bonus rate promotion: Earn 4.25% p.a. interest by depositing new money to The Mutual Bank (excluding funds you currently have in existing accounts) between 1 June 2025 to 31 August 2025. Bonus Interest of 2.00% p.a. applies for 90 days from the date of each deposit of new money, less withdrawals made, during the promotional period, in addition to the base rate of 2.25% p.a. Interest rates are subject to change. We have not considered your personal objectives, financial situation, or needs. Please consider the PDS & TMD before deciding to acquire a product. Fees and charges may apply. Maitland Mutual Limited trading as The Mutual Bank, ABN 94 087 651 983, AFSL 238139.
