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will be first deducted against the first new money amount deposited and then the next and so forth until the total withdrawn amount has been deducted.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.
We are thrilled to announce the launch of our redesigned Mutual App, bringing you a fresh look and enhanced functionality to make your banking experience even better.
Thanks to valuable Member feedback, we've made changes to the navigation menu in our App, making it more user-friendly and intuitive. This includes:
A streamlined menu layout for easier access to key features.
Enhanced categorisation of services to help find what you need quickly.
Members can also now view and set their own daily transaction limits on payments. Previously, this required messaging or calling our team, but now you have the convenience and autonomy to manage your limits directly from the app.
You can update your limit from the standard $5,000 up to $20,000. If you wish to lower the limit again, you will need to manually update it back to $5,000. Multi-factor authentication is required to ensure the security of your transactions.
We are excited about these changes and our aim to bring you greater convenience and control over your banking experience. Stay tuned for more updates to Internet Banking and our website.
What do I need to do to get the new-look App?
If you have automatic updates set up on your device your existing Mutual App will automatically upgrade, otherwise you will need to update via the App Store or Google Play Store.
How do I change my daily transaction limits on Internet Banking?
Once logged in, go to the main Menu in the top of the home screen> Settings >Daily transaction Limits.
How do I change my daily transaction limits on the App?
Go to the main Menu in the top left of home screen> Settings>App security and banking limits>Daily transaction limits.
Need more help?
Please call our friendly Contact Centre Team on 1300 688 825.
You can learn more about the Mutual App here.
As faster and more secure payment options have become available, more Australians are choosing alternative payment services to cheques.
With cheque use in rapid decline, the Australian Government has announced that the cheque system in Australia will wind down no later than 2030.
The Australian banking industry is now planning for this phase-out, with some banks and many merchants already no longer accepting cheques as a form of payment.
We understand that ongoing changes in the payments landscape can be challenging for some Members, and we want to ensure you are provided with sufficient notice and support to adjust to a world without cheques.
As a result of these changes to the Australian cheque system, The Mutual Bank will phase out cheques by 31 December 2025.
We will be in contact with impacted Members to explain the phasing-out timelines and provide support with switching to the many alternative payment services available.
We are here to help you navigate through this transition – please talk to our friendly Contact Centre Team on 1300 688 825 if we can assist you.
You can learn more about the timeline and read our Frequently Asked Questions here.
The Mutual Bank now offers PayTo – an easy, digital way to pay directly from your bank account.
PayTo gives you visibility and control as you can see and manage your PayTo agreements in Internet Banking.
A business or merchant will set up a ‘PayTo agreement’ with you which enables you to authorise how much, and when, you will pay for their goods or services. It could be for a one-off, ad-hoc, or recurring payment.
You will be notified via SMS, email or secure email within Internet Banking that a new PayTo agreement is awaiting action, and the PayTo agreement will appear in your Internet Banking for your authorisation.
Once you have authorised the agreement, the business or merchant can debit your account according to the terms you have agreed. You also have the option to decline the agreement.
At any time, you can pause, cancel, or amend the linked account with consideration to the impact on payments and contractual arrangement.
You can use PayTo for all kinds of payments including recurring bills that were typically paid through direct debit, or in-app and online purchases that previously relied on a card.
Read more here.
PayTo is a registered trademark of NPP Australia Limited.
Please read our Product Disclosure Statement Part 1 – Key Features and Terms and Conditions found on our Important Documents page for more information on Internet Banking.