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Savings

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Savings Accounts

Bonus Saver

Be rewarded for regular contributions to your savings, with bonus interest.

Find out more

 2.65% pa
bonus interest rate

 0.05% pa
base interest rate

Apply Online Call 1300 654 822

Online Saver

Save effortlessly, with high returns and easy access to your funds.

Find out more

 0.05% pa
interest rate ($0 - $1,999)

 2.20% pa
interest rate ($2,000 - $149,999)

Apply Online Call 1300 654 822

First Saver

Teach young people the importance of saving regularly and watching funds grow.

Find out more

 1.40% pa
interest rate ($0 - $1,999)

 2.65% pa
interest rate ($2,000 and over)

Apply Online Call 1300 654 822

Cash Management

Benefit from increased contributions to your savings. The more you deposit, the higher the interest rate.

Find out more

 1.35% pa
interest rate ($5,000 - $19,999)

 1.85% pa
interest rate ($20,000 - $49,999)

Apply Online Call 1300 654 822

Christmas Club

Take the financial stress out of the holiday season and set funds aside regularly throughout the year.

Find out more

 1.00% pa
interest rate (all amounts)

Apply Online Call 1300 654 822

First Home Saver

The Government has now passed legislation abolishing the First Home Saver Account scheme. Victoria Teachers Mutual Bank is pleased to announce the introduction of the new First Home Bonus Saver Account with benefits and incentives to help members continue to save for their first home.

Find out more
Call 1300 654 822

 

Successful saving

Do you want to limit your spending and increase your savings?

Credit cards and loans are an invaluable resource, but the most financially sound way to purchase something special is by saving up the money yourself. Saving doesn’t need to be hard; by making a few easy adjustments and developing some good habits you can start building your own nest egg.

Follow these three simple steps to help control your spending and save more effectively:

Create a budget

The easiest way to identify where you can save is to create a sound budget. Your budget should factor in your regular income and all of your short and long-term expenses. This will help you to potentially pinpoint any wastage. Deduct inevitable expenditure such as rent, bills, mortgage or credit card repayments from your regular wage to calculate how much you should have left over each month. If there is a huge discrepancy between how much you should have left and how much you actually do then you should consider monitoring your spending more closely. Try our Budget Account to set aside the money you need to cover regular expenses.

Set yourself up a savings account

One of the best assets you can have when trying to save is a flexible savings account. If you leave all of your money in an everyday account, not only will you be missing out on higher interest rates, you are more likely to spend it. There are plenty of savings accounts to choose from, so do your homework and choose the account that best suits you. Try to find a manageable account with high interest rates, such as our Cash Management Account, which will reward you with higher interest for larger deposits. Once you are all set up, proactively monitor your savings account to view your progress and keep you on track.

Put money aside as often as you can

Making regular contributions to your savings account will help you save faster and more effectively. Try setting up an automatic transfer of funds or arranging for part of your salary to be credited direct into a high interest account each month. Leave enough behind to comfortably cover everyday expenses and try to treat the money that you transfer over as if it has become untouchable. If you have the spare money but are worried you won’t have the discipline to self-manage your savings, a term deposit is a highly effective way to save while benefitting from fixed interest rates.

We offer accounts and services specifically designed to help you save. Talk to one of our consultants about limiting your spending and maximising your savings.

 

Featured Products

Budget Account

Manage your day to day spending and budget for regular expenses and bill payments.

Find out more

 0.05% pa
interest rate ($0 - $14,999)

 0.05% pa
interest rate ($30,000 and over)

Apply Online Call 1300 654 822

Cash Management

Benefit from increased contributions to your savings. The more you deposit, the higher the interest rate.

Find out more

 1.35% pa
interest rate ($5,000 - $19,999)

 1.85% pa
interest rate ($20,000 - $49,999)

Apply Online Call 1300 654 822

 

Budget planning

Would you like to take control of your finances?

Setting yourself a sensible budget, and sticking to it, is one of the surest ways to create a healthy balance between spending and saving. A budget allows you to track where your money goes and easily identifies saving opportunities.

Here we provide a few simple steps to take when planning a budget:

Decide your budget goals

Having a goal in mind will help you stick to a budget. Whether you are trying to free yourself from debt or are hoping to put money aside for your wedding or holiday, it’s worth knowing what you are working towards so you will have the discipline to follow a budget.

Identify your income

All it takes to create a manageable budget is a little planning. To get started, calculate how much income you receive from sources such as wages, government pensions or returns from investments. Split your total income into monthly increments to figure out how much money you have coming in regularly over the year.

Calculate your expenses

After you have figured out your income, you can concentrate on your regular costs. Review your bank statements, bills and receipts. Some of your regular expenses will be consistent and easier to track, such as phone bills, utility bills and mortgage or loan repayments. Others such as the ongoing irregular costs of groceries, petrol and entertainment can be harder to calculate and might need to be averaged out.

Our Budget Planner Calculator is a great tool to make sure you don’t forget about any areas of spending.

Figure out where you stand

Once you have figured out your income and expenses to the best of your ability, you can weigh the two up. If you are earning more than you are spending, then you are off to a good start. If your expenses exceed your income, then it’s time to start making some adjustments. A budget plan can help you grow your savings or limit your losses on a day-to-day basis.

Create a budget plan, and stick to it

Once you have figured out where you are financially, you can start implementing a budget. Draw up a budget with a timeframe that suits your lifestyle and goals, whether that is weekly, fortnightly or monthly. Factor in the income and unavoidable expenses for that period.

What you are left with is where you can start saving. Give yourself a realistic allowance for everyday expenses and leisure, and keep records of what you buy. Start identifying and cutting out unnecessary expenses. This kind of discipline will help you better manage your own money and live within your means.

Save what you aren’t spending

Using a separate account, to split your savings from your every day transaction account, is a great way to stop spending money ‘just because it’s there’ - it cuts down the temptation for impulse purchases. Plus you can increase your interest earnings to add to your savings. Look through our collection of savings accounts to see which suits you best. You might find that a term deposit is a good option for you if you have a lump sum that you won’t be spending soon.

When you decide it’s time to start budget planning, we have the services to put you on the right track. Speak to one of our consultants on Web Chat or call 1300 654 822.

 

Featured Products

Online Saver

Save effortlessly, with high returns and easy access to your funds.

Find out more

 0.05% pa
interest rate ($0 - $1,999)

 2.20% pa
interest rate ($2,000 - $149,999)

Apply Online Call 1300 654 822

Bonus Saver

Be rewarded for regular contributions to your savings, with bonus interest.

Find out more

 2.65% pa
bonus interest rate

 0.05% pa
base interest rate

Apply Online Call 1300 654 822

 

Setting savings goals

Saving is the best way to safeguard your financial future. But sometimes it can be challenging to stay motivated and disciplined. Your saving efforts will be much more effective if you have a clear goal in mind and an idea of how to go about it.

Asking yourself the following questions will help with setting savings goals:

What am I saving for?

Knowing what you are saving for will help you determine exactly how much you need to save and in what time frame. Have a financial goal in mind. Maybe you would like to raise the deposit for your first home - or the home you’d like to retire in. Perhaps you want to put aside some funds for your children’s education.

Whatever your purpose, knowing it will make it more realistic and will keep you motivated if you need to make little compromises along the way.

How long will it take me?

Once you know what you are working towards, you will be able to roughly calculate how long it will take you. Sometimes you will be saving with more urgency, trying to raise a larger amount over a smaller period. At other times, you might want to just develop consistent habits that will help you gradually grow your savings. We offer different savings accounts and investment opportunities to suit your timeline.

Set yourself a deadline, and figure out how much you will need to put aside each week or month to meet it. Even if you are saving without a specific target, this is a great motivational technique to convince you to stick to your savings goals.

How do I go about it?

Now you should have an understanding of how much you need to raise, by when. All that remains is knowing where the funds will come from. If you have had the presence of mind to set a budget, you will probably already have identified potential savings and can start moving them over to a high interest savings account.

If not, consider making a couple of small personal sacrifices in your everyday spending and redirect the money saved into a savings account. Or you could credit part of your salary each month into savings. If you have a bulk amount set aside, you could invest in a term deposit with fixed interest rates to see it grow safely.

We have the services and support to help you set and stick to your savings goals. To explore setting savings goals, talk to one of our consultants on Web Chat or call 1300 654 822.

 

Featured Products

Bonus Saver

Be rewarded for regular contributions to your savings, with bonus interest.

Find out more

 2.65% pa
bonus interest rate

 0.05% pa
base interest rate

Apply Online Call 1300 654 822

Christmas Club

Take the financial stress out of the holiday season and set funds aside regularly throughout the year.

Find out more

 1.00% pa
interest rate (all amounts)

Apply Online Call 1300 654 822

 

Teaching children

It’s never too early to start saving. Introducing your children to saving early in life will instill good financial habits and give them the best possible foundation.

Here, we share a few suggestions for how you can help your children learn about managing their own money and saving:

Teach them to manage their own income

Whether it is for their pocket money or wages from their first job, give your children the means to manage their own money. Set up an everyday account in their name to enable them to deposit their birthday, Christmas or pocket money into a safe place. If they are old enough to land a part-time job, they can have their salary credited to their own account and start to learn valuable lessons about managing their wage. Our First Access Account is a perfect account for under 18’s with no account keeping or transaction fees and no minimum balance.

Show them the value of money

These days we are all dealing less and less with physical money. Children infrequently see money changing hands in the form of notes and coins as adults increasingly rely on credit cards, internet banking and online shopping. For this reason, use new technology to teach your kids that money they can’t actually hold is just as valuable. Internet banking is a great means of letting children see their bank balance and manage it without physically handling cash. Our First Access Account will give them both Internet and Phone Banking access.

Help your child save for something special

One of the best incentives for a child to start saving is the promise of being able to buy something they really want. Have them identify a product they are keen to buy, such as a toy or a gadget, then help them create a realistic budget and time frame for saving up the money to buy it. Not only will it help them get what they want in the short term, it will teach them that the most responsible way to buy something is by saving up for it. Our First Saver Account is designed to help under 18s save for something special.

We are with you for every stage of life; with a range of easy-to-manage accounts designed to help all young people start managing their own money. To help your children form positive banking practices early, our consultants can help you set up an account for them, call 1300 654 822. for more information.

 

Featured Products

First Access Account

Help young people learn how to easily manage their money on a daily basis.

Find out more

 1.00% pa
interest rate

Apply Online Call 1300 654 822

First Saver

Teach young people the importance of saving regularly and watching funds grow.

Find out more

 1.40% pa
interest rate ($0 - $1,999)

 2.65% pa
interest rate ($2,000 and over)

Apply Online Call 1300 654 822

Important Information
Interest Rates effective 25 May 2015. Interest is calculated daily. Interest rates are per annum, current at the time of printing and are subject to change without notice.
Bonus Saver Interest Rates effective 1 June 2015. Interest Rates are per annum and are subject to change without notice.