This was posted 1 year 8 days ago, and might be an out-dated deal.

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[Teacher] Target Saver Account 5.50% p.a. - $1,000 Deposit Per Month & No Withdrawal (No Balance Limit) @ Teachers Mutual Bank

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[Teacher] Target Saver Account 5.50% p.a. - $1,000 Deposit Per Month & No Withdrawal (No Balance Limit) @ Teachers Mutual Bank
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[Deactivated] on 15/11/2023 - 19:36 tmbank.com.au (272 clicks)
Last edited 15/11/2023 - 19:55 by 1 other user

Target Saver Account
5.49%p.a variable bonus rate, 0.01%p.a variable base rate
No maximum deposit limits. (Deposits over $5,000,000 are subject to acceptance at the bank’s discretion)
$0 monthly account fees
To qualify for your bonus interest, all you have to do each month is:

Deposit a minimum of $1000
Make no withdrawals
Keep a positive balance in your account at all times

You will need to:
Be an Australian citizen or permanent resident.
Provide your identification documents with your full name, date of birth and address. (e.g. Driver's Licence, Passport, Medicare Card)
Be employed in or immediately retired from the education sector, OR be studying or have graduated from an Australian University in education OR be immediate family to a Teachers Mutual Bank Member.

you need to become a Member (and shareholder) of the Bank by paying the $10 Membership share however when signing up they said they would credit the account with $10 to cover this.

Financial Bank Account Savings Account

Related Stores

Teacher's Mutual Bank
Teacher's Mutual Bank

closed Comments

  • Iluvfreebies on 15/11/2023 - 19:43

    have graduated from an Australian University in education.
    When?

  • 11112007 on 15/11/2023 - 19:46
    +5

    At first glance i thought Target (the retailer) had launched a bank haha

  • DrScavenger on 15/11/2023 - 20:00

    What a load of BS requirements for what is essentially ing

    • [Deactivated] on 15/11/2023 - 20:06
      +2

      Which ING account you referring to ? The one that requires 5 transactions and has a 100k limit ? Or is there another I'm not aware of

      • Charlie Dont Surf on 15/11/2023 - 20:35
        +4

        This one requires you to deposit a minimum of $1000 each month AND make no withdrawals. That's pretty onerous relative to ING's criteria IMO.

      • DrScavenger on 15/11/2023 - 21:23
        -1

        Yes. It doesn't require you to be a teacher nor an Australian nor ask you to be a shareholder nor prohibit withdrawing

      • Snoop on 15/11/2023 - 23:58
        +1

        The design of these types of accounts are almost like term depositst… in that the aim is to leave it there and grow, not to use them as everyday accounts. No different to many other high yielding accounts on the market today. (I held a Westpac one for some time that had similar conditions.)
        But as mentioned, probably the best thing about this one is the cap. That's right, there isn't one!
        That could be a HUGE advantage for some that have a bit of cash floating about that they can't lock away for one reason or another. (Saving house deposit, etc.)

  • Proscott on 15/11/2023 - 20:16
    +1

    Thats actually pretty good! It even beats inflation (something every ozbargainer should be concerned about) until you need to pay tax on the earnings on your post tax savings… then you're behind again… Compulsory taxation is theft lol but also 😒…

    • dangerdanger on 15/11/2023 - 20:22

      Voluntary taxation doesn't work

      • Look43Bs on 15/11/2023 - 20:33

        ????

      • cheekymonkey97 on 15/11/2023 - 20:50
        -1

        Voluntary taxation 100% works. GST on fast food, stamp duty on houses, luxury car tax on cars, the list goes on… these are all voluntary taxes that you have the option to avoid by buying fresh fruit and veg, renting, and buying cars below the lct threshold

        • NuttyGoodness on 15/11/2023 - 21:34

          I think they’re talking about for income tax

  • SomeCheapAndUse on 15/11/2023 - 20:36

    This is the same group as long as you have been to Uni in AUs https://hiver.bank/products/target-saver/

    While we're definitely looking to grow the Hive over time, at the moment we will only be accepting essential workers in education, health & emergency services plus students & graduates of an Australian university who want to support the essential worker community.

    • Look43Bs on 15/11/2023 - 20:39

      $1m in each bank … @ 5.5% each … happy days

      • SomeCheapAndUse on 15/11/2023 - 20:43

        Well this one has no upper limit
        No maximum deposit limits ^^ (Deposits over $5,000,000 are subject to acceptance at the bank’s discretion)

        • seanbaussie on 15/11/2023 - 21:38
          +2

          Not sure how many teachers have a lazy 5 Mill to deposit 🤔😊

    • shw01 on 17/11/2023 - 10:11

      Hiver is experiencing issues with id check with their system. Tried several times on a couple of days earlier and couldn't complete the signup. Their CS confirmed the issue and suggested me to go with other brands in the group.

    • cheekymonkey97 on 15/11/2023 - 20:51
      +11

      You’re so (profanity) delusional it’s not even worth rebutting. And no, I’m not a teacher nor in the education sector.

    • CamM on 15/11/2023 - 20:53
      +7

      Not even sure where to start with this? Maybe you should go talk to a teacher and find out how many of your assumptions are well wide of the mark. Before you ask/assert, no, I’m not a teacher. In fact, as the son of a teacher, I had a front row seat to the trials and tribulations of that profession and you couldn’t pay me enough to do that job today. On the plus side, I am a “pleb” with access to this deal.

  • cumova on 15/11/2023 - 20:42

    Anyone has experience with the withdrawal condition?
    Is it best to take it out 1st of the month?

    • c64 on 15/11/2023 - 21:44

      yes unless you want to lose interest

      you could open a unibank and hiver and then alternate money between the two target savers (they're identical) on the first of the month you want to withdraw. transfer in $1k from an external bank

      but essentially it is like a month by month term deposit (assuming the interest rates don't go down)

    • LittleTicket on 15/11/2023 - 22:44

      No. The typical ovulation cycle is 28 days so relying on the 1st of the month could be risky.

    • Gavman on 16/11/2023 - 11:12

      The withdrawal condition kills this… make you have to keep around $5000 out for rainy day money or risk losing int. paid for that month.. Better to just have all ur money in Ubank @ 5.1% with no withdrawal restrictions.. work out the same

  • tlai on 16/11/2023 - 11:17

    Does this have a clear indicator that you have met the requirements for the bonus interest?

    • Chris T on 17/11/2023 - 06:47

      No.

  • easternculture on 29/11/2023 - 10:50

    Deposits over $5,000,000 are subject to acceptance at the bank’s discretion

    They only accepted my $4,999,990

  • Ave Maria on 29/12/2023 - 00:49

    Has anyone managed to open a 2nd (or 3rd) Hiver Target Saver bucket? Support suggested that this can be done from the "Self Service" "open new account or Term Deposit" options, but no such options are available in either the smart app or the Hiver Online Web site. The advantage of using multiple Hivers is that you can move all money between them on 1st of the month without the need for an extra $1K deposit, plus you can take out what you need without interest loss.

    Finally figured it out - not what support told me to look for. Under the menu, in the app, accounts, open target saver will open more buckets :)

    • c64 on 29/12/2023 - 23:50

      can you have multiple target savers and get bonus separately for each?

      • Ave Maria on 30/12/2023 - 03:06

        Yes, provided you satisfy the $1K deposit for each one. I opened 3 buckets & have money in 2 of them. On the 1st of the month I will move $1K from the 1st to the 2nd & the rest to the 3rd. If I need to take any money out I will do so before any moves from the bucket left empty. This meet the deposit requirement (without actually depositing extra money) for the used buckets, and also allows making withdrawals without interest loss (if done on the 1st of each month). Using 3 buckets is just my preference. You can achieve the same with just 2 buckets and only do the moves when you need to take money out on 1st of the month.

        • c64 on 30/12/2023 - 09:39

          nice! i already have target saver accounts at hiver and unibank. i think i will open some new ones as well

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