More than just a customer at The Mutual Bank
Members who join The Mutual Bank for its outstanding products and competitive interest rates stay for the exceptional member service.
“The Mutual Bank’s interest rates are regularly reviewed to ensure we remain both competitive and sustainable,” said The Mutual Bank’s CEO Geoff Seccombe.
The Mutual Bank has increased its Term Deposit rates by up to 180 basis points since 24 May 2022.
A depositing member investing $50,000 in a Term Deposit from 19 July 2022 for a 12-month term would attract an interest rate of 2.80% per annum compared to 1.00% per annum back on 24 May 2022. In this example, the member would potentially earn an additional $900 per annum in interest.
“This is welcome news for our depositing members who have felt the burden of the low interest rate environment over the past decade,” said Mr Seccombe.
Mr Seccombe said investors can be reassured that their investments are in safe hands with The Mutual Bank.
“As an authorised deposit taking institution (ADI), deposits with The Mutual Bank are protected by the Australian Government’s Financial Claims Scheme,” he said.
In recognition of its outstanding customer service, the member-owned bank received two awards in the 2021 Hunter Local Business Awards. The Mutual Bank won its category award for Outstanding Professional Services and was later announced as Business of the Year at a gala presentation evening held in February 2022.
“As a member-owned bank, our profits are reinvested into our products and services and to support our local community, not into shareholders’ pockets,” said Mr Seccombe.
The Mutual Bank’s branches at East Maitland, Edgeworth, Dungog, Maitland, Mayfield, Raymond Terrace, and Rutherford are open Monday to Friday between 9am and 5pm and Saturday from 9am until 12pm. Call 1300 688 825 or visit www.themutual.com.au
