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The Mutual Bank Mighty Mutual

Advertiser disclosure
Interest rate
0.90% p.a.(for $2 and over)
Maximum rate
0.99% p.a. (for $2 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review The Mutual Bank Mighty Mutual - last updated: 2 February 2021

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What's hot
  • No monthly account keeping fees
  • Competitive ongoing 0.99% interest rate
What's not
  • Only available to those aged 12 and under
Mozo snapshot

If you’re looking to stash your child's pocket money, it's important to open a children's savings account that's both flexible and fee-free. With no monthly fees and a minimum balance starting at as little as $2, this can certainly be said of the The Mutual's Mighty Mutual Youth savings account.

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Key features

The Mutual's Mighty Mutual youth savings account could be a great way to start your kids on their money saving journey. The account offers a special 0.99% interest rate which is paid every six months, with simple conditions that there are no withdrawals made in that period and that there is a minimum balance of $2. If these requisites can't be met, the interest rate drops to a competitive 0.90% rate.

The Mighty Mutual account has no account fees and offers free online and phone banking, as well as free branch deposits. Your children will also receive a free passbook with the account so they can become involved by tracking their savings and watching them grow.

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Who is it good for

This account is great for children who can be helped to make consistent deposits into the account without regular withdrawals in order to achieve the maximum bonus interest rate of 0.99%.

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Any catches

The Mighty Mutual youth account is only available to kids 12 and under, so after this the parents will need to look into an alternative account.

Details

Rates and fees information correct as at 25 September 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 0.00% p.a.
Balances from $2: 0.90% p.a.

Balances from $0: 0.00% p.a.
Balances from $2: 0.99% p.a.

Interest paid 6-monthly. If no withdrawals within that period, then an extra 10% of the interest earned is applied.

Fees

$0.00

n/a

Unlimited phone and internet transactions

n/a

n/a

n/a

$0.00

$0.00

n/a

$0.00

$0.00

n/a

Other financial bits

$2.00

$2.00

Half-yearly

Features

no

none

no

no

no

yes

no

yes

yes

yes

no

none

none

Under 13

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