The Mutual Bank Mighty Mutual

2.20% p.a.(for $2 and over)

2.42% p.a. (for $2 and over)

The Mutual Bank Mighty Mutual

2.20% p.a.(for $2 and over)

2.42% p.a. (for $2 and over)

Mozo Review   The Mutual Bank Mighty Mutual Review

Last updated: 21 February 2019.

What's hot:
  • 2.40% maximum interest rate

  • No monthly account keeping or transaction fees

  • 2019 Mozo Experts Choice Award winner

What's not:
  • Only available to those aged 12 and under

Mozo snapshot:

If you’re looking to open a children's savings account, you’ll want to make sure there is a great interest rate on offer. And with a special interest rate up to 2.40%, this can certainly be said of the Maitland Mutual Building Society’s Mighty Mutual Youth savings account. Plus, with no account fees, it’s no surprise that this account was also named a winner of a 2019 Mozo Experts Choice Awards in the Pocket Money Saver category.

Key features:

The Maitland Mutual Building Society’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 2.40% 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 2.20% 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.

Who it's 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 2.40%.

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 20 March 2019. 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: 2.20% p.a.

  • Balances from $0: 0.00% p.a.
    Balances from $2: 2.42% 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

  • none

  • Unlimited phone and internet transactions

  • none

  • none

  • none

  • $0.00

  • $1.00

  • none

  • $0.00

  • $0.00

  • none

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

Customer Reviews

How are The Mutual Bank savings accounts rated by the Mozo community?

Overall customer rating
9.2/10
Price
8.5/10
Features
8.3/10
Customer service
9.4/10
Convenience
9.1/10
Trust
9.4/10
The Mutual Bank

About The Mutual Bank

See The Mutual Bank savings accounts

Promoted

AMP

AMP

Saver Account

2.55% p.a. (for $0 to $5,000,000)

2.10% p.a.(for $0 to $5,000,000)

$0.00

Promoted

Bank Australia

Bank Australia

Bonus Saver

2.50% p.a. (for $1 and over)

0.15% p.a.(for $1 and over)

$0.00

Promoted

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

2.80% p.a. (for $0 to $250,000)

0.50% p.a.(for $0 and over)

$0.00

Promoted

HSBC

HSBC

Serious Saver

3.10% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

$0.00

Promoted

ANZ

ANZ

Progress Saver

2.40% p.a. (for $0 and over)

0.01% p.a.(for $0 and over)

$0.00

Promoted

Bank of Queensland

Bank of Queensland

Fast Track Starter Account

4.00% p.a. (for $0 to $10,000)

0.50% p.a.(for $0 and over)

$0.00

Promoted

RaboDirect

RaboDirect

High Interest Savings Account

3.05% p.a. (for $0 to $250,001)

1.80% p.a.(for $0 to $250,001)

$0.00

Promoted

Suncorp

Suncorp

Growth Saver Account

2.60% p.a. (for $0 and over)

0.20% p.a.(for $0 and over)

$0.00

Promoted

Bank Australia

Bank Australia

Bonus Saver

0.15% p.a.(for $1 and over)

2.50% p.a. (for $1 and over)

Promoted

AMP

AMP

Saver Account

2.10% p.a.(for $0 to $5,000,000)

2.55% p.a. (for $0 to $5,000,000)

Promoted

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

0.50% p.a.(for $0 and over)

2.80% p.a. (for $0 to $250,000)

Promoted

RaboDirect

RaboDirect

High Interest Savings Account

1.80% p.a.(for $0 to $250,001)

3.05% p.a. (for $0 to $250,001)

Promoted

HSBC

HSBC

Serious Saver

0% p.a.(for $0 and over)

3.10% p.a. (for $0 to $1,000,000)

Promoted

ANZ

ANZ

Progress Saver

0.01% p.a.(for $0 and over)

2.40% p.a. (for $0 and over)

Promoted

Suncorp

Suncorp

Growth Saver Account

0.20% p.a.(for $0 and over)

2.60% p.a. (for $0 and over)

Promoted

ME

ME

Online Savings Account

1.30% p.a.(for $0 and over)

2.85% p.a. (for $0 to $250,000)