The Mutual Bank Mighty Mutual

1.45% p.a.(for $2 and over)

1.60% p.a. (for $2 and over)

The Mutual Bank Mighty Mutual

1.45% p.a.(for $2 and over)

1.60% p.a. (for $2 and over)

Mozo Review   The Mutual Bank Mighty Mutual Review

Last updated: 10 March 2020.

What's hot:
  • No monthly account keeping fees

  • Competitive ongoing 1.45% 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.

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 1.60% 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 1.45% 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 1.60%.

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 4 April 2020. 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: 1.45% p.a.

  • Balances from $0: 0.00% p.a.
    Balances from $2: 1.60% 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

  • $1.00

  • 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

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

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