The Mutual Retirement Account Summary
Description
A transaction account that earns interest for members over 55's or in receipt of a pension.
Benefits
- No monthly savings-account fee.
- No monthly activity requirements for the ongoing rate.
Hoops
- Ongoing rate cap: $25,000. See the rate breakdown for higher balances.
On this page
Details
Key details
| Product name | The Mutual Retirement Account |
|---|---|
| Maximum variable rate | 0.25% p.a. |
| Ongoing interest rate | 0.25% p.a. |
| Base interest rate | 0.25% p.a. |
| Minimum age | - |
Source: noren.com.au
All comparison details
| Base | 0.25% |
|---|---|
| Ongoing | 0.25% |
| Ongoing cap | $25K |
| Intro | - |
| Intro cap | - |
| Intro period | - |
| Dep/mth | 0 |
| Dep $/mth | - |
| Growth/mth | $0 |
| Buys/mth | 0 |
| Txns/mth | - |
| W/d/mth | - |
| Min age | - |
| Max age | - |
| Fee/mth | $0 |
Source: noren.com.au
Rates & features
Interest rates
Variable rates % p.a. at $699, assuming applicable bonus conditions are met.
- Base: 0.25% p.a..
Full rate breakdown
| Type | Rate | Applies to | Balance |
|---|---|---|---|
| Standard variable | 0.25% | This band only | First $25k |
| Standard variable | 3.75% | This band only | Over $25k to $50k |
| Standard variable | 2.30% | This band only | Over $50k |
Source: noren.com.au
Share/Export
This band only: the rate applies to the money within the listed balance range. Other portions earn their own rates.
Requirements
- No monthly account-keeping fee on this reviewed personal savings account. Other service, dishonour and transaction charges can apply. No current introductory/new-money rate is established.
- Interest paid monthly on each balance portion. The first $25,000 earns its first-tier rate, the higher next-tier rate is not applied to the entire balance. No monthly activity bonus condition.
Fees
- Monthly account fee: $0
Showing reviewed fees only, other charges may apply
How to apply
Check these eligibility requirements before applying with The Mutual.
- Available for personal use only
- Australian citizen or a permanent resident of Australia or otherwise approved
- Parent/guardian written consent is required for members under 16. Mighty Mutual may be opened for a child under 12 with consent or an eligible trust-for-child arrangement, other reviewed savings accounts start at age 12.
- Age 55+ OR receive a qualifying pension. The pension route means 55 is not a universal minimum age. Confirm current pension/identification eligibility with the bank.
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Sources & review
Noren aggregates information from multiple primary sources to ensure you're getting the most up-to-date, accurate information. All product information is peer reviewed.
Collected on 31 Oct 2026. Pricing verified on 28 Oct 2026.