Teachers Mutual Bank is a customer-owned financial institution based in Australia, primarily serving members in the education sector and their families. The bank offers a range of financial products including high-interest savings accounts, low-interest loans, and competitive fees, designed to help members manage their finances effectively. With a commitment to ethical banking, Teachers Mutual Bank emphasizes social and environmental performance, making it a preferred choice for individuals seeking a responsible banking option. Targeting under-30s and university students, Teachers Mutual Bank provides specialized savings products such as the Starter Saver account, which offers attractive interest rates for eligible members. As a mutual bank, members benefit from shared profits, ensuring they receive competitive rates and personalized services. The bank is dedicated to building wealth for its members while supporting community initiatives and sustainable practices.
Reviewers frequently report negative experiences with Teachers Mutual Bank, citing customer pain points more often than praise. Common complaints include bank, service, business, account.
A smaller set of reviewers mention positives such as experience, bank, service, vincent. Overall sentiment is predominantly negative based on 23 reviews and an average rating of 1.9 stars.
Summary generated with AI from recent reviews
Each source counts by its number of reviews. Only reviews written by people are scored.
| Source | Rating | Reviews | Weight | 6-mo | Fake risk |
|---|---|---|---|---|---|
Trustpilot Imported Trustpilot reviews | 1.9 | 23 | 100% | ● Low |
Monthly average rating from reviews written by people · latest review Jul 2025.
| Month | Average | Reviews |
|---|---|---|
| Dec 24 | 1.0 | 1 |
| Jan 25 | 1.0 | 1 |
| Feb 25 | 1.0 | 1 |
| Mar 25 | — | 0 |
| Apr 25 | 1.0 | 1 |
| May 25 | — | 0 |
| Jun 25 | 5.0 | 1 |
| Jul 25 | 1.0 | 2 |
Share of positive (4–5★) and negative (1–2★) reviews mentioning each topic · based on the 23 most recent reviews.
“I called TM Bank several times to inquire about their credit card and also when submitting the application”
“Sent an increase cc email - ring after a week supposedly they haven't received it”
Same method for every company: overall rating, legitimacy checks, the average rating of reviews mentioning each area and the 6-month trend · Finance & Insurance.
| Company | Overall | Legit | Service | Value | Website & app | Trend | Reviews |
|---|---|---|---|---|---|---|---|
| 1.9 out of 5 (poor) | 100 out of 100 | 1.8 out of 5 (poor) | 1.3 out of 5 (poor) | 1.5 out of 5 (poor) | — | 23 |
| 4.2 out of 5 (good) | 100 out of 100 | 3.3 out of 5 (fair) | — | 3.0 out of 5 (fair) | — | 1,200 | |
| 4.7 out of 5 (good) | 100 out of 100 | 4.7 out of 5 (good) | 4.7 out of 5 (good) | 4.6 out of 5 (good) | — | 1,060 | |
| 4.8 out of 5 (good) | 100 out of 100 | 4.9 out of 5 (good) | 4.7 out of 5 (good) | 4.7 out of 5 (good) | — | 1,060 | |
| 4.8 out of 5 (good) | 100 out of 100 | 4.7 out of 5 (good) | 3.9 out of 5 (good) | 4.0 out of 5 (good) | — | 1,060 |
Bottom line: Teachers Mutual Bank is #5 of 5 on overall rating in this group. On value, Frontier Home Insurance scores higher (4.7 vs 1.3).
23 reviews of Teachers Mutual Bank. Filter by what matters to you.
Over a year ago
Sent an increase cc email - ring after a week supposedly they haven't received it... Its the correct email address so now someone has all my personal information. Closing all accounts.
Over a year ago
If you want to be left completely stuck in a foreign country, without the capacity to pay for anything, then you should definitely get the TMB credit card. Every time I go overseas they block it. Th... See more
Over a year ago
25 minutes … still on hold… When the recorded blurb at the start of your call warns members to be pleasant to their staff you know something is wrong with the business! Change banks now, make a stand... See more
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Sent an increase cc email - ring after a week supposedly they haven't received it... Its the correct email address so now someone has all my personal information. Closing all accounts.
If you want to be left completely stuck in a foreign country, without the capacity to pay for anything, then you should definitely get the TMB credit card. Every time I go overseas they block it. They say it is live chat on their website but it takes days for them to reply to my messages to get it unblocked. Then they just reblock it a couple of days later, and it starts all over again. Is this the world's worst credit card? It is if you want to travel anywhere but Australia, it definitely is!
I called TM Bank several times to inquire about their credit card and also when submitting the application. Most times I didn't have to wait long at all, though one longer wait at lunch time was easily handled using speaker while I did chores. On each occasion, I found the TM staff friendly and helpful. They went out of their way to assist me, responding to my queries, providing necessary information and email links. The process only took a week, unlike another bank that took over 5 weeks. It was a pleasure dealing with TM Bank, and I was always happy with their service at the end of each call.
25 minutes … still on hold… When the recorded blurb at the start of your call warns members to be pleasant to their staff you know something is wrong with the business! Change banks now, make a stand for client service!
How do they benefit teachers? I honestly dont know what they do for me that other banks dont. My fixed rate is about to fun out, they have advised me of this with 10 days to go, so no time to organise refinance elsewhere without copping a fee. The guy I spoke to sounded like an uneducated moron, and kept going over the same thing. I have found their customer service to be lacking, their phone automated service to be lacking and no benefit to me whatsoever. I am currently looking at other banking options, after factoring in discharge fees and so forth, I hope I can rid my hands of them.
Purchased a 2013 Hyundai iX35 from Suttons Chullora through Teachers Mutual Bank Car Buying Service. I paid$1K to the Car buying service to research and find the best/reliable vehicle for me and the balance of the cost of the vehicle was paid to Suttons. Unfortunately the vehicle I was sold was on a known class action list for dodgy motors. (At the time of sale). It was sold to me with no disclosure. The motor has had a catastrophic breakdown shortly after purchase and the Dealer refuses to refund, fix or even assist with a claim through Hyundai. Both Dealer and Car Buyers Agent claim they knew nothing of any issues with Hyundai cars. There’s thousands of Hyundais and Kia’s affected and all of these vehicles have been recalled now in the USA. The Car Buying Agent/Service has not done their due diligence when researching the vehicle for me. This vehicle should never have been sold to a customer of a bank. Now I am not covered apparently for this issue. Why do we bother paying Car Buying Agents then? Absolutely disgusted with the service and will never use both companies again. My family of teachers will also be pulling out of Teachers Mutual Bank and won’t be using the car buying service anymore as well. We are done. Worst service ever.
I spent a whole afternoon being flipped from department to department. The phone kept dropping out. I had 7 long waits before finally figuring out to shout "fraud". When I eventually spoke to a real person - Mamon then Hamad they were excellent. Very apologetic and helpful. I suspect they had endured it all before. This bank has gone to the pack. I will be transferring to a local institution where I can walk in the door and sit down with a real person. It will be quicker, even though I have a 45 minute drive, and FAR less stressful.
Corrupt Bank! This Bank is a Scam. Be Careful. Avoid
I am warning everyone, do not use them. They are blocking all my transactions, I can't spend it withdraw from my account. I have called several times been disconnected several times. I was finally assured the transactions would be processed but they weren't. If it wasn't a big company I'd say I have been scammed. Days later still can't get my money out . Do not use
I WAS DUPED BY THIS PEOPLE THEY ARE WICKED I GOT HELP ON NAME MY PROFILE PHOTO AM USE
I went with a home loan from TMB. A helpful gentleman came to the house and went through the details and arranged the loan. The deal was that there would be an offset account and no fees. They were the main things I asked and checked numerous times before signing up. A couple of years in and the bank changed their conditions and introduced a $600 a year fee (2x $300 for each of the loan holders) to be able to use the offset account I was promised for free. This will cost us an extra $16800 on the life of the loan. I explained this to them and they basically told me to suck it up and there is nothing they can do. Very poor service. I would steer clear of this company!
The TM bank has the worst phone system of any Australian business. A call to them starts with a warning about rude or abusive behaviour. It's as though they have come to expect it. You are directed to a series of automated questions try to steer your query in the right direction. The limited options often will not meet your needs. They have found the most annoying music while you are on hold in the hope that you will simply hang up. After investing an hour on hold, you are compelled to stay on line. Beware though, the phone may hang up if it's too close to closing time. They are the absolute worst. Other institutions have more respect for their customers.
Been a member of TMB for 30 years , the last six months I have had my work wages delayed until the next working day and it's happened more then once. Now the website is down and the App is not working, this is the last straw I am moving elsewhere. It seems the Bank has been slipping slowly over time.
I joined because they are one of the more ethical banks - which I appreciate - and I guess the fact that it's a pretty bare bones service is kind of the price you pay for that. It does seem though that a few relatively low cost improvements could be implemented to make things easier for customers. One of the weirder things is that your account number is this odd internally generated customer number that is only recognised by their system, so if you want to set up transfers to your account you have know to go into your account settings to look up the "account reference" to get a number that other systems will recognise. It just made things unnecessarily complicated when I was trying to change my bank details with my employer - i literally had to ring them to ask how to find the correct number. The customer service is pretty poor, unfortunately. Calling them works out OK once you accept that you will have to sit and listen to the 450 different menu options before you get anywhere. But I found it strangely hard to get clear information about how their different types of accounts work even after a couple of phone calls, which means I keep needing to shuffle money around to pay bills - which is time-consuming, and mucks up my budgeting. Other banks have similar limitations on how you can use accounts, but they usually provide some advice around this. You also seem to be only able to have 2 everyday accounts with cards? Not sure if this is correct - the advice was very confusing. They have an in-app messaging service, which is a great idea, but the responses are mostly unhelpful, which is frustrating after you've already wasted time looking for information on their website or in app, and it's something really obvious.
Don't experience an issue with any banking aspect on a Sunday or outside stated work hours because there is no one available to help!
This Bank is appalling in almost every way. Their app never seems to work and I have to reset my access code every time I try to use it. When I try to reset it, it always says "something went wrong". Trying to talk to someone about this or any other issue is impossible. No one ever answers the phone. Go anywhere else for your banking needs if you value your mental health
I have had an excellent experience with Teachers Mutual Bank, in particular with Vincent Chau who is a home loans specialist. I had the potentially stressful and daunting task of finding the right home loan for me, and purchasing a new property. Vincent helped and guided me step by step, and I am very grateful with the outcome. I believe the experience of having worked with Vincent was the best experience I could have had.
Twice in 2 weeks the "new" updated app has crashed and the website has been non functional. Unable to log into my account. I spent days trying the get assistance from the 'COSTUMER WE DONT CARE TEAM'. TO BE TOLD we are unable to verify you online. When asked why, the response " it is not our policy to tell you why". Went to the Melbourne branch - 3 hour drive mind you - all was sorted out. NOW 2 weeks later SAME THING AGAIN only this time no one answers to the phone or calls back. I have not been able to access my accounts online or on the app now for almost 72 hours. Monday morning I am back to the Melbourne branch to lose my account then to open a new account at HSBC - TMB you are a joke SEE YA.
Teachers Mutual Bank is a customer-owned financial institution based in Australia, primarily serving members in the education sector and their families. The bank offers a range of financial products including high-interest savings accounts, low-interest loans, and competitive fees, designed to help members manage their finances effectively. With a commitment to ethical banking, Teachers Mutual Bank emphasizes social and environmental performance, making it a preferred choice for individuals seeking a responsible banking option. Targeting under-30s and university students, Teachers Mutual Bank provides specialized savings products such as the Starter Saver account, which offers attractive interest rates for eligible members. As a mutual bank, members benefit from shared profits, ensuring they receive competitive rates and personalized services. The bank is dedicated to building wealth for its members while supporting community initiatives and sustainable practices.
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