News

After careful consideration, we have made the difficult decision to close our Edgeworth Branch (including the ATM) on 30 September 2025, which will be the last day of trading.    This decision was not made lightly given that we remain firmly committed to providing a physical branch network for our Members.    Why is the branch closing?  The Mutual Bank must ensure that our Members’ funds are used prudently and invested where the greatest value can be provided to our Members.  Given the Edgeworth Branch has only seen 20 Members visit in the past six months, it is no longer viable to continue its operations.  We intend to redeploy these funds into our physical branch network, including refurbishment of existing branches and assessing future locations for new branches and also continuing the uplift of our digital and virtual capabilities.  What will happen to the current staff?  We are pleased to inform you that no staff will lose their jobs because of this closure. All staff members will be redeployed to our other branches within the network, ensuring that their expertise and dedication continue to benefit our Members.  What about the Members who used the Edgeworth Branch?  We are committed to keeping our Members informed throughout this transition. Members who frequently use the Edgeworth Branch have been contacted personally.   Members are welcome to visit our Mayfield Branch and can check our website for the locations of other branches. We are keen to maintain our physical presence and are actively looking into opening another branch in the Hunter Region to better serve our Members.  We understand that this closure may cause inconvenience to some Members, and we sincerely apologise for any disruption this may cause.  We appreciate your understanding and continued support as we strive to provide the best possible service to our Members.   What is the future of The Mutual Bank’s branch network?  As a customer-owned bank, branches are an important part of our service delivery and our strategic approach of providing Members with a choice of channels to do their banking.  We are actively looking for better positioned locations in the Hunter to best serve our Member base.  The Mutual Bank is investing in our branch network with a refurbishment plan and have just completed our East Maitland Branch renovations.   

In the heart of regional Dungog, NSW, we are thrilled to announce we’re partnering with the Dungog Wholefood Co-op to celebrate the role of co-operatives and mutuals in fostering resilient, self-sustaining regional communities. This partnership is a testament to our commitment to supporting the communities that support us. To kick off this partnership, a breakfast event will be held at the CWA Hall on July 5, 2025, coinciding with the International Day of Co-operatives. This event also aligns with the International Year of Cooperatives and Mutuals, a global initiative recognising the positive impact of member-led organisations on communities, economies, and social wellbeing. The community is invited to join us as we discuss the value of mutuals and educate attendees on how co-operatives can help small towns thrive, even when larger businesses leave. For Dungog, this collaboration is more than symbolic—it underscores the strength of local solutions. As you know, The Mutual Bank has been the only remaining bank branch in Dungog since the last of the ‘big four’ closed its doors about five years ago and removed its ATMs. Individuals and local businesses now have to drive 35 minutes to do any face-to-face banking with these larger institutions. In contrast, our member-owned Mutual Bank continues to operate a full-service branch six days a week, maintains the town's only main street ATM, and ensures residents and small businesses have access to essential financial services. “When others left, we stayed,” said Mark Williams, CEO of The Mutual Bank. “Our commitment has always been to support the communities that support us. Partnering with Dungog Wholefood Co-op aligns perfectly with our values—it's about locals investing in locals and creating long-term value for the entire town.” The Dungog Wholefood Co-op was established by a dedicated group of locals passionate about where food comes from, how it is produced, and how those who make it are treated. Prioritising small local and regional producers and makers, the co-op takes what is seasonal and fresh and pays fairly for it, helping to overcome supply chain challenges such as difficult weather, economic upheaval, and biosecurity risks. The strength of this approach was exemplified by the co-op’s uninterrupted supply of local eggs during the recent shortages. Members have a say in the running of the co-op, and all profits are returned back into improving the business and providing benefits to its members, including discounts on every single purchase. Last year, the Co-op gave back $42,215 in the form of member discounts. “Fair food means food that’s good for people, good for the planet, and fair for the farmers who grow it,” said Graham Creed, Director at Dungog Wholefood Co-op. “Our partnership with The Mutual Bank reflects shared values—community ownership, economic self-reliance, and mutual support. That’s the strength of Dungog. Having a local branch, with real people we know and trust, adds enormous value to our Co-op. Whether it’s banking advice or a quick dash to swap change, the support we get from the branch team makes a real difference.” Highlighting the broader significance of such collaborations, Melina Morrison, CEO of the Business Council of Co-operatives and Mutuals (BCCM), stated: “Cooperatives and mutuals are vital in building strong, resilient communities. In times of change and challenge, they provide stability and empower local people to take control of their futures. The partnership between The Mutual Bank and Dungog Wholefood Co-op exemplifies how community-led initiatives can drive positive, lasting change.” Throughout 2025, we will collaborate on community education, local events, and initiatives that raise awareness about the power of mutual and cooperative models to deliver real, long-term value. The breakfast event on July 5 will be the first of many opportunities for the community to engage with and learn about the benefits of cooperatives and mutuals.

At The Mutual Bank we are dedicated to safeguarding our Members from scams and fraud.  As part of this commitment, we are working to introduce the Scam-Safe Accord, a joint initiative by Customer Owned Banking (COBA) the Australian Banking Authority (ABA).  The Scam-Safe Accord aims to protect Australian consumers and small businesses through principles of disrupt, detect, and respond.  A key initiative of this is the Confirmation of Payee (COP) service which is a solution to verify payee details when making a payment or transferring money.  The Confirmation of Payee (CoP) service, an industry-wide initiative by Australian Payments Plus (AP+) adds a new layer of protection for our Members. It helps verify payee details when making a payment or transferring money, ensuring that you are sending the money to the right place.  You can learn more about this new service, including reading some Frequently Asked Questions here.

In a world of change, Lyn Maber has been banking with The Mutual Bank for almost 60 years - and 44 of those years at the East Maitland Branch. She helped The Mutual Bank CEO Mark Williams cut the ribbon on Tuesday 3 June 2025 to officially open our newly-renovated branch on George Street East Maitland. Mark said the bank’s vision was to create a modern and functional environment that customers would love, and teams would enjoy working in. “Our passion for service shines through every aspect of our business,” Mark said. “We are committed to providing exceptional personal service in our branches, and this newly renovated branch is a testament to that commitment. This contemporary, state-of-the-art facility brings a fresh, modern feel for our Members, and for our Branch Team.” Ms Maber said she loves her new-look branch and was happy to continue her long stint of banking locally. “I’ve been with The Mutual Bank since I was about 18, and I am nearly 77!” she proudly exclaimed. “It’s the service, the friendliness that keeps me coming back. “I have been a member since I was in my late teens and back then it was a branch in Church Street Maitland. “When the East Maitland Branch opened [in 1981] I started to come here, and I’ve always stuck with them as they've always looked after me. “Only recently I needed some help with my cards because of scammers, and the service I received was extra special.“ One of the exciting new features of the renovated branch is a special area dedicated to community organisations. “We believe in supporting our community, and this space is available for local charities, sporting organisations and fundraising groups to use during branch hours,” said Mark. “They can bring in posters, set up a laptop, and engage with people who visit the branch about their upcoming events or initiatives. This is our way of giving back and fostering a strong sense of community.” Mark praised the architects, ARCH, and builders Collaborative Construction Solutions for making the vision of a new branch a reality with a seamless project.“Their expertise and dedication have been instrumental in bringing this project to life," he said. “Most importantly, we thank our Members for their patience and continued support during the construction period and we hope they enjoy the new look and features of their branch.”

Ready to supercharge your savings? Make savings growth yours with our bonus interest rate promotion on our Internet Saver and Internet Saver Business accounts where you can receive bonus interest on new to bank money.  From 1 June until 31 August, you could earn an extra 2% bonus interest on top of the base interest rate on new to bank money for 90 days from the date of each new deposit earning you an impressive 4.25%.  Bonus interest is paid on new to bank money only. If no new money is deposited during the promotional period, only the base interest rate will apply. Withdrawals made during the promotional period may affect the bonus interest paid.  Frequently Asked Questions What is the New Money Bonus Rate Promotion?  Between 1 June 2025 and 31 August 2025, we will be running a “New Money Bonus Interest Rate” promotion. The promotion applies to the Internet Saver and Internet Saver Business accounts only.  During these dates, existing and new account holders have the opportunity to earn a bonus rate when they deposit money that is new to the bank.  What is new money?  This means money that has come from an external source and not an internal transfer between your other accounts you hold with The Mutual Bank. The Bonus interest rate will be paid for 90 days on each deposit made.  What is the bonus interest rate and how is it paid?  The bonus interest rate is 2%. Each time a Member makes a new money deposit they will receive bonus interest for 90 days on each deposit not the entire account balance. For example, if they make a new money deposit on the 1 June 2025, they will receive bonus interest on that deposit for 90 days. If they make a deposit on 31 August 2025 they will receive bonus interest for 90 days on that deposit.   Bonus interest is calculated daily and paid monthly.  Is there a cap on the bonus interest?  No. The bonus interest will be paid on the whole amount of new money deposited.   What happens if I want to make a withdrawal from my Internet Saver account during the new money bonus period?  If you make a deposit which is considered new money, the withdrawal amount will be first deducted against the first new money amount deposited and then the next and so forth until the total withdrawn amount has been deducted.  Please note, that when a withdrawal is made and taken against a new money deposit, the bonus interest will be applied on the new amount not on the original deposited amount from that date forward. For example, John deposits $30,000 on 1 June. On10 June John withdraws $10,000. John will receive 2% bonus interest on the $30,000 up until the $10,000 withdrawal, and then they will receive 2% bonus interest on the $20,000 until the 90 days interest period is finished (unless John does another withdrawal and the same process will occur.)  Tiered interest rates apply: Different interest rates may apply to different portions of account balances. Fees and charges may apply.  Bonus rate promotion: Earn 4.25% p.a. interest by depositing new money to The Mutual Bank (excluding funds you currently have in existing accounts) between 1 June 2025 to 31 August 2025. Bonus Interest of 2.00% p.a. applies for 90 days from the date of each deposit of new money, less withdrawals made, during the promotional period, in addition to the base rate of 2.25% p.a. Interest rates are subject to change.  We have not considered your personal objectives, financial situation, or needs.  Please consider the PDS & TMD before deciding to acquire a product. Fees and charges may apply.  Maitland Mutual Limited trading as The Mutual Bank, ABN 94 087 651 983, AFSL 238139.   

The Customer Owned Banking Association (COBA) warns people to be on the alert for scammers targeting people impacted by the severe weather event which impacted the Hunter and parts of NSW.  “In the chaos following severe weather events and natural disasters, it is important to be vigilant as scammers prey on people's desperation and goodwill,” said COBA Head of Financial Crimes and Cyber Resilience Martin Latimer.  Following emergencies, fraudsters will often impersonate government agencies like Centrelink and the ATO, or utility providers, offering supposed rebates.  “They know people are desperate to recover financially, and they exploit that desperation by offering false promises of financial relief. This tactic of offering rebates and insurance payouts is a classic tool used by scammers to gain access to personal information and bank details,” he warned.  Another common tactic scammers use is to pose as legitimate charitable organisations, COBA warns. Before donating, take the time to verify the charity's legitimacy through trusted resources like the Australian Charities and Not-for-profits Commission (ACNC). When you're ready to give, go directly to the official website of the charity to make your donation.   “Always check the legitimacy of a URL, look for secure payment methods, and confirm their affiliation with the genuine charity or organisation. Best practice is to only donate through the genuine website,” Martin advised.  Be wary of unsolicited donation requests, another key sign of scams. Scammers also use phishing to steal your personal and financial data.  “A common phishing tactic is a scammer sending a text message, social media post or email, asking for donations and urging you to click on a link. These links will lead to fake websites and phishing pages designed to steal personal and payment information, or download malware onto your device,” Martin said.  “Avoid sharing any information that is not relevant, and don’t give out information to unknown or unverified individuals or organisations, especially if the contact was unsolicited,” he added.   Always remember to “Stop. Check. Protect”. If you encounter a potential scam, report it to ScamWatch.gov.au to help protect others. If you think you've been scammed, immediately report the transaction(s) by call us in business hours on 1300 688 825 or email us at info@themutual.com.au. If you are experiencing financial hardship due to the weather event, please reach out to us, as we may be able to help. Members can access the Financial Hardship Request Form on our website which you can fill out and email back to us, and our team will be in touch to see how we may be able to assist you. Members who have CGU insurance can call 13 24 80 or make a claim online at cgu.com.au/claims.