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. 

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. 

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. 

No. The bonus interest will be paid on the whole amount of new money deposited.  

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will be first deducted against the first new money amount deposited and then the next and so forth until the total withdrawn amount has been deducted.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. On 10 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.)