Compare Bank First savings accounts

Reach your savings goals with one of these savings and investment accounts.

Bank First, formerly Victoria Teachers Mutual, is a mutual which means their customers own the organisation. Profits are reinvested back into the Bank First to provide continuing value through highly competitive interest rates, low fees and superior customer service.

You don’t have to be a teacher to join this customer owned bank, anyone can become a customer and access leading savings and investment products.

Bank First is regulated in the same way as the big four banks, and its deposits are guaranteed by the Federal Government up to $250,000.

Rates last updated December 17th, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
Bank First Everyday Account
Visa
$0
$0
An account that allows for easy daily use with a competitive interest rate, while supporting the education community.
Bank First Budget Account
N/A
$0
Organise your budget and never miss a bill payment.
Bank First First Access Account
Visa
$0
$0
Transfer funds through internet and phone banking.
Bank First Student Banking
Visa
$1.80
$0
An account designed to help students manage their funds easily with the ability to bank fee-free.

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Rates last updated December 17th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Bank First Bonus Saver
2.30%
0.05%
2.25%
$0
$0 / $0
Earn a competitive bonus interest rate.
Bank First Online Saver Account
1.75%
1.75%
0.00%
$0
$0 / $0
An online savings account that rewards you with a high interest rate when you keep a balance over $2,000.
Bank First First Saver Account
2.20%
2.20%
0.00%
$0
$0 / $0
Ongoing, variable 2.20% p.a. Available on balance above $2,000.
Bank First Cash Management Account
0.25%
0.25%
0.00%
$0
$0 / $0
Ongoing, variable 0.25% p.a. Available on balance of $50,000+.
Bank First Christmas Club Account
1.00%
1.00%
0.00%
$0
$0 / $0
An account specifically designed to help you set aside money so that you and your family can have a stress free Christmas.
Bank First First Home Bonus Saver Account
2.45%
0.05%
2.40%
$0
$0 / $0
Earn a competitive bonus interest rate.

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Rates last updated December 17th, 2018
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. Min Deposit Interest Earned
Bank First Term Deposit
2.35%
2.35%
2.45%
2.60%
2.70%
2.80%
$500

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Rates last updated December 17th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Bank First Bonus Saver
2.30%
0.05%
2.25%
$0
$0 / $0
Earn a competitive bonus interest rate.
Bank First Online Saver Account
1.75%
1.75%
0.00%
$0
$0 / $0
An online savings account that rewards you with a high interest rate when you keep a balance over $2,000.
Bank First First Saver Account
2.20%
2.20%
0.00%
$0
$0 / $0
Ongoing, variable 2.20% p.a. Available on balance above $2,000.
Bank First Cash Management Account
0.25%
0.25%
0.00%
$0
$0 / $0
Ongoing, variable 0.25% p.a. Available on balance of $50,000+.
Bank First Christmas Club Account
1.00%
1.00%
0.00%
$0
$0 / $0
An account specifically designed to help you set aside money so that you and your family can have a stress free Christmas.
Bank First First Home Bonus Saver Account
2.45%
0.05%
2.40%
$0
$0 / $0
Earn a competitive bonus interest rate.

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Rates last updated December 17th, 2018
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. Min Deposit Interest Earned
Bank First Term Deposit
2.35%
2.35%
2.45%
2.60%
2.70%
2.80%
$500

Compare up to 4 providers

Rates last updated December 17th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
HSBC Serious Saver
3.10%
1.40%
1.70%
$0
$0 / $0
Introductory rate of 3.10% p.a. for 4 months, reverting to a rate of 1.40% p.a. Available on balances below $1,000,000.
Bank of Queensland Fast Track Saver Account
2.80%
0.50%
$0
$0 / $0
Ongoing, variable 2.80% p.a. when you link to an BOQ Day2Day Plus Account and deposit $1,000+ into the Day2Day account each month from an external account. Available on balances up to $250,000.
Bankwest Hero Saver
2.60%
0.01%
2.59%
$0
$0 / $0
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
ING Savings Maximiser
2.80%
1.00%
1.80%
$0
$0 / $0
Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month and make 5+ card purchases a month. Available on balances up to $100,000.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
4.00%
0.50%
3.50%
$0
$0 / $0
Only available to those aged 14-24. Ongoing, variable 4.00% p.a. when you link to an BOQ Day2Day Plus Account and deposit $200+ into the Day2Day account each month from an external account. Interest rate only applies for balances up to $10,000. Balances between $10,001 and $250,000 will earn an interest rate of up to 2.80% p.a. when deposit conditions are met.
AMP Saver Account
2.55%
2.10%
0.45%
$0
$0 / $0
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.
HSBC Flexi Saver Account
2.50%
1.25%
1.25%
$0
$0 / $0
Ongoing, variable 2.50% p.a. when you deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.
AMP SuperEdge Saver Account
2.05%
2.05%
0.00%
$0
$0 / $0
Link to your SMSF. Ongoing, variable 2.05% p.a. when you link to AMP SuperEdge Cash Account or a different transaction account for your SMSF in another bank. Available on the entire balance.
CUA eSaver Boost Account
2.75%
0.25%
2.50%
$0
$1 / $1
Ongoing, variable 2.75% p.a. when you make a total deposit of at least $250 and no withdrawals in a calendar month. Available on balances up to $500,000.
MyState Bank Bonus Saver Account
2.60%
0.80%
1.80%
$0
$0 / $0
Ongoing, variable 2.60% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.
AMP Bett3r Account
2.25%
1.50%
0.75%
$5
$0 / $0
With AMP's bundled Bett3r account, get three linked Pay, Spend and Save accounts. Earn a competitive, ongoing rate of up to 2.25% on your Save account balance when you deposit $2,000 into the Pay account each month from a source that is not another AMP Bank account.

Please note: The 2.25% maximum variable rate is earned only on your Save account balance. To calculate interest earned, enter your initial and monthly deposit amounts for the Save account only, not including any money that’ll be in your Spend or Pay account.

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Awards that Bank First has earned

Bank First has been consistently recognised by both their customers and those within the financial community for an outstanding range of investment, insurance and banking products and services, including:

  • 2015 Money Magazine's Best of the Best awards Winner – Cheapest Personal Loan – Bank and Best Term Deposits – Long Term – Bank.
  • Smart Investor Blue Ribbon Awards 2014 – Mutual Bank of the Year.

Who is Bank First?

Bank First, formerly Victoria Teachers Mutual, is an award-winning bank with over 100,000 customers and $2 billion in assets. Anyone can open an account with them.

Rather than profits being distributed to external shareholders (like they do with the big four banks), profits are reinvested back into Bank First to provide continuing value to customers.

Its range of banking products includes transaction and savings accounts, term deposits, credit cards, home loans, personal loans, insurance and financial planning advice.

Bank First gives you secure, online access to your accounts 24/7 through their internet and mobile banking facilities. Make one off and recurring BPAY payments to your billers, transfer funds, view electronic account statements and more.

Bank First is regulated in the same way as the big four banks, and its deposits are guaranteed by the Federal Government up to $250,000.

Notable features include:

  • Set up a PIN for mobile banking for easy access to your online account.
  • Schedule payments to billers and other accounts.
  • Make instant transfers to other Bank First accounts.

What about the mobile app?

Image Source: App Store
Payments
vicpayment-1
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What transaction accounts are provided by Bank First?

  • Everyday Account

This is a basic everyday interest bearing transaction account ideal for managing your day to day finances. Get free a free Visa Debit Card with this account and make free ATM withdrawals at non-Commonwealth Bank ATMs.

  • Budget Account

This account is used as a companion to the Bank First Everyday Account. Allows you to set up direct debits and credits so you can save and budget for your everyday and big ticket purchases.

  • First Access Account

A transaction account for under 18’s. This account is used as a day to day account with ATM, internet and telephone access. There is no minimum balance requirement. Bank First reward First Access Account holders with interest.

  • Deeming Account

Eligible pensioners can apply for the Deeming Account, a transaction account that offers two rates of interest depending on the Deeming Account balance. Get a Visa Debit Card, ATM card or cheque book to access funds and this account includes the option to add an overdraft facility.

  • Student Banking Account

A full access student transaction account with features to save money on related products such as car finance, health insurance, student and personal loans and a complimentary financial planning consultation.

  • Starting Out Account

The Starting Out Account is a transaction account aimed at 18 - 25 year olds and offers a range of money saving features for young adults: 100% finance for purchasing a new card, discounts on insurance, home loan establishment fee waiver, deals on credit cards and complimentary financial planning.

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What high interest savings accounts are offered by Bank First?

  • Bonus Saver

An high interest savings account that gives you an incentive to grow your savings balance. Earn 2.25% p.a. bonus interest when you deposit of more than $1 and make no withdrawals each month.

  • Online Saver

A online savings account that offers a high rate of interest for maintaining a minimum balance of $0. This account allows you to make withdrawals and there’s no minimum deposit requirement to earn the full rate of interest.

  • First Saver

A savings account for kids that offers a tiered rate of interest. Balances greater than $2,000 earn more interest. There’s no minimum requirements or deposit requirements to earn the full rate of interest, funds are available via internet and telephone banking.

  • Cash Management

The Cash Management offers a higher interest rate for balances greater than $20,000. The more you save the more interest you earn. The minimum opening deposit is $0. You can withdraw your money at any time.

  • Christmas Club

A savings account just for Christmas, make deposits whenever you want and access your money in time for the holidays. Set up direct credits so part of your wage can be paid directly into this account.

  • First Home Bonus Saver

The First Home Bonus savings account rewards you with bonus interest when you deposit more than $100 each month and make no withdrawals. You'll also receive $60 cash back, and they'll waive the establishment fee on any Bank First Home Loan.

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What term deposits are offered by Bank First?

  • Bank First Term Deposits

Enter into a fixed term deposit investment for periods of 30 days through to 5 years. Term deposit interest rates are tied to the investment term, longer terms get higher returns. Your money is locked in till the investment matures.


What are the pros and cons of banking with Bank First?

Pros

  • A customer-owned bank. Bank First is a mutual, which means their customers own the organisation. Rather than profits being distributed to external shareholders (like they do with the big four banks), profits are reinvested back into the organisation to provide continuing value to customers through highly competitive rates, fees and products.
  • Wide range of products and services. A range of loans, savings accounts, term deposits, insurance and financial planning services are available to help customers make the most of their money.
  • Give back to the community. Bank First supports the education community through a wide range of events, donations and sponsorships, does not invest in fossil fuels and implements a range of environmentally friendly practices.
  • Award-winning bank. Bank First has won a wide range of awards from independent organisations for its products and service.
  • Secure. Bank First is regulated in the same way as the big four banks, and its savings deposits are guaranteed by the Federal Government up to $250,000.

Cons

  • Transaction fees can apply. While customers can bank fee free, fees do apply to certain transactions or when transactions exceed a maximum limit.
  • Branch access. There are a limited number of Bank First branches, however you can still access your funds online using Internet Banking, Mobile Banking app, ATMs and via Phone Banking.
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How do I apply for a Bank First account?

You can open an account online with ease. The application should take 10 minutes to complete. You’ll be asked to provide your contact information.

You can also open an account over the phone by calling Bank First on 1300 654 822.

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Read more on this topic

Savings Account Offers

Important Information*
ING Savings Maximiser

Maximum Variable Rate

2.80

Standard Variable Rate

1.00
AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
HSBC Serious Saver

Maximum Variable Rate

3.10

Standard Variable Rate

1.40

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