Compare First Option Bank Savings Accounts

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First Option Bank savings accounts

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Product	Finder Score	Maximum Variable Rate p.a.	Base interest rate	Intro/Ongoing	Government Guarantee	Monthly Max Rate Conditions
Finder score 9.5 Excellent First Option Bank Kids Bonus Saver	Finder score 9.5 Excellent	Maximum Variable Rate p.a. 5.05%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $5 each month No withdrawals Balances up to $5,555	Go to site More info Compare product selectionCompare	loading
Finder score 7.1 Great First Option Bank Save Account	Finder score 7.1 Great	Maximum Variable Rate p.a. 4.85%	Standard Variable Rate p.a. 3.05%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $2 million	More info Compare product selectionCompare	loading
Finder score 8.7 Great First Option Bank Savings+Bonus Account	Finder score 8.7 Great	Maximum Variable Rate p.a. 4.50%	Standard Variable Rate p.a. 1.75%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $100 No withdrawals Balances up to $249,999	More info Compare product selectionCompare	loading
Finder score 5.9 Standard First Option Bank Cash Management Account	Finder score 5.9 Standard	Maximum Variable Rate p.a. 2.50%	Standard Variable Rate p.a. 2.50%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Balances $250,000 and above.	More info Compare product selectionCompare	loading
Finder score 2.8 Basic First Option Bank GST / Tax Saver Account	Finder score 2.8 Basic	Maximum Variable Rate p.a. 0.50%	Standard Variable Rate p.a. 0.50%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	More info Compare product selectionCompare	loading
Finder score 2.8 Basic First Option Bank Business Cash Hub	Finder score 2.8 Basic	Maximum Variable Rate p.a. 0.50%	Standard Variable Rate p.a. 0.50%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	More info Compare product selectionCompare	loading
Finder score 6.7 Standard First Option Bank Bonus Saver Account	Finder score 6.7 Standard	Maximum Variable Rate p.a. 3.25%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $100 No withdrawals Balances $25,000 and above	More info Compare product selectionCompare	loading
Finder score 2.8 Basic First Option Bank Special Purpose Account	Finder score 2.8 Basic	Maximum Variable Rate p.a. 0.50%	Standard Variable Rate p.a. 0.50%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	More info Compare product selectionCompare	loading
Finder score 5.1 Standard First Option Bank Christmas Saver Account	Finder score 5.1 Standard	Maximum Variable Rate p.a. 2.00%	Standard Variable Rate p.a. 2.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	More info Compare product selectionCompare	loading

Showing 9 of 9 results

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

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Product	Finder Score	Monthly fee	Govt. Guarantee	Own network ATM fee	Card type
Finder score 8Great First Option Bank Spend Account Apple Pay Google Pay Samsung Pay	Finder score 8Great	Monthly fee $5	Government Guarantee	Own network ATM fee $0	Card type Visa	More info Compare product selectionCompare	loading
Finder score 8.3Great First Option Bank Bills Account Apple Pay Google Pay Samsung Pay	Finder score 8.3Great	Monthly fee $5	Government Guarantee	Own network ATM fee $0	Card type Visa	More info Compare product selectionCompare	loading
Finder score 8.9Great First Option Bank Mortgage Offset Account Apple Pay Google Pay Samsung Pay	Finder score 8.9Great	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	More info Compare product selectionCompare	loading

Showing 3 of 3 results

Finder Score for bank accounts

We assess multiple product features for transaction accounts from over 100 providers and assign each product a score out of 10.

Read the full Finder Score methodology

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Product	Finder Score	3 Mths p.a.	4 Mths p.a.	5 Mths p.a.	6 Mths p.a.	7 Mths p.a.	11 Mths p.a.	12 Mths p.a.	24 Mths p.a.
Finder Score 6.9 Standard First Option Bank 6 month Term Deposit Special $1,000 min. deposit	Finder Score 6.9 Standard	3 Mths p.a. -	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 4.60%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. -	24 Mths p.a. -	For a limited time, new customers can lock in a special fixed rate of 4.6% for a 6 month term with First Option Bank. This offer is only available on new funds into the bank, and for investments of $1,000 or more.	More info Compare product selectionCompare	loading
Finder Score 7.7 Great First Option Bank Term Deposits $1,000 min. deposit $24,999 max. deposit	Finder Score 7.7 Great	3 Mths p.a. 4.00%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 3.90%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. 3.50%	24 Mths p.a. 3.45%	More info Compare product selectionCompare	loading
Finder Score 8.1 Great First Option Bank Business Term Deposits - $1,000+ $1,000 min. deposit $24,999 max. deposit	Finder Score 8.1 Great	3 Mths p.a. 4.00%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 3.90%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. 3.50%	24 Mths p.a. 3.45%	More info Compare product selectionCompare	loading
Finder Score 8.3 Great First Option Bank Business Term Deposits - $25,000+ $25,000 min. deposit $500,000 max. deposit	Finder Score 8.3 Great	3 Mths p.a. 4.20%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 4.15%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. 3.85%	24 Mths p.a. 3.60%	More info Compare product selectionCompare	loading
Finder Score 8.9 Great First Option Bank Business Term Deposits - $500,000+ $500,000 min. deposit $1,000,000 max. deposit	Finder Score 8.9 Great	3 Mths p.a. 4.30%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 4.20%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. 4.00%	24 Mths p.a. 3.80%	More info Compare product selectionCompare	loading

Showing 5 of 5 results

Finder Score for term deposits

Finder Score assigns Term Deposit products a score out of 10, comparing interest rates and features, to make comparison easier. We assess over 150 products from more than 90 providers, assessing products across different terms to determine an average score per product.

Read the full Finder Score methodology

Congratulations, First Option Bank!

The First Option Bank Kids Bonus Saver was highly commended for Best Kids Savings Account in the 2025 Finder Awards.

Full list of 2025 winners

Quick facts about First Option Bank

First Option Bank is a member-owned bank that's been around since 1965.
All customers are members of the bank.
The bank became a mutual in 2018.
It's a small bank that prides itself on offering personalised service to members all over Australia, while still offering a full suite of banking products that you'd find from a larger bank.

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

Pros

Online banking. First Option offers Internet banking and a mobile banking app, allowing you to conduct most of your day-to-day banking online.
Kids account. The interest rate offered on the savings account for kids is highly competitive, giving them an opportunity to grow their pocket money rapidly.
No fees. With the majority of savings accounts offered, you will not be charged a monthly account keeping fee.
Diversity. First Option offers members a number of specialised accounts to meet your various needs.

Cons

Membership fee. A $5 monthly membership fee will apply unless your total account balances exceed $1,000 or you have a credit card or loan with the bank.
Less branches and ATMs. Compared to the bigger banks you'll find less bank branches and ATMs for First Option Bank.

How do I apply for a First Option Bank account?

You can apply for an account online through the First Option Bank website. Only Australian residents over the age of 18 may apply online, and you will need to be able to provide proof of identity with a driver’s licence or passport. Once you have completed and submitted your application a representative will contact you with the details of your account and information on how to get started on making your transactions.

Are you looking for another First Option Bank instead?

If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.

Compare other products from First Option Bank

Thank you for your feedback!

Written by

Shirley Liu

Publisher

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs. See full bio

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Compare First Option Bank savings accounts

First Option Bank offers a large list of savings accounts to choose from, based on your savings purpose.

First Option Bank savings accounts

How the Finder Score helps you find a better savings account

Finder Score for bank accounts

Finder Score for term deposits

Congratulations, First Option Bank!

Quick facts about First Option Bank

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

Pros

Cons

How do I apply for a First Option Bank account?

Are you looking for another First Option Bank instead?

Compare other products from First Option Bank

Shirley Liu

Ask a question

Read more on Bank Accounts

Compare First Option Bank savings accounts

First Option Bank offers a large list of savings accounts to choose from, based on your savings purpose.

First Option Bank savings accounts

How the Finder Score helps you find a better savings account

Finder Score for bank accounts

Finder Score for term deposits

Congratulations, First Option Bank!

Quick facts about First Option Bank

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

Pros

Cons

How do I apply for a First Option Bank account?

Are you looking for another First Option Bank instead?

Compare other products from First Option Bank

Shirley Liu

Ask a question

Read more on Bank Accounts

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