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Compare First Option Bank savings accounts

With savings products to fit every stage of your life there is good reason why First Option could be an option for your banking needs.

Shirley Liu
Shirley Liu

Updated

Fact checked
First Option Bank

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Who is First Option Bank?

First Option Bank is a member-owned bank that's been around for over 50 years. 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 is internet banking like for First Option Bank?

You can use First Option's Internet banking portal to conduct the majority of your day-to-day banking, as outlined below.

Notable features include:

  • Check balances, transactions and BSB number
  • Pay your bills using BPAY
  • Activate linked debit cards
  • Add or change external transfer and BPAY payees
  • Make transfers to other financial institutions
  • Create, alter and delete future and periodic payments
  • View summary of earned interest
  • Make transfers between internal accounts
  • International cash transfers using Western Union
  • Redraw on your home loan
  • Set up one time passwords
  • Access an online statement
  • View and update your personal details

What transaction accounts are offered by First Option Bank?

  • Everyday Access Saver Account. With no monthly fees to pay and no minimum balance to maintain, this account makes it easy to manage your everyday spending needs. It comes linked to a Visa debit card, plus you can link the account to Apple Pay, Samsung Pay and Google Pay.
  • Smart Start Access Saver. Designed exclusively for Australians between the ages of 13 and 24, this account gives you online and debit card access to your money, which is also earning a competitive interest rate each month.
  • Budget Saver Account. This account is designed for paying your bills and expenses using BPAY, direct debit and online banking. It comes with a debit card too, and you can access your money at anytime.

What savings accounts are offered by First Option Bank?

  • iT Saver Account. This is an online savings account where you are paid a higher interest rate on balances over $2,000. There are no monthly fees to pay and you get at call access to your funds using online and telephone transfers.
  • Kids Bonus Saver Account. For Australia’s younger generation, this account has won a Best of the Best award for three straight years. By meeting a $5 deposit requirement each month, your child earns a highly competitive interest rate on their balance under $5,000.
  • GST/Tax Saver Account. With this account you are always ensured that you won’t fall short on your obligation come tax time. You can even earn interest on the deposits, which is paid into the account each month.
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What term deposits are offered by First Option Bank?

  • Standard Term Deposits. With a term deposit, your money is locked away for a period of three months to two years, but you earn a fixed interest rate during that time. A minimum deposit of $5000 is needed to open the account, which cannot be accessed before maturity of the account without incurring a penalty.
  • Regular Income Term Deposits. With this term deposit you will earn a slightly lower fixed interest rate, but the payoff is that you don’t have to wait for the payments. These can be deposited into a nominated account each month to add to your income.

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

  • Minimum balance requirements. With some accounts you will find that you need to meet a minimum balance requirement in order to receive a competitive interest rate.
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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.

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