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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.

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Shirley Liu

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First Option Bank savings accounts

1 - 9 of 9
Updated regularly
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
View details
First Option Bank Kids Bonus Saver
Maximum Variable Rate p.a.
5.55%
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
View details
First Option Bank Cash Management Account
Maximum Variable Rate p.a.
3.00%
Standard Variable Rate p.a.
3.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Balances $250,000 and above.
View details
First Option Bank GST / Tax Saver Account
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
View details
First Option Bank Business Cash Hub
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
View details
First Option Bank Bonus Saver Account
Maximum Variable Rate p.a.
3.60%
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
View details
First Option Bank Special Purpose Account
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
View details
First Option Bank Christmas Saver Account
Maximum Variable Rate p.a.
2.50%
Standard Variable Rate p.a.
2.50%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
First Option Bank Save Account
Maximum Variable Rate p.a.
3.30%
Standard Variable Rate p.a.
3.30%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Balances $2,000 and above.
View details
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Showing 9 of 9 results
1 - 3 of 3
Updated regularly
Name Monthly fee Govt. Guarantee Own network ATM fee Card type
First Option Bank Spend Account
First Option Bank logo
Apple Pay Google Pay Samsung Pay
Monthly fee
$5
Government Guarantee
Own network ATM fee
$0
Card type
Visa
First Option Bank Bills Account
First Option Bank logo
Apple Pay Google Pay Samsung Pay
Monthly fee
$5
Government Guarantee
Own network ATM fee
$0
Card type
Visa
First Option Bank Mortgage Offset Account
First Option Bank logo
Apple Pay Google Pay Samsung Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
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Showing 3 of 3 results
1 - 4 of 4
Updated regularly
Name 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
First Option Bank Term Deposits
First Option Bank logo
$1,000 min. deposit$24,999 max. deposit
3 Mths p.a.
3.90%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
4.55%
7 Mths p.a.
-
12 Mths p.a.
4.70%
24 Mths p.a.
4.20%
First Option Bank Business Term Deposits - $1,000+
First Option Bank logo
$1,000 min. deposit$24,999 max. deposit
3 Mths p.a.
3.70%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
4.35%
7 Mths p.a.
-
12 Mths p.a.
4.50%
24 Mths p.a.
4.00%
First Option Bank Business Term Deposits - $25,000+
First Option Bank logo
$25,000 min. deposit$249,999 max. deposit
3 Mths p.a.
3.85%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
4.50%
7 Mths p.a.
-
12 Mths p.a.
4.80%
24 Mths p.a.
4.30%
More Info
First Option Bank Business Term Deposits - $250,000+
First Option Bank logo
$250,000 min. deposit$1,000,000 max. deposit
3 Mths p.a.
4.10%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
4.70%
7 Mths p.a.
-
12 Mths p.a.
4.90%
24 Mths p.a.
4.40%
More Info
loading
Showing 4 of 4 results

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.

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.

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Written by

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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