First Option Bank Term Deposit
- Interest rate 12 months interest rate
- Up to 5.20% p.a.
- Minimum opening deposit
- $1,000
- Maximum deposit
- $500,000
- Maximum balance
- $500,000
Summary
Earn a fixed interest rate on balances starting from just $1,000.
You can choose a 12-month term length and earn a fixed interest rate on your cash for the life of the term. Plus, you can open a First Option Bank term deposit with a small deposit of just $1,000 or more.
Pros
-
Small starting deposit
-
No fees
-
Special rates for select terms
-
Higher rates for large deposits
Cons
-
Special rates only apply to 12 month terms
Details
Key details
| Product Name | First Option Bank Term Deposit Special Offer |
| 12 month interest rate | 5.20% |
| Minimum Opening Deposit | $1,000 |
Eligibility
| Minimum Age Requirement | 18 |
| Joint account availability | Yes |
| Min Deposit | $1,000 |
| Available to children | Not available for children |
Key features
12-month term lengths available
You can invest your cash in a First Option Bank term deposit for 12 months to gain access to the special offer rates.
Other term lengths are available (between 3 months and 2 years), however without the special offer rates.
Fixed interest rates
The interest rate is fixed, meaning it will be locked in for the duration of your term length. This makes it easy to plan exactly what your end return will be.
Interest payment
Your interest will be paid at the end of your term for all terms under 12 months. For a 24 month term, your interest will be paid annually.
Government guarantee
Deposits up to $250,000 in a First Option Bank term deposit are covered under the Australian Government Guarantee Scheme.
How to apply
You first need to join First Option Bank as a member, then you can open your new term deposit account.
- Age: You must be over 12 to apply for membership online without a parent / guardian.
- Verification: You'll need to provide at least 2 forms of ID, including your Australian driver's licence or passport.
Compare other term deposit accounts
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How we picked theseFinder 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.
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Sources
Your reviews
Alison Finder
Editorial Manager, Money
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Alison Banney Finder
September 30, 2025
Hi Sam,
First Option Bank currently offers a fixed term deposit rate of 4.00% p.a. for 3 or 6 month term lengths, for balances above $500K. The next highest rate is 3.95% p.a. with its 12 month term.
Thanks,
Alison
sam
September 25, 2025
I have $670,000 for a term depsoit can you tell me how much max interest i can get and how long, ie calculator?