First Option Bank Term Deposit
- Interest rate 3 months interest rate
- Up to 4.00% p.a.
- Minimum opening deposit
- $1,000
- Maximum deposit
- $24,999
- Maximum balance
- $24,999
Summary
Earn a fixed interest rate on balances starting from just $1,000.
You can choose from a variety of term lengths ranging from 3 to 24 months 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
-
Higher rates for large deposits
Cons
-
No term lengths above 2 years
Details
Key details
| Product Name | First Option Bank Term Deposits |
| 3 month interest rate | 4.00% |
| 6 month interest rate | 3.90% |
| 9 month interest rate | 3.50% |
| 12 month interest rate | 3.50% |
| 24 month interest rate | 3.45% |
| 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
SPECIAL OFFER: 4.60% p.a for 6 months!
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.
Range of term lengths
You can invest your cash in a First Option Bank term deposit for as little as 3 months, or up to 2 years.
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.
Tiered interest rates
The interest rates offered are tiered, so you can earn a higher rate for a larger balance.
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.
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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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Your reviews
Alison Finder
Editorial Manager, Money
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