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.
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.
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