Bank First, formerly Victoria Teachers Mutual, is a mutual which means their customers own the organisation. Profits are reinvested back into the Bank First to provide continuing value through highly competitive interest rates, low fees and superior customer service.
You don’t have to be a teacher to join this customer owned bank, anyone can become a customer and access leading savings and investment products.
Bank First is regulated in the same way as the big four banks, and its deposits are guaranteed by the Federal Government up to $250,000.
Bank First has been consistently recognised by both their customers and those within the financial community for an outstanding range of investment, insurance and banking products and services, including:
2015 Money Magazine's Best of the Best awards Winner – Cheapest Personal Loan – Bank and Best Term Deposits – Long Term – Bank.
Smart Investor Blue Ribbon Awards 2014 – Mutual Bank of the Year.
Who is Bank First?
Bank First, formerly Victoria Teachers Mutual, is an award-winning bank with over 100,000 customers and $2 billion in assets. Anyone can open an account with them.
Rather than profits being distributed to external shareholders (like they do with the big four banks), profits are reinvested back into Bank First to provide continuing value to customers.
Its range of banking products includes transaction and savings accounts, term deposits, credit cards, home loans, personal loans, insurance and financial planning advice.
Bank First gives you secure, online access to your accounts 24/7 through their internet and mobile banking facilities. Make one off and recurring BPAY payments to your billers, transfer funds, view electronic account statements and more.
Bank First is regulated in the same way as the big four banks, and its deposits are guaranteed by the Federal Government up to $250,000.
Notable features include:
Set up a PIN for mobile banking for easy access to your online account.
Schedule payments to billers and other accounts.
Make instant transfers to other Bank First accounts.
What transaction accounts are provided by Bank First?
Everyday Account
This is a basic everyday interest bearing transaction account ideal for managing your day to day finances. Get free a free Visa Debit Card with this account and make free ATM withdrawals at non-Commonwealth Bank ATMs.
Budget Account
This account is used as a companion to the Bank First Everyday Account. Allows you to set up direct debits and credits so you can save and budget for your everyday and big ticket purchases.
First Access Account
A transaction account for under 18’s. This account is used as a day to day account with ATM, internet and telephone access. There is no minimum balance requirement. Bank First reward First Access Account holders with interest.
Pension Account
Eligible pensioners can apply for the Pension Account, a transaction account that offers two rates of interest depending on the Pension Account balance. Get a Visa Debit Card, ATM card or cheque book to access funds and this account includes the option to add an overdraft facility.
Student Banking Account
A full access student transaction account with features to save money on related products such as car finance, health insurance, student and personal loans and a complimentary financial planning consultation.
What high interest savings accounts are offered by Bank First?
Bonus Saver
An high interest savings account that gives you an incentive to grow your savings balance. Earn up to 4.55% when you deposit of more than $1 and make no withdrawals each month.
Online Saver
A online savings account that offers a high rate of interest for maintaining a minimum balance of $1. This account allows you to make withdrawals and there's no minimum deposit requirement to earn the full rate of interest.
First Saver
A savings account for kids that offers a tiered rate of interest. Balances greater than $2,000 earn more interest. There's no minimum requirements or deposit requirements to earn the full rate of interest, funds are available via internet and telephone banking.
Christmas Club
A savings account just for Christmas, make deposits whenever you want and access your money in time for the holidays. Set up direct credits so part of your wage can be paid directly into this account.
First Home Bonus Saver
The First Home Bonus savings account rewards you with bonus interest when you deposit more than $100 each month and make no withdrawals. You'll also receive $60 cash back, and they'll waive the establishment fee on any Bank First Home Loan.
Enter into a fixed term deposit investment for periods of 30 days through to 5 years. Term deposit interest rates are tied to the investment term, longer terms get higher returns. Your money is locked in till the investment matures.
What are the pros and cons of banking with Bank First?
Pros
A customer-owned bank. Bank First is a mutual, which means their customers own the organisation. Rather than profits being distributed to external shareholders (like they do with the big four banks), profits are reinvested back into the organisation to provide continuing value to customers through highly competitive rates, fees and products.
Wide range of products and services. A range of loans, savings accounts, term deposits, insurance and financial planning services are available to help customers make the most of their money.
Give back to the community. Bank First supports the education community through a wide range of events, donations and sponsorships, does not invest in fossil fuels and implements a range of environmentally friendly practices.
Award-winning bank. Bank First has won a wide range of awards from independent organisations for its products and service.
Secure. Bank First is regulated in the same way as the big four banks, and its savings deposits are guaranteed by the Federal Government up to $250,000.
Cons
Transaction fees can apply. While customers can bank fee free, fees do apply to certain transactions or when transactions exceed a maximum limit.
Branch access. There are a limited number of Bank First branches, however you can still access your funds online using Internet Banking, Mobile Banking app, ATMs and via Phone Banking.
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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