Bank First Bonus Saver Account

Last updated: Sep 30, 2020

Enjoy a high variable bonus interest rate of 0.65% p.a. and achieve your savings goals sooner with a Bank First Bonus Saver Account.

Designed to encourage savings, you’ll earn a competitive variable interest rate of 0.65% p.a. each month you deposit one dollar or more. Bank First is an award-winning customer owned and run mutual bank, with all profits invested back into the bank rather than to shareholders. Therefore, you’ll continue to benefit from competitive rates and zero account-keeping fees with this Bonus Saver Account.

0.7% p.a.

Maximum variable rate

0.05% p.a.

Base interest rate

0.65% p.a.

Bonus interest rate

Minimum deposit

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .

Product Name	Bank First Bonus Saver
Maximum Variable Rate	0.7% p.a.
Standard Variable Rate	0.05%
Bonus Variable Rate	0.65%
Monthly Account Fee	$0
Minimum Opening Deposit	$0

Pros

High variable bonus interest rate of 0.7% p.a.
Only requires a monthly deposit of one dollar to earn bonus interest
Zero account-keeping fees
No minimum deposit

Cons

Limited branch network
Any withdrawals made will forfeit the bonus interest for that month

Alison Banney

Alison Banney is the banking and investments editor at Finder. She has written about finance for over seven years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.

Key features

Bonus interest rate of 0.65% p.a.

The account offers a variable bonus interest rate of 0.65% p.a. and a base rate of 0.05% p.a. This rate is variable and subject to change in line with the Reserve Bank of Australia cash rate.

Bonus interest conditions

To be eligible for the competitive bonus interest rate, you need to deposit at least one dollar a month and make no withdrawals. If you don't meet these conditions, you will earn the variable interest base rate of 0.05% p.a. on your balance.

Daily rate calculation

The variable bonus interest rate of 0.65% p.a. is calculated daily on funds in the account and applied monthly.

Restricts spending with no debit card

This account encourages saving not spending, so there is no debit card or ATM access, preventing day-to-day purchases.

No minimum deposit

There is no minimum deposit needed to open your account, so you can start saving right away.

No fees for students

Full-time students with sufficient proof of enrolment in a university, TAFE, CAE, VCE, traineeship, apprenticeship or other registered course are exempt from transaction fees.

Government regulated

Bank First is regulated like any major bank, meaning deposits of up to $250,000 are guaranteed by the federal government.

Compare other Bank First products

How to apply

Eligibility

There are various application options available including online, over the phone or in-branch. If you would like to apply for a Bank First Bonus Saver Account, you need to meet the following criteria:

Minimum age. You need to be over the age of 18.
Residency requirements. You need to be an Australian resident.

Depository requirements. There is no minimum deposit required.

Documentation needed

Tax. You need to supply your tax file number, which stops you from having to pay withholding tax on the account.
Personal details.You will need to provide your personal details including name, contact number and Australian residential address.
Identification. You will need to prove your identity by providing your valid passport or driver's licence with your current address. If these do not show your current address, you will need to show additional forms of identification such as your birth certificate and a utility bill.

How long will I have to wait until my card arrives?

There is no debit, credit or ATM card attached to this account.

What happens after I submit my application?

You should be approved on the spot, unless there are unusual circumstances.

If you're keen to kick your savings into action and are confident you can make regular deposits and no withdrawals, a Bank First Bonus Saver Account will allow you to earn a high interest rate without burying you in account-keeping fees.

Ask an expert

To ask a question simply log in via your email or create an account.

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

Subscribe to the Finder newsletter for the latest money tips and tricks

Notify me via email when there is a reply

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

Ask a question

Get the Finder app 🥳 A better score could get you a better deal 🥳

Be money smart and pay a 0% balance transfer rate on your credit card.

Find a better personal loan deal

Find a better home loan

Want $0 monthly fees on your bank account?

Discover the top share trading platforms.

Discover top performing superannuation funds.

Sending money overseas?

Planning to travel soon? Check out one of our travel money location guides

How much will it cost? Calculate your home loan repayments

Banking

Investments

Banks

Bank First Bonus Saver Account