Product details
Designed to encourage savings, you’ll earn a competitive variable interest rate of 2.05% 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.
- Product Name
- Bank First Bonus Saver
- Maximum Variable Rate
- 2.10% p.a.
- Standard Variable Rate
- 0.05% p.a.
- Bonus Variable Rate
- 2.05% p.a.
- Introductory / Bonus Offer Conditions
- The Bank First Bonus Saver Account pays a bonus interest rate of 2.10% p.a. when you make at least one deposit of a minimum of $1.00 and no withdrawals are made in the calendar month.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Minimum monthly deposit for bonus interest rate
- $1
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the account
Bonus interest rate of 2.05% p.a.
The account offers a variable bonus interest rate of 2.05% 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 2.05% 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.
Pros
- High variable bonus interest rate of 2.10% 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
What you need to know before applying
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.
You will need the following documentation before applying:
- 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.
