Bank First – Budget Account

Enjoy a variable interest rate of 0.05% p.a. with a Bank First Budget Account, which is designed to help you budget and save.

This account is used as a companion to the Bank First Everyday Account, restricting everyday spending and allowing you to set up direct debits and credits to easily save and budget for big-ticket purchases. Bank First is an award-winning customer owned and run mutual bank, with all profits invested back into the Mutual rather than to shareholders.

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Alison Banney

Last Updated Dec 30, 2020

Account keeping fee

ATM withdrawal fee

$2.5

Overseas ATM withdrawal fee

Overseas transaction fee

of transaction value

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Details

Product Name	Bank First Budget Account
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
International ATM Fee	$2.50 + 3%
International transaction fee	3%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Google Pay, Apple Pay

Minimum Age	18
Joint account availability	No
Minimum opening deposit	N/A

Pros

Earn interest of on the entire balance
$0 minimum deposit
Overdrawn facility available
No fees for students

Cons

No Visa debit card and no ATM access
Limited branch network

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This account is kind of a mix between a transaction account and a savings account. You can make payments from the account using Internet banking whenever you need to, and you can set up regular direct debits for ongoing bills. But there’s no Visa Debit Card.

In exchange for the lack of debit card, the account offers a small amount of interest on your balance; currently 0.05%. While this is better than earning no interest, it’s a very low rate.

So if you’re looking for a convenient everyday spending account, the Bank First Everyday Account offers complete access to your balance online and with a linked Visa Debit Card while charging no account fees. Or if you’re looking for an account that pays interest while still being able to make withdrawals, you can compare high interest savings accounts instead .

Key features

Interest rate of 0.05% p.a.

The account offers an interest rate of 0.05%, which applies whether you have $0 in the account or over $30,000. This rate is variable and subject to change according to the Reserve Bank of Australia's cash rate.

How is my daily rate calculated?

The variable interest rate of 0.05% is calculated daily on funds in the account, and applied monthly.

No minimum deposit

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

Restricts spending with no Visa debit card

As this account is designed to encourage saving not spending, there is no Visa debit card and no ATM access, preventing day-to-day purchases.

Set up automatic payments

Easily set up automatic direct debits and credits to and from your Everyday Account to pay bills, rent and other regular payments.

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

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

Must be over 18

All members, and business owners need to be over 18 to open an account.

Limited branch network

There is a limited number of Bank First branches.

Various application options

You can easily apply online, over the phone or by visiting a branch.

Overdrawn account fee

A $15 fee applies if your Everyday Account is overdrawn.

Compare other Bank First products

How to apply

There are various application options available including online, over the phone or in branch. Please note that you need to be an Australian resident and over the age of 18 to apply. As part of the application process, you will need to provide your personal details including name, contact number, Australian residential address and tax file number.

Eligibility

If you would like to apply for a Bank First Budget Account, you need to meet the following criteria:

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

Depository requirements. There is no minimum deposit required to open this account.

Documentation required to apply online

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. 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 provide additional forms of identification such as your birth certificate, and a utility bill.

What happens after I submit my application?

How long do I have to wait for my card? There is no Visa debit card for this account.
What happens after I submit my application? You should be approved on the spot, unless there are unusual circumstances.

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Bank First – Budget Account