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.


Account keeping fee


ATM withdrawal fee


Overseas ATM withdrawal fee


Overseas transaction fee

of transaction value

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Product NameBank First Budget Account
Monthly account fee$0
Card accessVisa
ATM Withdrawal Fee$0
International ATM Fee$2.50 + 3%
International transaction fee3%
Monthly deposit required to waive account feeN/A
Contactless PaymentsGoogle Pay, Apple Pay

Review by

Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 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.

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.


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.

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