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 transaction fee
of transaction value
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.
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 .
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.
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.
How to applyThere 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.
- 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.