Product details
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.
- Product Name
- Bank First Budget Account
- Monthly Account Fee
- $0
- Debit Card Access
- Visa
- Interest Rate p.a.
- 0.05%
- Details
- Unlimited internet and phone banking transactions.
- Fee Free Deposit p.m.
- $0
- Overseas Eftpos Fee
- 2.50%
- Phone Banking
- Yes
- Fees
- $0
- Internet Banking
- Yes
What are the features of the account?
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 $12 fee applies if your Everyday Account is overdrawn.
Pros
- Earn interest of 0.05% p.a. 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
How do I apply for this account?
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.
What you need to know before applying
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've applied online?
- 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.
