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Bank First Everyday Account

Alison Banney
Alison Banney
Last updated:  

This transaction account has no monthly fees and can be opened by both personal and business customers.

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 low fees with this Everyday Account.

Access your money anywhere, anytime and enjoy a variable interest rate of 0.05% p.a. with a Bank First Everyday Account.

$0

Account keeping fee

$0

ATM withdrawal fee

$2.5

Overseas ATM withdrawal fee

2.5%

Overseas transaction fee

of transaction value

Details

Product NameBank First Everyday Account
Monthly account fee$0
Card accessVisa
ATM Withdrawal Fee$0
Internatonal ATM Fee$2.50
International transaction fee2.5%
Monthly deposit required to waive account feeN/A

Expert review

Alison Banney

Review by

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 is an everyday transaction account with no account keeping fees that can be opened by personal or business customers. The account offers easy access to your money whenever you need it via Internet and mobile banking, as well as the linked Visa Debit Card.

You’ll even earn a small amount of interest on your balance, however the current variable interest rate is 0.05% which is quite low. That being said, it’s not common for a transaction account to pay any interest at all.

Key features

A base 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.

How is my daily rate calculated?

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

Compare other Bank First products

How to apply

Eligibility

There are various application options available including online, over the phone or in-branch. If you would like to apply for a Bank First Everyday 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.

A Bank First Everyday Account allows for easy daily use with a competitive interest rate, while supporting the education community. However, be aware of the additional fees that may apply after various limits have been reached to prevent bill shock.

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