Product details
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.
- Product Name
- Bank First Everyday Account
- Monthly Account Fee
- $0
- Debit Card Access
- Visa
- ATM Withdrawal Fee
- $0
- Interest Rate p.a.
- 0.05%
- Details
- 6 free EFTPOS transactions and 4 other free transactions (i.e Commonwealth Bank ATM withdrawals, Bank@Post).
- Fee Free Deposit p.m.
- $0
- Overseas ATM Withdrawal Fee
- $2.50
- Overseas Eftpos Fee
- 2.50%
- Phone Banking
- Yes
- Fees
- $0
- Internet Banking
- Yes
What are the features of the account?
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.
Ease of spending with payWave
The account is linked to a free Visa debit card, with the added convenience of the payWave feature, and a cheque book.
No minimum deposit
There is no minimum deposit needed to open your account, so you can start right away.
Free ATM options
Account holders are offered four free Commonwealth Bank ATM withdrawals each month.
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
Bank First 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, must 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.
What are some fees to consider?
Replacement card fee
There is a $12 fee to replace a lost or damaged Visa debit card. This jumps to $150 if the card needs to be sent to you overseas.
Overseas ATM fee
Bank First charges $2.50 per international ATM transaction. The ATM operator may also charge a fee.
Overdrawn account fee
A $12 fee applies if your Everyday Account is overdrawn.
EFTPOS transaction fees
You can perform a maximum of six free EFTPOS transactions per month by pressing “savings” or “cheque”, after which a fee of 50 cents applies.
ATM withdrawal fees
Customers are offered four free ATM withdrawals each month with Commonwealth Bank ATMs; after these are used a $0 fee per transaction applies. Compare other Bank First products
Pros
- Ease of spending with payWave
- No minimum deposit.
- Government guaranteed
- No fees for students
Cons
- Limited branch network
What you need to know before applying
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.
- Depository requirements. There is no minimum deposit required to open this account.
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 show additional forms of identifications such as your birth certificate, and a utility bill.
How long will I have to wait until my card arrives?
It will take around five business days to receive your Visa debit card in the mail, and your pin will arrive two business day after this.
What happens after I submit my application?
You should be approved on the spot, unless there are unusual circumstances.
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.
