This is a straightforward transaction account ideal for kids and teenagers who are new to banking as it encourages saving and teaches them about managing a bank account. They will also enjoy zero transaction and account-keeping fees, allowing them to save every dollar they deposit.
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Bank First First Access Account
- Account keeping fee
- $0
- ATM withdrawal fee
- $0
- Overseas ATM withdrawal fee
- $2.5
- Overseas transaction fee of transaction value
- 3%
Our verdict
The Bank First First Access Account is a no-fuss, easy to use first account for children and teenagers.
Bank First is an award-winning, customer owned and run mutual bank, with all profits invested back into the Mutual rather than to shareholders.
Pros
-
No account keeping fee
-
No minimum balance
-
Free ATM options
Cons
-
Children under 18 years of age
-
Limited branch network
Details
Key details
| Product Name | Bank First First Access Account |
| Monthly account fee | $0 |
| Card access | Visa |
| Own network ATM fee | $0 |
| International ATM Fee | $2.50 + 3% |
| International transaction fee | 3% |
| Monthly deposit required to waive account fee | N/A |
| Contactless Payments | Apple Pay, Google Pay |
Eligibility
| Minimum opening deposit | N/A |
| Residency status | Permanent Australian residents with an Australian address |
Key features
Interest rate of 1.45% p.a.
The account offers an interest rate of 1.45% p.a., which applies no matter the size of your account balance. This rate is variable and subject to change according to the Reserve Bank of Australia's cash rate.
Daily rate calculation
The variable interest rate of 1.45% p.a. is calculated daily on funds in the account and applied quarterly.
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Alison Finder
Editor
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