Bank First First Access Account

Last updated: Jan 2, 2021

The Bank First First Access Account is a no-fuss, easy to use first account for children and teenagers.

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.

Account keeping fee

ATM withdrawal fee

$2.5

Overseas ATM withdrawal fee

2.5%

Overseas transaction fee

of transaction value

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Details

Product Name	Bank First First Access Account
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
Internatonal ATM Fee	$2.50
International transaction fee	2.5%
Monthly deposit required to waive account fee	N/A
Contactless payments	Google Pay, Apple Pay

Minimum opening deposit	N/A

Pros

No account keeping fee
No minimum balance
Free ATM options

Cons

Children under 18 years of age
Limited branch network

Expert review

Review by

Janice Bondoc

janice.bondoc@findercrew.com

Janice Bondoc is a Publishing Support Assistant for finder.com.au's banking and investments section. She is determined to be joyful and hopeful in whatever situation she may find herself.

Expert review

Bank First is an award-winning, customer owned and run mutual bank, with all profits invested back into the Mutual rather than to shareholders.

Key features

Interest rate of 0.2% p.a.

The account offers an interest rate of 0.2% 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 0.2% p.a. is calculated daily on funds in the account and applied quarterly.

No minimum deposit

There is no minimum deposit needed to open this account, so you can start saving right away.

No fees

Designed to help you save, there are no transaction or account-keeping fees on this account.

Visa debit card

This account comes with a Visa debit card for account holders aged 12 to 18 years old.

Free ATM options

Account holders are offered four free Commonwealth Bank ATM withdrawals each month.

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 under 18

You must be under 18 to apply for this account. Children under 12 years of age will receive an ATM card instead of a Visa debit card, and will need to have their ATM card in an authorised adult's name.

Limited branch network

It is important to remember there are a limited number of Bank First branches.

Various application options

You can easily apply online, over the phone or by visiting a branch.

Replacement card fee

There is a $12 fee to replace a lost or damaged ATM card. This jumps to $150 if the card needs to be sent to you overseas.

Overseas ATM fee

Mutual charges $2.50 per international ATM transaction. The ATM operator may also charge a fee.

ATM withdrawal fees

Customers are offered four free ATM withdrawals each month with Commonwealth Bank ATMs; after these are used, a $1.80 fee per transaction applies.

Compare other Bank First products

How to apply

Eligibility

If you would like to apply for a Bank First First Access Account, you need to meet the following criteria:

Maximum age. You need to be under 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 needed

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. You will have to prove your identity by providing a 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.

How long do I have to wait for my card?

There is no debit card for this account. The ATM card will take around five business days to arrive 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 First Access Account is ideal for your child or teenager's first bank account. With no transaction or account-keeping fees, it encourages good saving habits. With no minimum deposit required, there's no need to wait! You can open the account today.

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