Product details
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.
Bank First is an award-winning, customer owned and run mutual bank, with all profits invested back into Mutual rather than to shareholders.
- Product Name
- Bank First First Access Account
- Maximum Variable Rate
- 1.00% p.a.
- Standard Variable Rate
- 1.00% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Maximum Age Requirement
- 18
What are the features of the account?
Interest rate of 1.00% p.a.
The account offers an interest rate of 1.00% 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 1.00% 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.
No debit card
There is no debit card attached to this account, only an ATM card. This means that you can withdraw cash from ATMs, but you will not be able to make EFTPOS payments in restaurants and stores.
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 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.
Some fees to consider
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
Pros
- No account keeping fee
- No minimum balance
- Free ATM options
Cons
- Children under 18 years of age
- Limited branch network
What you need to know before applying?
Eligibility to apply online
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 for your online application
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.
