Bank First First Access Account

Bank First First Access Account

Maximum Variable Rate


Standard Variable Rate


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

  • A good opportunity for children and teenager to manage their money
  • Interest calculated daily and applied quarterly.
  • Transfer funds through internet and phone banking

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 the 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
Minimum Opening Deposit
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Maximum Age Requirement

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.

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.

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


  • No account keeping fee
  • No minimum balance
  • Free ATM options


  • 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.

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