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Bank First First Saver Account

Alison Banney
Alison Banney
Last updated:  

Kickstart your child’s savings and teach them how to manage their money with a First Saver Account from Bank First.

Learning how to save money is a vital skill for all children. By opening an interest-earning savings account for your child, you can help them understand the value of a dollar and how they can use interest rates and a disciplined savings approach to build a bigger savings balance. The First Saver Account from Bank First is a savings account that teaches Aussie kids how to save.

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Details

Product NameBank First First Saver Account
Maximum Variable Rate0.6% p.a.
Standard Variable Rate0.30%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age1

Key features

Tiered interest

The First Saver Account offers competitive interest rates to help teach your child how to save money. Interest rates are tiered depending on your account balance, with balances of $2,000 and over earning a much higher rate than balances below this mark. Interest is calculated daily and applied to the account quarterly.

No fees

There are no ongoing account-keeping fees with the Bank First First Saver Account, nor are there any transaction fees. This means that the money your child puts into their account won't be eaten away by fees and will instead go towards their savings goal.

Launch savings calculator

How to apply

It's important to check that your child satisfies the eligibility criteria before you start applying.

Eligibility

  • Age requirements. The Bank First First Saver Account is only available for children aged between 0 and 17 years.
  • Residency requirements. Your child will need to be an Australian resident.

Expert review

Alison Banney

Review by

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

Available to applicants under the age of 18, it combines competitive tiered interest rates with no account-keeping or transaction fees to ensure that your child’s pocket money goes towards saving for a secure financial future.

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