Product details
This is an easy-to-use everyday account which allows you to access and manage your money anywhere, anytime. Enjoy a variable interest rate of 1.20% p.a. by simply keeping your balance over $2,000 – you can even make as many withdrawals as you like with no fee. As interest is compounded monthly, your savings will grow quickly, allowing you to achieve your financial goals sooner.
- Product Name
- Bank First Online Saver Account
- Maximum Variable Rate
- 1.20% p.a.
- Standard Variable Rate
- 1.20% p.a.
- Bonus Variable Rate
- 0.00% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Minimum Age Requirement
- 18
What are the features of the Bank First Online Saver account?
Interest rate of 1.20% p.a.
Enjoy a high variable interest rate of 1.20% p.a. simply by keeping your account balance over $2,000. Please note the rate is variable and can change in line with the official RBA cash rate at any time.
Balances under $1,999 or over $150,000
For balances $1,999 or less you will receive the variable interest rate of 0.05% p.a. For balances over $150,000 you will receive the variable interest rate of 1.10% p.a.
Daily rate calculation
The variable interest rate of 1.20% p.a. for balances over $2,000 is calculated daily and applied monthly, giving you the ongoing benefit of compound interest.
No minimum deposit
There is no minimum deposit needed to open an account, so you can start saving right away.
Zero account-keeping fees
There are no monthly account-keeping fees for this account, so you can save more easily.
Unlimited withdrawals
Accessing your money is easy with this account: you can make as many withdrawals as you like and will still receive the high interest rate, as long as your balance is over $2,000.
Minimum age 18 years
You must be at least 18 years old to open this account.
Visa Debit
A Visa Debit Card is attached to this account.
Pros
- Only need a balance of $2,000 or more to receive the high variable interest rate of 1.20% p.a.
- No minimum deposit required
- Zero account-keeping fees
Cons
- Balances under $2,000 will only receive a variable rate of 0.05%
- Limited branch network
What you’ll need to know before applying
There are various application options available including online, over the phone or in-branch. If you would like to apply for a Bank First Online Saver Account, there are a few eligibility requirements you need to meet and some documentation to provide.
Eligibility criteria
- Minimum age. You must be 18 years or over.
- Residency requirements. You need to be an Australian resident.
- Depository requirements. There is no minimum deposit required.
Documentation needed
- Tax file number. 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 need to prove your identity by providing your valid passport or driver's licence with your current address. If these do not show your current address you will need to show additional forms of identification, such as your birth certificate and a utility bill.
What happens next?
You should be approved on the spot, unless there are unusual circumstances. After being approved, your Visa Debit Card should arrive in the mail within five business days, and your PIN will arrive another two business days after this.
