Bank First Term Deposit

Last updated: Jan 2, 2021

With a minimum deposit of $500 and terms ranging from one month to five years, Bank First Term Deposits can help you save for the future.

Term deposits pay fixed interest to provide consistent, guaranteed returns on the money you invest. This allows you to efficiently grow your savings balance, safe in the knowledge of exactly how much your deposit will be worth when the term comes to an end. Bank First provides term deposit accounts featuring terms ranging from one month to five years. A minimum deposit of $500 is required.

Up to 0.55% p.a.

Interest rate

9 months interest rate

$500

Minimum opening deposit

Account keeping fee

$19,999

Maximum deposit

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Details

Product Name	Bank First Term Deposit ($500 - $19,999)
3 month interest rate	0.35%
4 month interest rate	0.50%
6 month interest rate	0.50%
9 month interest rate	0.55%
12 month interest rate	0.55%
24 month interest rate	0.55%
36 month interest rate	0.55%
48 month interest rate	0.55%
60 month interest rate	0.55%
Minimum Opening Deposit	$500
Minimum Age Requirement	18

The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Minimum Age Requirement	18
Joint account availability	No
Min Deposit	$500
Available to children	Not available for children

Pros

Low minimum investment of $500
$0 Account keeping fees
Wide ranges of terms from from 1 month to 5 years

Cons

A reduced interest rate will apply if you withdraw a portion or all of your investment before maturity

Alison Banney

Alison Banney is the banking and investments editor at Finder. She has written about finance for over seven years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.

Key features

Minimum deposit of $500

The minimum deposit required to open a Bank First term deposit is $500. This figure rises to $5,000 for a 1 Year Regular Income Term Deposit.

Choice of terms

You can choose to invest your funds for the term that best suits your budget and financial needs. Terms available are 30 days, 60 days, 90 days, 120 days, 180 days, 270 days, 1 year, 2 years, 3 years, 4 years and 5 years.

Covered by the Australian Government Guarantee

Deposits of up to $250,000 are protected under the Australian Government Guarantee.

No account-keeping fees

There are no account-keeping fees attached to these term deposit accounts.

Maturity

Bank First will contact you at least two weeks prior to your deposit maturing. The bank will provide details of its current interest rates and allow you to provide instructions for what you want to happen to your investment upon maturity.

Competitive fixed-interest rates

Bank First term deposits offer competitive fixed rates so that you can enjoy the security and reliability of consistent returns. Interest is calculated daily and applied annually or at the completion of the term. Interest rates are tiered depending on the deposit amount:

$500 - $19,999
$20,000 - $49,999
$50,000-$99,999
$100,000 and over

Interest rates

The table below outlines the minimum interest rate that applies for each available term. However, remember that the rate can vary depending on your deposit amount:

1 Year Regular Income Term Deposit

This special-purpose term deposit will provide you with an ongoing income from the interest earned on your deposit. Interest is calculated daily and you get to choose whether you would like to receive interest payments fortnightly or monthly. Compare other Bank First products.

Launch term deposit calculator

How to apply

If you'd like to apply for a Bank First term deposit account, click on the "Apply now" link on this page. Once you've reached the bank's website, you can start filling out the quick online application form.

Eligibility

You will need to meet the following eligibility criteria:

Minimum age. You must be at least 18 years of age to open a term deposit.
Residency requirements. Only Australian residents are eligible to apply.

Depository requirements. You'll need a minimum deposit of at least $500 to open an account or $5,000 to open a 1 Year Regular Income Term Deposit.

Documentation needed

During the application process, you will need to provide the following:

Your Tax File Number. Tax is payable on the interest you earn from your account.
Identification. You'll need to provide proof of ID, for example a passport or driver's licence.
Other info required. You will also need to supply your full name, date of birth and contact information.

Alternatively, you can also download an application form from the Bank First website and return your completed form in person or by post.

Bank First's range of term deposits can offer a secure and reliable way to grow your savings balance. However, it's essential to compare the interest rates and fees offered by a range of term deposits to find the best available deal.

Ask an expert

To ask a question simply log in via your email or create an account.

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

Subscribe me to Finder’s free weekly newsletter for budgeting tools, timely news and savings essentials to take control of your finances

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

Ask a question

Be money smart and see Finder’s best credit card deals.

Find a better personal loan deal

Find a better home loan

Want monthly fees on your bank account?

Discover the top share trading platforms.

Discover top performing superannuation funds.

Planning to travel soon? Check out one of our travel money location guides

How much will it cost? Calculate your home loan repayments

Types

Term Deposit Guides & Tools

Banks

Bank First Term Deposit