First Option Bank 55+ Spend Account
- Maximum variable rate
- 3.25% p.a.
- Base interest rate
- 0.05% p.a.
Our verdict
A bank account for over 55s that pays interest on your balance.
The First Option Bank 55+ Spend Account is a dedicated transaction account designed for Australians aged 55 and over. It works like an everyday bank account, while also having a tiered interest rate structure that pays interest on your balance (this is a rare feature for standard transaction accounts).
With no monthly fees and a linked Visa Debit card, it offers a cost-effective way for seniors and retirees to manage their daily finances while earning a return on their cash.
Pros
-
No monthly account fees
-
Earn interest on your balance
-
Visa Debit access
-
No minimum balance
-
Apple Pay and Google Pay available
Cons
-
For over 55s only
-
Lower interest rate on small balances
-
International transaction fees and overseas ATM fees apply
Details
Key details
| Product Name | First Option Bank 55+ Spend Account |
| Maximum Variable Rate | 3.25% p.a. |
| Standard Variable Rate | 0.05% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $1 |
| Minimum Age | 55 |
Key features
Earn interest on your balance
Unlike most transaction accounts that pay 0% interest, this account offers a tiered rate. You can earn up to 3.25% p.a. on balances over $50,000.
No minimum deposit
There is no monthly minimum deposit requirement to keep the account active or to avoid fees.
Convenient, at-call access
Manage your money 24/7 via internet banking or the First Option Bank mobile app.
Visa debit Card
This account comes with a free Visa Debit Card, which you can use to make quick contactless payments for everyday purchases via Visa payWave.
No monthly account fees
This account has no monthly account keeping fees to worry about. You can also make free ATM withdrawals from ATMs owned by Westpac, CBA, NAB and ANZ.
How to apply
You need to first become a member of First Option Bank, which you can do online in minutes. Once you’re a member, complete the account application form online to open an account.
Compare other products from First Option Bank
- First Option Bank credit cards
- First Option Bank home loans
- First Option Bank savings accounts
- First Option Bank personal loans
- First Option Bank car loans
Sources
Your reviews
Alison Finder
Editorial Manager, Money
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