First Option Bank Business Balance Riser
- Maximum variable rate
- 4.50% p.a.
- Base interest rate
- 0.25% p.a.
Our verdict
This is a savings account for business customers that pays bonus interest when you grow your balance.
The First Option Bank Business Balance Riser is a business savings account designed for small to medium businesses looking to earn a return on their cash. It offers bonus interest when you consistently increase your savings balance each month.
Pros
-
Earn bonus interest on your business cash
-
No withdrawal restrictions
-
Bonus interest is payable on balances up to $2 million
Cons
-
Must grow balance by $100 each month for bonus interest
Details
Key details
| Product Name | First Option Bank Business Balance Riser |
| Maximum Variable Rate | 4.50% p.a. |
| Standard Variable Rate | 0.25% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $1 |
Key features
Earn bonus interest
You can earn an ongoing variable rate of up to 4.5% p.a. (base rate plus bonus interest), up to a maximum balance set by First Option Bank. To earn bonus interest, your closing balance needs to be higher than your opening balance by First Option Bank's minimum growth amount each month.
Make withdrawals when needed
You can make withdrawals from the account throughout the month when you need to. However, you need to finish the month with a higher balance than you started with, by at least the minimum growth amount, to earn bonus interest.
Flexible account access
Funds can be moved instantly and at any time via internet banking or the First Option mobile app.
Financial Claims Scheme
First Option Bank is an Authorised Deposit-taking Institution (ADI), meaning deposits up to $250,000 per account holder are protected under the Australian Government's Financial Claims Scheme.
No monthly account fee
There is no monthly account keeping fee to pay.
How to apply
Eligible businesses can apply for the Business Balance Riser online through First Option Bank's business membership application, or send an enquiry and the bank will contact you. You will need to join as a business member of the bank.
You’ll need to supply:
- Business Details: Your registered business name and Australian Business Number (ABN) or Australian Company Number (ACN).
- Identification: Personal identification for all directors, partners, or authorised signatories, including Australian Driver's Licences or Passports.
- Contact Information: A valid Australian mobile number and email address for verification and account management purposes.
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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