In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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First Option Bank Savings Account

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First Option Bank Savings+Bonus Account
Maximum variable rate
5.00% p.a.
Base interest rate
2%p.a.
Minimum deposit
$100

Our verdict

Earn a bonus rate of up to 5% p.a when you deposit $100 a month and make no withdrawals.

This account could suit you if you’re looking for a high, ongoing bonus rate with a small monthly deposit condition. To earn bonus interest you need to deposit $100 a month, which is lower than a lot of other leading accounts which require monthly deposits of $1000+.

However, keep in mind you can’t make any withdrawals to be eligible for bonus interest. This might not suit you if you regularly need to dip into your savings.

Pros

  • Bonus rate of 5% p.a.
  • Bonus rate is available ongoing, not an introductory rate
  • Earn interest on balances up to $250,000
  • Monthly deposit condition of just $100

Cons

  • To earn bonus interest you can’t make any withdrawals

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

The First Option Bank Savings Account offers an ongoing bonus rate of up to 5% p.a. when the account conditions are met. To earn bonus interest all you need to do is deposit $100 a month and make no withdrawals.

This account comes with linked Spend and Bills accounts, to help manage your day-to-day spending and payments.

Details

Key details

Product Name First Option Bank Savings+Bonus Account
Maximum Variable Rate 5.00% p.a.
Standard Variable Rate 2.00% p.a.
Monthly Account Fee $5

Key features

Ongoing bonus rate of 5% p.a

You can earn an ongoing bonus interest rate of 5% p.a. on balances up to $250,000. This rate is available ongoing, it's not an introductory rate.

To earn this bonus rate you need to deposit $100 a month and make no withdrawals.

Ongoing variable rate of 2% p.a.

If you don't meet the account conditions one month you'll earn the standard variable rate, currently 2% p.a.

Linked Spend and Bills accounts

This account comes with linked Spend and Bills accounts. The Spend account acts as your everyday bank account where you can deposit your pay and make day-to-day purchases, while the Bills account is where you can manage your upcoming bills and repayments.


How to apply

Eligibility

You need to become a member of First Option Bank to open an account. Check first to make sure that you are able to meet the eligibility requirements:

  • Personal account. This account is only for individual use, not joint holders, companies or SMSFs
  • Age. There are no age restrictions.
  • Address. You must have a valid Australian residential address

Documentation needed

  • Identification. You will need at least 2 forms of identification, this could include a driver's license, passport, Medicare card, or Australian birth certificate.
  • Personal information. You're going to be asked for your full name, date of birth, and physical Australian address.
  • Tax File Number (TFN). While providing your TFN is optional, it will help you ensure you're not being taxed at the maximum marginal tax rate.

Your reviews

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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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Debbie

November 08, 2023

Can you deposit $200 and receive the higher interest rate or only $100?


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Jason Loewenthal Finder

January 05, 2024

Hi Debbie,


To receive the bonus interest you need to deposit a minimum of $100 and make no withdrawals.


I hope that helps.


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JTD

September 06, 2023

How easy is it to withdrawal the entire amount of savings if needed? For example if there is $100,000 in a savings account and after 5 months we need to use all the money, how do we access it and are there any fees associated with closing the account?


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Alison Banney Finder

September 08, 2023

Hi, you can withdraw the money at any time by transferring it to another bank account in a standard bank-to-bank transfer. Daily transaction limits may apply, so for a balance of $100,000 you may need to contact the bank directly to get approval to temporarily increase your transaction limit.


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