Maximum variable rate: 4.50% p.a.
Base interest rate: 1.75% p.a.
Minimum deposit: $100

Our verdict

Earn a bonus rate of up to 4.5% 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 4.5% 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

The First Option Bank Savings Account offers an ongoing bonus rate of up to 4.5% 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	4.50% p.a.
Standard Variable Rate	1.75% p.a.
Monthly Account Fee	$5
Minimum Age	18

Key features

Ongoing bonus rate of 4.5% p.a

You can earn an ongoing bonus interest rate of 4.5% 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 1.75% p.a.

If you don't meet the account conditions one month you'll earn the standard variable rate, currently 1.75% 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.

No account keeping fee

This account has no monthly account keeping fee, however a $5 membership fee may apply if your combined accounts balance falls below $1000.

Covered by the $250,000 government guarantee scheme

Your deposit up to $250,000 with First Option Bank is protected under the government's bank guarantee scheme. Note that this includes your combined balance across all your First Option Bank accounts.

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.

Compare other savings accounts

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Finder score 8.1 Great Rabobank High Interest Savings Account	Finder score 8.1 Great	Maximum Variable Rate p.a. 5.15%	Standard Variable Rate p.a. 3.70%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Earn a high interest rate of 5.15% for the first 4 months and then 3.7% thereafter, with $0 account keeping fees and no monthly balance requirements.	Go to site More info Compare product selectionCompare	loading
Finder score 9.1 Excellent Suncorp Bank Growth Saver Account	Finder score 9.1 Excellent	Maximum Variable Rate p.a. 4.55%	Standard Variable Rate p.a. 0.15%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance by $200 each month (excl. interest) Only 1 withdrawal No balance limit on earning interest	Get a solid interest rate on your entire balance, with minimal conditions in order to get the max rate. This account doesn’t offer card access but you can make 1 withdrawal per month & grow your net balance by $200 (excl. interest) to earn the max rate.	Go to site More info Compare product selectionCompare	loading
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Finder score 9.1 Excellent Macquarie Savings Account	Finder score 9.1 Excellent	Maximum Variable Rate p.a. 4.85%	Standard Variable Rate p.a. 4.50%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Earn a welcome variable rate of 4.85% p.a. for the first 4 months on balances up to $250k, then 4.5% p.a. ongoing variable rate on balances up to $1m. There are no monthly requirements to earn interest.	Go to site More info Compare product selectionCompare	loading
Finder score 8 Great Newcastle Permanent Smart Saver Account	Finder score 8 Great	Maximum Variable Rate p.a. 4.00%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site More info Compare product selectionCompare	loading
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Finder score 9.7 Excellent ING Savings Maximiser Most Loved	Finder score 9.7 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 transactions Grow your balance Balances up to $100,000	Go to site More info Compare product selectionCompare	loading
Finder score 9.6 Excellent Westpac Life (18-29 year olds only)	Finder score 9.6 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.40%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Make a deposit Grow your balance 5 debit card purchases Balances up to $30,000	Go to site More info Compare product selectionCompare	loading

Showing 8 of 8 results

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. First Option Bank Savings Account information page

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Alison Finder

Editorial Manager, Money

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Debbie

November 08, 2023

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

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.

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?

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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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

First Option Bank Savings Account