In this guide

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

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Fact checked
First Option Bank Savings+Bonus Account
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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
  • Compare other savings accounts
  • 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.
Go to siteMore info

Compare other savings accounts

1 - 11 of 187
Updated regularly
Name Finder Score Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Ubank High Interest Save Account
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9.6 Excellent
Maximum Variable Rate p.a.
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Ongoing
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Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
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Rabobank PremiumSaver
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Standard Variable Rate p.a.
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  • Grow your balance by $200+ each month
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ING Savings Accelerator ($150,000 - $500,000)
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Finder score
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Government Guarantee
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  • Welcome rate applies up to $500K
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 Ideal for higher balances, savers can earn up to 5.4% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.
ING Savings Accelerator ($150,000 - $500,000)
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Finder score
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Suncorp Bank Growth Saver Account
Suncorp Bank logo
Finder score
9 Excellent
Maximum Variable Rate p.a.
5.05%
Standard Variable Rate p.a.
0.35%
Intro/Ongoing
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Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $200 each month (excl. interest)
  • Only 1 withdrawal
  • No balance limit on earning interest
Go to siteView details
ING Savings Maximiser
ING logo
Finder score
9.6 Excellent
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
 Get 6 months free delivery and $50 Menulog credit with a new Orange Everyday & Savings Maximiser account. New ING customers only. Use code INGMENU1 and activate accounts by 24 Nov 2024. T&Cs apply.
Macquarie Savings Account
Macquarie Bank logo
Finder score
8.7 Great
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
5.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
First Option Bank Savings+Bonus Account
First Option Bank logo
Finder score
8.7 Great
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
Go to siteView details
Westpac Life (18-29 year olds only)
Westpac logo
Finder score
9 Excellent
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.85%
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 siteView details
BCU Bonus Saver
BCU logo
Finder score
3.3 Basic
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
St.George Incentive Saver
St.George Bank logo
Finder score
9.3 Excellent
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
1.85%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance $50 ($0.01 if under 21)
  • Balance up to $249,999.99
Go to siteView details
 Extra 0.10% p.a. for 3 months for new customers who apply online, with balances under $250,000.
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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

Sources
  1. First Option Bank Savings Account information page

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Alison Finder

Editor

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

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Avatar

Debbie

November 08, 2023

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


Avatar

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.


Avatar

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?


Avatar

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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Avatar

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

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