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Summary

Enjoy a high variable bonus interest rate and achieve your savings goals sooner with a Bank First Bonus Saver Account.

Designed to encourage savings, you’ll earn a competitive variable interest rate each month you deposit one dollar or more. Bank First is an award-winning customer owned and run mutual bank, with all profits invested back into the bank rather than to shareholders. Therefore, you’ll continue to benefit from competitive rates and zero account-keeping fees with this Bonus Saver Account.

Pros

High variable bonus interest rate
Only requires a monthly deposit of one dollar to earn bonus interest
Zero account-keeping fees
No minimum deposit

Cons

Limited branch network
Any withdrawals made will forfeit the bonus interest for that month

Details

Key details

Product Name	Bank First Bonus Saver
Maximum Variable Rate	4.55% p.a.
Standard Variable Rate	0.05% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Bonus interest rate of 4.5% p.a.

The account offers a variable bonus interest rate of 4.5% p.a. and a base rate of 0.05% p.a. This rate is variable and subject to change in line with the Reserve Bank of Australia cash rate.

Bonus interest conditions

To be eligible for the competitive bonus interest rate, you need to deposit at least one dollar a month and make no withdrawals. If you don't meet these conditions, you will earn the variable interest base rate of 0.05% p.a. on your balance.

Daily rate calculation

The variable bonus interest rate of 4.5% p.a. is calculated daily on funds in the account and applied monthly.

Restricts spending with no debit card

This account encourages saving not spending, so there is no debit card or ATM access, preventing day-to-day purchases.

No minimum deposit

There is no minimum deposit needed to open your account, so you can start saving right away.

No fees for students

Full-time students with sufficient proof of enrolment in a university, TAFE, CAE, VCE, traineeship, apprenticeship or other registered course are exempt from transaction fees.

Government regulated

Bank First is regulated like any major bank, meaning deposits of up to $250,000 are guaranteed by the federal government.

Compare other Bank First products

How to apply

Eligibility

There are various application options available including online, over the phone or in-branch. If you would like to apply for a Bank First Bonus Saver Account, you need to meet the following criteria:

Minimum age. You need to be over the age of 18.
Residency requirements. You need to be an Australian resident.

Depository requirements. There is no minimum deposit required.

Documentation needed

Tax. You need to supply your tax file number, which stops you from having to pay withholding tax on the account.
Personal details.You will need to provide your personal details including name, contact number and Australian residential address.
Identification. You will need to prove your identity by providing your valid passport or driver's licence with your current address. If these do not show your current address, you will need to show additional forms of identification such as your birth certificate and a utility bill.

How long will I have to wait until my card arrives?

There is no debit, credit or ATM card attached to this account.

What happens after I submit my application?

You should be approved on the spot, unless there are unusual circumstances.

If you're keen to kick your savings into action and are confident you can make regular deposits and no withdrawals, a Bank First Bonus Saver Account will allow you to earn a high interest rate without burying you in account-keeping fees.

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Alison Finder

Editor

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Bank First Bonus Saver Account