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.
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.
| 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 |
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:
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
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?
Alison Finder
Editor
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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.
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.
Debbie
November 08, 2023
Can you deposit $200 and receive the higher interest rate or only $100?