Deposit Accounts
Current at 1 December, 2023
Interest Rates
Essentials account package
Note: These accounts are not available for Business memberships.
Spend account (S1)
Direct your pay into this account for your everyday banking
Interest rate from $1 .......... 0.10% p.a.
Bills account (S4)
Budget for your bills and plan payments from this account
Interest rate from $1 .......... 1.00% p.a.
Savings+Bonus account (S19)
Interest rate on balances from $1 - $249,999
Savings .......... 2.00% p.a.
+Bonus* .......... 3.00% p.a.
Total interest earned .......... 5.00% p.a.
Interest rate on balances above $250,000
Savings .......... 0.40% p.a.
+Bonus* .......... 3.00% p.a.
Total interest earned .......... 3.40% p.a.
* +Bonus interest is earned with a minimum deposit of $100 and no withdrawals each month.
Save account (S50)
Interest rate from $1 - $1,999 .......... 1.00% p.a.
Interest rate from $2,000 + .......... 3.30% p.a.
Bonus interest accounts
Note: These accounts are not available for Business memberships.
Bonus Saver (S14)
Rates when minimum deposit of $100 each month and no withdrawals made each month.
Amount deposited
Base interest
Bonus interest
Earn up to...
$1 - $1,999
$2,000 - $24,999
$25,000 +
0.05%
0.05%
0.05%
3.35%
3.45%
3.55%
3.40%
3.50%
3.60%
Kids Bonus Saver (S16)
Rates when minimum deposit of $5 each month and no withdrawals made each month.
Amount deposited
Base interest
Bonus interest
Earn up to...
$1 - $5,555
$5,556 - $50,000*
0.05%
0.05%
5.50%
0.80%
5.55%
0.85%
Investment accounts
Note: These accounts are not available for Business memberships.
Standard term deposits
Fixed rates - minimum deposit $1,000
| Term | $1,000-$24,999 | $25,000-$249,999 | $250,000-$500,000 | $500,000+ |
| 3 months | 3.90% | 4.05% | 4.30% | 4.30% |
| 6 months | 4.55% | 4.70% | 4.90% | 5.00% |
| 9 months | 4.55% | 4.70% | 4.90% | 5.00% |
| 12 months (1 year) | 4.70% | 5.00% | 5.10% | 5.20% |
| 24 months (2 years) | 4.20% | 4.50% | 4.60% | 4.70% |
Regular income term deposits
Fixed rates – minimum deposit $25,000
| Term | $25,000-$249,999 | $250,000-$500,000 | $500,000+ |
| 12 months (1 year) | 4.80% | 4.90% | 5.00% |
| 24 months (2 years) | 4.30% | 4.40% | 4.50% |
Earn a fixed rate, with interest paid monthly to a nominated account
Business accounts
Business Cash Hub (S55)
The preferred option for business members
Interest rate from $1 .......... 0.50% p.a.
GST/Tax Saver (S2/S8)
The perfect account to save for GST/Tax payments
Interest rate from $1 .......... 0.50% p.a.
Business Bonus Saver (S56)
Rates when minimum deposit of $1,000 each month and no withdrawals made each month.
Amount deposited
Base interest
Bonus interest
Earn up to...
$1 - $2,000,000*
0.50%
4.15%
4.65%
Standard term deposits - business
Interest paid at maturity except; 2Interest paid every 12 months
| Term | $1,000-$24,999 | $25,000-$249,999 | $250,000-$1,000,000+ |
| 3 months | 3.70% | 3.85% | 4.10% |
| 6 months | 4.35% | 4.50% | 4.70% |
| 12 months (1 year) | 4.50% | 4.80% | 4.90% |
| 24 months (2 years) 2 | 4.00% | 4.30% | 4.40% |
Other deposit accounts
Mortgage offset (S5)
A transaction account linked to your home or investment loan which helps you to pay less interest over the life of your loan.
From $1 .......... 100% Offset
Cash Management (S15)
High interest account suitable for many purposes.
$1 - $4,999 .......... 2.00%
$5,000 - $49,999 .......... 2.20%
$50,000 - $99,999 .......... 2.45%
$100,000 - $249,999 .......... 2.90%
$250,000 + .................. 3.00%
Retirement Access Saver (S13)
High interest account for members aged 65+ or Australian Government pension card holders
Interest rate from $1 - $49,999 ..... 2.70% p.a.
Interest rate from $50,000 + ...... 3.30% p.a.
Special Purpose Saver
An account for any special purposes
Interest rate from $1 .......... 0.50% p.a.
Christmas Saver (S9)
Save for Christmas and access funds from November to January
Interest rate from $1 + .......... 2.50% p.a.
Notes:
All savings interest is calculated daily and credited monthly. All rates are subject to change at Directors’ discretion without notice. Interest rates expressed as annual percentage rates.
Full terms and conditions including variations to interest rates are prescribed in the ‘Account and Access Facility – Conditions of Use’ booklet, available from our website or on request. First Option may charge a fee for these facilities. Refer to the Fees and Charges schedule, available from our website or on request.
The relevant provisions of the ‘Customer Owned Banking Code of Practice’ apply to these facilities.
Advice given by First Option Bank is of a general nature only and does not take your personal needs and financial circumstances into consideration. Members seeking personal advice are advised to seek independent financial advice.
First Option Bank Ltd ABN 95 087 650 735 | AFSL / Australian Credit Licence no. 236 509 | BSB no. 802 876 | Code 1009 v16062022