Bank First Bonus Saver

0.05% p.a.(for $0 and over)

2.85% p.a. (for $0 to $150,000)

 

Bank First Bonus Saver Review

Rates and fees information correct as at 14 December 2018.

Review published: 14 June 2016

What's hot:

  • 2.30% special rate

  • $0 account keeping fees

What's not:

  • Special rate drops to 2.10% for amounts over $150k

Mozo snapshot:

Claiming the title of Australia's Best Mutual Bank 2016, is no mean feat but Bank First was able to do just that thanks to its range of great value products. When it comes to its Bonus Saver account you'll not only be free of the bite of ongoing fees, but also enjoy a generous ongoing rate of 2.30% if you deposit at least $1 and make no withdrawals in a month.  

Key features:

Since you're looking for a savings account, probably the most important aspect is the interest rate, right? So let's run you through the conditions attached to ensure you get the most out of your cash stash. To earn that 2.30% special rate you'll need to ensure you're depositing at least $1, for example from your linked Bank First everyday transaction account each month. You also can't make any withdrawals to receive the special rate, which may not seem very flexible, but might be the restriction you need if you're the type of saver that tends to dip into their savings on a regular basis. 

When it comes to fees, there are next to none. You'll be charged no monthly account keeping, phone, internet or BPay fees and will also be able to make in branch deposits for free. The only small fee that you should watch out for, if you like to do your banking face to face, is the $1 over the counter withdrawal fee. 

Who it's good for:

If you're looking for an award winning provider outside the big banks in Australia, offering a competitive savings account rate and no account keeping fees, then you might just have met your match with the Bank First, Bonus Saver account. 

Any catches?

Do you have a balance over $150k? Keep in mind, the 2.30% special rate drops down to 2.10%. 

How are Bank First savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
9.1

Based on 105
Bank First savings accounts reviews

8.7 7.6 9.4 8.1 9.5

Read Bank First savings account reviews by the Mozo community

Latest reviews of Bank First Bonus Saver

Bank First

Bank First Bonus Saver savings account review

Overall rating   10 / 10

Great customer service and great product.

I love Vic Teach, great service and great product.

Full review

I love Vic Teach, great service and great product.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Cheryl, Victoria, reviewed over 3 years ago

Bank First

Bank First Bonus Saver savings account review

Overall rating   9 / 10

Comvenient online banking & great customer service

Bonus Saver offers a competitive rate at around the 4.5% mark at the time I opened the account. Your can open this account online through your own account if you are already a Victoria Teachers Mutual Bank (VTMB)customer. What I like most about...

Full review

Bonus Saver offers a competitive rate at around the 4.5% mark at the time I opened the account. Your can open this account online through your own account if you are already a Victoria Teachers Mutual Bank (VTMB)customer. What I like most about this account is the competitive rate, as well as its offering of flexibility in deducting a small amount of deposit from my existing everyday saving account (so I don't have to worry about forgetting to make monthly deposits). And having both the Bonus Saver and the everyday savings accounts mean I can transfer balances across to one or another with ease when needed. VTMB have two physical branches as far as I am aware, one in Camberwell and another in Hawthorn (Victoria). Nevertheless, VTMB offers the convenience of easy online banking and I basically do 90% of my banking online, but only occasionally contact them via the phone for additional services and queries. They are super friendly and are always helpful. Everyday banking is easy. Money withdrawals can be done at any Commonwealth Bank ATM for up to four free transactions per month; up to six free transactions for EFTPOS. I personally think the number of free transactions provided per month are quite generous, and offer greater autonomy and flexibility in the uses of my money!

    Price   8 / 10

    Features   9 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

Susan, Victoria, reviewed over 5 years ago

Bank First

Bank First Bonus Saver savings account review

Overall rating   9 / 10

Great rates, good advice, friendly service.

Personal service and friendly staff make this bank special. Phone contact is swift and easy and online banking is excellent.

Full review

Personal service and friendly staff make this bank special. Phone contact is swift and easy and online banking is excellent.

    Features   6 / 10

    Customer service   10 / 10

    Convenience   9 / 10

    Trust   10 / 10

Less

Josie, Victoria, reviewed almost 6 years ago

Bank First

Bank First Bonus Saver savings account review

Overall rating   10 / 10

The best of everything is mutually shared.

I've been a Victoria Teachers Mutual Bank member since 18yrs old (when they were known as Victoria Teachers Credit Union) & I'm now 51, go figure that one eh & you'll know how long in the tooth I am. Their service over those years have been...

Full review

I've been a Victoria Teachers Mutual Bank member since 18yrs old (when they were known as Victoria Teachers Credit Union) & I'm now 51, go figure that one eh & you'll know how long in the tooth I am. Their service over those years have been nothing short of fair, honest & exemplary. VTCMB has over the years been awarded, best Credit Union several times over & have never wavered from their mantra of; "Members serving members! Might I add; "for mutual benefit of both. VTCMB is quite competitive product-wise against the "BIG BANKS" & often beats them at their own game. VTCMB keeps up to date with advances in the banking industry & technology alike, informing their members well before-hand of any significant changes & abiding by members voting patterns at every AGM. Their transparency is beyond reproach or compare.

    Price   9 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   9 / 10

    Trust   10 / 10

Less

Craig, Victoria, reviewed over 6 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 0.05% p.a.

  • Balances from $0: 2.85% p.a.
    Balances from $150,000: 2.10% p.a.

  • Minimum one deposit of $1 and no withdrawals in the month

Fees

  • $0.00

  • none

  • Unlimited free transactions from phone, internet, BPay.

  • none

  • none

  • none

  • $0.00

  • $1.00

  • none

  • $0.00

  • $0.00

  • none

Other financial bits

  • $0.00

  • $0.00

  • Monthly

Features

  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • no

  • Promotional rate for new members only.

  • none

  • Under 18

About Bank First

Formerly Victoria Teachers Mutual Bank, Bank First is an award winning financial institution with a competitive range of banking products including personal loans, home loans, term deposits and savings accounts. Founded by Australian educators in 1972, Bank First offers all Australians outstanding value but doesn't compromise on service or quality. Best of all, Bank First customers become equal shareholders which means all the benefits are directly returned to you.

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