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

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

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

Mozo Review   Bank First Bonus Saver Review

Last updated: 11 February 2019.

What's hot:
  • 2.80% special rate

  • $0 account keeping fees

What's not:
  • Special rate drops to 2.05% 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 2.80% 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 2.80% special rate drops down to 2.05%. 

Details

Rates and fees information correct as at 24 May 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
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

Customer Reviews

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

Overall customer rating
9.1/10
Price
8.7/10
Features
7.6/10
Customer service
9.4/10
Convenience
8.1/10
Trust
9.5/10

Latest reviews of Bank First Bonus Saver

  • Overall
    10/10
    Great customer service and great product.

    I love Vic Teach, great service and great product.

    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

    Cheryl | Victoria

    reviewed almost 4 years ago

  • Overall
    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....

    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

    Susan | Victoria

    reviewed almost 6 years ago

  • Overall
    9/10
    Great rates, good advice, friendly service.

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

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

    Price
    -1/10
    Features
    6/10
    Customer service
    10/10
    Convenience
    9/10
    Trust
    10/10

    Josie | Victoria

    reviewed about 6 years ago

  • Overall
    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...

    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

    Craig | Victoria

    reviewed almost 7 years ago

Bank First

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.

See Bank First savings accounts

Promoted

UBank

UBank

USaver with Ultra Transaction Account

2.87% p.a. (for $0 to $200,000)

1.81% p.a.(for $0 to $5,000,000)

$0.00

Promoted

AMP

AMP

Saver Account

3.00% p.a. (for $0 to $250,000)

2.10% p.a.(for $0 to $5,000,000)

$0.00

Promoted

HSBC

HSBC

Serious Saver

3.10% p.a. (for $0 to $1,000,000)

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

$0.00

Promoted

Citi

Citi

Online Saver

2.90% p.a. (for $0 to $500,000)

1.60% p.a.(for $0 and over)

$0.00

Promoted

NAB

NAB

iSaver

2.55% p.a. (for $0 to $20,000,000)

0.50% p.a.(for $0 and over)

$0.00

Promoted

ANZ

ANZ

Progress Saver

2.40% p.a. (for $0 and over)

0.01% p.a.(for $0 and over)

$0.00

Promoted

ME

ME

Online Savings Account

2.85% p.a. (for $0 to $250,000)

1.30% p.a.(for $0 and over)

$0.00

Promoted

HSBC

HSBC

Flexi Saver

2.50% p.a. (for $0 to $5,000,000)

1.00% p.a.(for $0 to $5,000,000)

$0.00

Promoted

HSBC

HSBC

Serious Saver

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

3.10% p.a. (for $0 to $1,000,000)

Promoted

ANZ

ANZ

Progress Saver

0.01% p.a.(for $0 and over)

2.40% p.a. (for $0 and over)

Promoted

ANZ

ANZ

Progress Saver

0.01% p.a.(for $0 and over)

2.40% p.a. (for $0 and over)

Promoted

Newcastle Permanent

Newcastle Permanent

Smart Saver

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

3.00% p.a. (for $0 and over)

Promoted

Auswide Bank

Auswide Bank

Ziggy Kids Saver

0.01% p.a.(for $0 and over)

2.51% p.a. (for $0 and over)