Bank First Bonus Saver

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

1.50% p.a. (for $0 to $150,000)

Bank First Bonus Saver

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

1.50% p.a. (for $0 to $150,000)

Mozo Review   Bank First Bonus Saver Review

Last updated: 1 March 2020.

What's hot:
  • 2020 Mozo Experts Choice Award

  • 1.50% p.a. special rate (conditions apply)

  • Unlimited free transactions from phone, internet & BPAY

  • $0 ongoing account fees

What's not:
  • Special interest rate drops to 1.40% p.a. for balances over $150k

Mozo snapshot:

When it comes to the Bank First Bonus Saver account, you'll not only be free of the bite of ongoing fees but if you deposit at least $1 and make no withdrawals in the month, then you'll also get to enjoy an ongoing interest rate of 1.55% p.a. That's part of the reason why it was named a 2020 Mozo Experts Choice Award winner in the best SMSF Regular Saver category. 

Key features:

The Bank First Bonus Saver hits the ground running with a solid 1.55% p.a. special interest rate on, which you'll receive when you deposit at least $1 into your account each month, from your linked Bank First everyday transaction account for example. To receive the special interest rate you also can't make any withdrawals from the account within the month, which could be a great saving incentive if you're the type of saver that tends to dip into their savings on a regular basis. 

When it comes to fees, the Bank First Bonus Saver has 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. If you like to do your banking face to face, however, then keep in mind that there is a $1 over the counter withdrawal fee to watch out for.

Who it's good for:

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

Any catches?

Do you have a balance over $150k? If you do, just be aware that the 1.55% p.a. special interest rate drops down to 1.45% p.a. on balances that exceed $150,000.

Details

Rates and fees information correct as at 29 March 2020. 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: 1.50% p.a.
    Balances from $150,000: 1.40% p.a.

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

Fees
  • $0.00

  • n/a

  • Unlimited free transactions from phone, internet, BPay.

  • n/a

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $0.00

  • n/a

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

  • none

Customer Reviews

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

Overall customer rating
9.2/10
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.

    Read 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 almost 5 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. 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!

    Read 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 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 online banking is excellent.

    Read full review

    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
    Less
    Josie, Victoria reviewed about 7 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 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.

    Read 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 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.

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