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