Bank First First Home Bonus Saver

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

1.35% p.a. (for $0 and over)

Bank First First Home Bonus Saver

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

1.35% p.a. (for $0 and over)

Mozo Review   Bank First First Home Bonus Saver Review

Last updated: 1 April 2020.

What's hot:
  • No account keeping fees

  • 1.35% maximum rate

  • $600 cash back (conditions apply)

What's not:
  • 0.05% base rate

Mozo snapshot:

Looking to enter the property market in the near future but need a place to store your cash for a deposit? The First Home Bonus Saver account offered by Bank First could be the perfect place to make regular deposits and lock away your funds - and be rewarded for it. While the base rate is a low 0.05%, savers only have to put away $100 into the account every month and make no withdrawals to qualify for an extra 1.55%, bumping up the total rate to 1.35%. Plus, if you take out a Bank First home loan down the track, you could receive $600 cash back - imagine the decor you could buy!

Key features:

Saving up for a house deposit can be tough, but that’s where the Bank First First Home Bonus Saver could lend you the extra hand you need. 

Not only does this account come with minimal fees and unlimited transactions over the phone, internet and BPAY, it also rewards savers for their regular deposits. As long as you put away $100 a month into your First Home Bonus Saver and make no withdrawals from the account, you’ll receive the maximum rate of 1.35%. 

Just bear in mind though, that if you decide to dip into your savings and make a withdrawal, the rate will drop to a low 0.05%! 

Another perk of the First Home Bonus Saver is that for first home buyers who take out a home loan with Bank First, they could receive $600 cash back as well as a waived establishment fee. But there are a couple of catches… You must have held a First Home Bonus Saver account for 12 months and have maintained a balance of $5,000 over three consecutive months before you lodge your home loan application.

Who it's good for:

Bank First’s First Home Bonus Saver account could be a great option for someone looking to put away their savings stash and earn bonus interest on it, to save up for a deposit on their first home. There is also no minimum first deposit on the account, so you can begin saving as soon as you like - no matter how little you have to start with!

Any catches?

This product is designed for first home buyers, not just anyone looking to buy a property, so you must have never owned real estate in Australia to be able to open an account. If you aren’t a first home buyer but are after a savings account with a special bonus interest rate, the Bank First Bonus Saver may be a better option for you.

Details

Rates and fees information correct as at 1 April 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: 1.35% p.a.

  • Minimum $100 deposit 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

  • yes

  • Must be a first home buyer who has never owned real estate in Australia.

  • $600 cash back if home loan is funded through First Bank.

  • 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
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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