Bank First Online Saver

0.85% p.a.(for $2,000 to $150,000)

No Current Offer

Bank First Online Saver

0.85% p.a.(for $2,000 to $150,000)

No Current Offer

Mozo Review   Bank First Online Saver Review

Last updated: 25 March 2020.

What's hot:
  • Unlimited free transactions from phone, internet and BPay.

  • No account fees

What's not:
  • 0.05% interest rate for balances below $2,000

Mozo snapshot:

The Bank First Online Saver is all about making it simple to grow and access your savings stash, made easy through internet and phone deposits. With an ongoing interest rate of 0.85% when you keep a balance above $2000, and no account fees or minimum balances you’ll be on your way to reaching your savings goal in no time. 

Key features:

Grow your savings with the Bank First Online saver account! This account is great for serious savers with it’s competitive interest rate, no withdrawal limits and phone and internet banking options.

Savers should know that this account does come with a three tiered interest rate system. For balances between $0 and $2,000 there is a lower rate of 0.05%, however for balances between $2,000 and $150,000 you’ll receive the maximum interest rate of 0.85%. For balances over $150,000 you’ll earn an interest rate of 0.75%.

This account is purely online, so you can access your funds anytime and anywhere through online and phone banking. The Bank First Online Saver is also free of any account keeping fees as well as minimum deposits and withdrawals, so your money stays your money.

Who it's good for:

The Bank First Online Saver could be a good option for anyone who is seeking the convenience of an online account without the hassle of meeting monthly requirements.

Any catches?

In order to get the maximum interest rate of 0.85% you’ll need to have a balance between $2,000 and $150,000.

Details

Rates and fees information correct as at 2 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 $2,000: 0.85% p.a.
    Balances from $150,000: 0.75% p.a.

  • n/a

  • n/a

Fees
  • $0.00

  • n/a

  • Unlimited free transactions from phone, internet, BPay.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • yes

  • no

  • none

  • 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 Online Saver

  • Overall 10/10
    Great customer service

    Friendly and easy to contact, however there are too few offices that are located miles away from where I live.

    Read full review

    Friendly and easy to contact, however there are too few offices that are located miles away from where I live.

    Price
    6/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -
    Less
    Judy, Victoria reviewed almost 3 years ago
  • Overall 9/10
    Sometimes smaller is better

    For a smaller bank, they are very good at communicating with customers and ensuring information is available.

    Read full review

    For a smaller bank, they are very good at communicating with customers and ensuring information is available.

    Price
    8/10
    Features
    9/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Stephen, Victoria reviewed over 4 years ago
  • Overall 10/10
    Great customer service and competitive premiums.

    They appear to have the customer's needs as a priority.

    Read full review

    They appear to have the customer's needs as a priority.

    Price
    7/10
    Features
    6/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    10/10
    Less
    Jo, Victoria reviewed over 4 years ago
  • Overall 9/10
    Almost no fees and great telephone service

    The bank is A+ rating on fees and charges to the extent that a normal resident like me would get virtually no bank fees at all. For example I receive 5 fee free ATM withdrawals per month from normal banks and then I receive unlimited fee free withdrawals so long as I use the partner Commonwealth Bank ATM machines. The only downside is that the bank is located at only two sites - both in Melbourne. There are limited in bank transactions available at the Commonwealth e.g. Cheque deposits.

    Read full review

    The bank is A+ rating on fees and charges to the extent that a normal resident like me would get virtually no bank fees at all. For example I receive 5 fee free ATM withdrawals per month from normal banks and then I receive unlimited fee free withdrawals so long as I use the partner Commonwealth Bank ATM machines. The only downside is that the bank is located at only two sites - both in Melbourne. There are limited in bank transactions available at the Commonwealth e.g. Cheque deposits.

    Price
    10/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    6/10
    Trust
    10/10
    Less
    Chris, Victoria reviewed over 4 years ago
  • Overall 9/10
    No fees and great customer service

    No fee, highly convenient account.

    Read full review

    No fee, highly convenient account.

    Price
    7/10
    Features
    7/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Gordon, Victoria reviewed almost 5 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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