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First Option started as a family of credit unions providing on-site banking services to employees in industries including leisure and hospitality, technology and gaming, food and fuel. Joining together over the years to form First Option Bank, they now provide a comprehensive range of financial services to members and their families. As a mutual bank they are fully owned by members, reinvesting earnings back into better interest rates and customer service.
Last updated 18 April 2025
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Important disclosures
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Sometimes we may choose to advertise certain products more prominently, either by showing them as ‘Promoted’ at the top of a table or by selecting a set of specific products to feature on a page. Otherwise our comparison tables typically sort according to estimated repayments for loans and interest rates for deposits, and they show products that meet the criteria in the filters. You can change the filter settings to see other products.
We provide only general advice
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
Kids Bonus Saver
Maximum rate
5.30
%
p.a.
(for $1 to $5,556)
Minimum $5 monthly deposit and no withdrawals to earn bonus interest each month.
Standard rate
0.05
%
p.a.
(for $1 and over)
No Partner link
Standard rate
Balances from $1: 0.05% p.a.
Maximum rate
Balances from $1: 5.30% p.a. Balances from $5,556: 0.60% p.a.
Maximum rate conditions
Minimum $5 monthly deposit and no withdrawals to earn bonus interest each month.
Interest paid
Monthly
Account fee per month
Access
BPay, Internet banking, Bank@Post
Kids ages
Under 18
Minimum balance
$0.00
Other restrictions
Available for kids under 18 years old, must become a First Option Bank member to open an account.
Other benefits
-
Savings+Bonus
Maximum rate
4.75
%
p.a.
(for $1 to $250,000)
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
Standard rate
2.00
%
p.a.
(for $1 to $250,000)
No Partner link
Standard rate
Balances from $1: 2.00% p.a. Balances from $250,000: 0.40% p.a.
Maximum rate
Balances from $1: 4.75% p.a. Balances from $250,000: 3.15% p.a.
Maximum rate conditions
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
Interest paid
Monthly
Account fee per month
$5.00- Monthly membership fee is waived if total balance exceeds $1000, or has a loan or credit card with bank.
Access
-
Kids ages
-
Minimum balance
$1.00
Other restrictions
Must become a First Option Bank member to open an account.
Other benefits
-
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Join the 35K+ subscribers who receive our weekly Moneyzone newsletter, showcasing the latest rate movements, exclusive deals, money-saving hacks, and expert insights from Mozo.
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
Disclaimer
Who we are and how we get paid
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
Important information on terms, conditions and sub-limits
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
