First Option Bank logo

First Option Bank Savings+Bonus

Advertiser disclosure
Interest rate
2.00% p.a.(for $0 to $250,000)
Maximum rate
5.00% p.a. (for $0 to $250,000)
Govt deposit guarantee
Yes up to $250,000
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Mozo editorial review First Option Bank Savings+Bonus - last updated: 1 December 2023

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What's hot
  • 2.00% p.a. interest rate
  • Plus, 3.00% p.a. bonus interest when you deposit at least $100 in a month & make no withdrawals
  • Unlimited free transactions
What's not
  • $5 account fee (however, the monthly membership fee is waived if the total balance exceeds $1,000 or the customer has a loan or credit card with the bank).
Mozo snapshot

After a solid savings account that can help you get more bang for your savings buck? Well, you’re in luck! With a 2.00% p.a. interest rate, plus a 3.00% p.a. bonus interest when you deposit at least $100 in a month and make no withdrawals – be sure to check out the First Option Bank High Interest Savings Account!

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Key features

The First Option Bank High Interest Savings Account offers a 2.00% p.a. interest rate (paid monthly) for balances between $0 and $250,000, plus a 3.00% p.a. bonus interest offer when you deposit a $100 minimum per month and don’t make any withdrawals. That’s a whopping 5.00% p.a. interest rate! 

On top of this, the First Option Bank High Interest Savings Account account offers free unlimited transactions via phone, internet and BPay. Plus, it only has a small $1 minimum opening deposit and minimum balance requirement.

Be aware that this account comes with a $5 fee. However, this monthly membership fee will be waived if the total balance exceeds $1,000 or if the customer has a loan or credit card with the bank.

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Who is it good for

The First Option Bank High Interest Savings Account might be worth considering for Aussies looking to score some bonus interest on their savings.

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Any catches

This account comes with a $5 monthly account fee. However, this fee will be waived if the total balance is over $1,000 or if the customer has a loan or credit card with the bank.

Details

Rates and fees information correct as at 25 June 2024. 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: 2.00% p.a.
Balances from $250,000: 0.40% p.a.

Balances from $0: 5.00% p.a.
Balances from $250,000: 3.40% p.a.

Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

Fees

$5.00

Monthly membership fee is waived if total balance exceeds $1000, or has a loan or credit card with bank.

Unlimited free transactions

n/a

n/a

n/a

$0.00

$0.00

n/a

$0.00

$0.00

n/a

Other financial bits

$1.00

$1.00

Monthly

Features

no

n/a

no

no

no

no

no

no

no

no

no

Must become a First Option Bank member to open an account.

none

none

Customer Reviews

This product does not currently have any community reviews. Be the first to write one.

About First Option Bank

Thumbnail icon for First Option Bank
First Option Bank

Kids Bonus Saver

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

0.85% p.a. (for $5,556 to $50,001)

Yes up to $250,000

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Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

4.40% p.a.(for $0 to $250,001)

Yes up to $250,000

Thumbnail icon for Macquarie
Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

4.75% p.a.(for $0 to $1,000,000)

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

PremiumSaver

5.45% p.a. (for $0 to $250,001)

1.50% p.a.(for $0 and over)

Yes up to $250,000

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ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

0.55% p.a.(for $0 and over)

Yes up to $250,000

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IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

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

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

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

Yes up to $250,000

Thumbnail icon for First Option Bank
First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

2.00% p.a.(for $0 to $250,000)

Yes up to $250,000

Thumbnail icon for ING
ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

2.85% p.a.(for $0 to $50,000)

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

Yes up to $250,000

4.40% p.a.(for $0 to $250,001)

Thumbnail icon for Macquarie
Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

Yes up to $250,000

4.75% p.a.(for $0 to $1,000,000)

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

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

Thumbnail icon for ING
ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

0.55% p.a.(for $0 and over)

Thumbnail icon for Rabobank
Rabobank

PremiumSaver

5.45% p.a. (for $0 to $250,001)

Yes up to $250,000

1.50% p.a.(for $0 and over)

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

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

Thumbnail icon for First Option Bank
First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

2.00% p.a.(for $0 to $250,000)

Thumbnail icon for ING
ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

Yes up to $250,000

2.85% p.a.(for $0 to $50,000)

Thumbnail icon for Rabobank
Rabobank

PremiumSaver

1.50% p.a.(for $0 and over)

5.45% p.a. (for $0 to $250,001)

Yes up to $250,000

Thumbnail icon for ING
ING

Savings Maximiser

0.55% p.a.(for $0 and over)

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

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

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

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

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

Notice Saver

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

4.90% p.a. (for $0 to $250,001)

Yes up to $250,000

Thumbnail icon for First Option Bank
First Option Bank

Kids Bonus Saver

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

0.85% p.a. (for $5,556 to $50,001)

Yes up to $250,000

Thumbnail icon for Auswide Bank
Auswide Bank

Ziggy Kids Saver

0.01% p.a.(for $0 and over)

3.01% p.a. (for $0 and over)

Yes up to $250,000

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ANZ

Progress Saver

0.01% p.a.(for $0 and over)

4.25% p.a. (for $0 and over)

Yes up to $250,000

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