Bank First Term Deposit

2.70% p.a.1 year

yes

 

Bank First Term Deposit Review

Rates and fees information correct as at 21 September 2018.

Review published: 4 May 2018

What's hot:

  • 2.70% interest after 1 year ($50,000+)

  • 2.90% interest after 3 years ($50,000+)

What's not:

  • 31 days notice for early withdrawal

Mozo snapshot:

Good term deposits have good interest rates. It’s pretty simple. Well, the Bank First Term Deposit has interest rates as high as 3.00% (for a deposit of $50,000 or more for 5 years) and for shorter terms, offers 2.70% on a $50,000 deposit for only 1 year. It also comes with the option of having your interest paid into another bank account, as well as automatic rollover from 1 term deposit period to the next. And there’s no need to worry about fees, as there aren’t any.

Key features:

The Bank First Term Deposit offers consistently competitive rates, depending on how much you deposit and how long you lock it away for. Generally speaking, the bigger the deposit and the longer term you commit to, the higher the rate on offer.

Rates start at 1.70% for a deposit of $500 or more for just one month, and range all the way up to 3.00% on a deposit of over $50,000 for 5 years.

If you don’t want your interest gains confined to your Bank First bank account, then great news! You are able to have your interest paid out into an account of your choosing.

One thing to keep in mind is the automatic rollovers do apply to this term deposit offer. That means you should be sure to let Bank First know whether you want to reclaim your funds or have them roll over into a new term before the maturity date.

Who it's good for:

Terms deposits are a low risk saving strategy, good for people who are interested in locking away some funds to make consistent and safe returns and this is no different with Bank First’s term deposit.

Any catches?

If you do want to make an early withdrawal from the account, you can do so with 31 days notice, but this will lower your interest rate significantly for the rest of the agreed period and should be avoided if possible.

How are Bank First term deposits rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.5

Based on 11
Bank First term deposits reviews

8.1 7.3 8.3 8.8 8.8

Read Bank First term deposit reviews by the Mozo community

Latest review of Bank First Term Deposit

Bank First

Bank First Term Deposit term deposit review

Overall rating   9 / 10

Excellent customer service

Victoria Mutual bank provides an excellent service with direct contact. A very satisfying service. I have found them to be very approachable and provide interest rates above their advertised rates. Thank you Victoria MutualBank. PS: their front...

Full review

Victoria Mutual bank provides an excellent service with direct contact. A very satisfying service. I have found them to be very approachable and provide interest rates above their advertised rates. Thank you Victoria MutualBank. PS: their front desk man is outstanding.

    Price   9 / 10

    Features   9 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   10 / 10

Less

Name not supplied, New South Wales, reviewed about 5 years ago

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Rates

  • 1.70% p.a. ($500+)

  • 1.70% p.a. ($500+)

  • 2.35% p.a. ($500 to $49,999)

    2.50% p.a. ($50,000+)

  • 2.35% p.a. ($500 to $49,999)

    2.50% p.a. ($50,000+)

  • 2.45% p.a. ($500 to $49,999)

    2.60% p.a. ($50,000+)

  • 2.50% p.a. ($500 to $49,999)

    2.65% p.a. ($50,000+)

  • 2.60% p.a. ($500 to $49,999)

    2.70% p.a. ($50,000+)

  • 2.70% p.a. ($500 to $49,999)

    2.80% p.a. ($50,000+)

  • 2.80% p.a. ($500 to $49,999)

    2.90% p.a. ($50,000+)

  • 2.85% p.a. ($500 to $49,999)

    2.95% p.a. ($50,000+)

  • 2.90% p.a. ($500 to $49,999)

    3.00% p.a. ($50,000+)

  • yes

  • yes

  • 31 days notice required if customers want to withdraw their funds before the maturity date.

  • none

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.

*Different interest rates apply to different amounts or different interest payment frequencies.

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