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Bank First Term Deposit

Advertiser disclosure
Best rate (up to 1 year)
0.60% p.a.1 year
Minimum deposit
$500.00
Interest paid to another bank?
yes

Mozo editorial review Bank First Term Deposit - last updated: 1 July 2021

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What's hot
  • 0.60% interest after 1 year ($50,000+)
  • 0.60% interest after 5 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. The Bank First Term Deposit offers interest rates as high as 0.60% p.a. for amounts of $50,000 or more for just a 1-year term. It also comes with the option of having your interest paid into another bank account, as well as automatic rollover from one term deposit period to the next. And there’s no need to worry about fees, as there aren’t any.

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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.

Rates start at 0.15% p.a. for a deposit of $500 or more for just one month, and range all the way up to 0.60% on a deposit of over $50,000 for 5 year (with the 1-year term also at 0.60%).

If you don’t want your interest gains confined to your Bank First bank account, then great news! You'll be 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.

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Who is it good for

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

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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.

Details

Rates and fees information correct as at 19 October 2021. 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

0.15% p.a. ($500+)

0.20% p.a. ($500+)

0.25% p.a. ($500 to $49,999)

0.40% p.a. ($50,000+)

0.35% p.a. ($500 to $49,999)

0.50% p.a. ($50,000+)

0.35% p.a. ($500 to $49,999)

0.50% p.a. ($50,000+)

0.40% p.a. ($500 to $49,999)

0.50% p.a. ($50,000+)

0.50% p.a. ($500 to $49,999)

0.60% p.a. ($50,000+)

0.50% p.a. ($500 to $49,999)

0.60% p.a. ($50,000+)

0.50% p.a. ($500 to $49,999)

0.60% p.a. ($50,000+)

0.50% p.a. ($500 to $49,999)

0.60% p.a. ($50,000+)

0.50% p.a. ($500 to $49,999)

0.60% p.a. ($50,000+)

Other financial bits

$500.00

none

Features

yes

yes

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

none

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

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