Savings accounts

Available at Bank First?

Traditional savings account

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Bonus interest savings account

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Youth-focused savings account

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Account fees

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Bank First’s savings accounts offer competitive interest rates that incentivise regular deposits and smart money habits. With no account-keeping fees, convenient access to your funds, and user-friendly digital banking features, these accounts provide a convenient and low-cost way to reach your financial goals.

Accounts like the First Home Bonus Saver and Bonus Saver Account reward customers with bonus interest when conditions, such as regular monthly deposits and no withdrawals, are met. For those just starting out, many accounts have no minimum deposit requirements and charge no account-keeping or transaction fees, removing barriers and making it easier to grow savings without extra costs.

Flexibility is also a key benefit, particularly with accounts like the Online Saver, which allows unlimited penalty-free withdrawals, ideal for those who want easy access to their funds without losing earned interest. For customers with higher balances, products such as Savings Elite offer tiered interest rates, increasing the return as your savings grow.

All accounts come with full digital and mobile banking access, so users can manage their money on the go, set up automatic transfers, and monitor progress in real time. Bank First provides special-purpose accounts, such as the First Home Bonus Saver for future homeowners and a Christmas Club account to help plan for holiday spending, offering tailored support for specific savings goals.

How to get started with a Bank First savings account

As with its other products, you need to be an eligible resident in Australia, a Bank First member, and provide identification documents to open a savings account with Bank First. Including your TFN on the application is also recommended to avoid being taxed at the highest rate on interest earned.

For younger savers under 18, the First Saver Account is a great starting point. It requires no minimum deposit and is designed to help children and teens build good saving habits from an early age.