First Option Bank
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First Option Bank is an Australian member-owned mutual bank with origins in credit unions and co-operatives established from 1965 to serve employees across a range of industries. It became a mutual bank in 2018 and provides savings accounts, home loans, personal and car loans, and credit cards. Its services combine digital banking with support from personal bankers.
| Legal name | First Option Bank Ltd |
|---|---|
| ABN | 95087650735 |
| Established | Origins date to 1965, became a mutual bank in 2018 [1] |
| Banking access | Current conditions effective 1 September 2026 permit cash or cheque deposits at a National Australia Bank branch using a specially encoded deposit book, subject to account access facilities. This is limited partner-branch access, not a claim that First Option’s offices form a full-service branch network. [4] |
Savings rates
Compare allRates p.a. at a balance of $699.
| Christmas Saver | Visit | 2.25% | 2.25%Ongoing cap: No cap | No cap | - | - | - | 0 | - | $0 | 0 | - | - | - | - | $5 | - |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kids Bonus Saver | Visit | 0.05% | 5.55%Ongoing cap: $10K | $10K | - | - | - | 1 | $5 | $0 | 0 | - | 0 | 0 | 17 | $0 | - |
| Save Account | Visit | 0.75% | 0.75%Ongoing cap: $2K | $2K | 2.25%4 mths | $2K | 4 mths | 0 | - | $0 | 0 | - | - | - | - | $5 | - |
| Savings + Bonus | Visit | 0.25% | 5.00%Ongoing cap: $250K | $250K | - | - | - | 1 | $100 | $0 | 0 | - | 0 | - | - | $5 | - |
| Special Purpose | Visit | 0.50% | 0.50%Ongoing cap: No cap | No cap | - | - | - | 0 | - | $0 | 0 | - | - | - | - | $5 | - |
Source: noren.com.au
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Savings products
Christmas Saver
A variable-rate savings account. The reviewed ongoing rate has no monthly activity requirements.
Kids Bonus Saver
A variable-rate savings account. Bonus interest depends on meeting the account’s monthly requirements.
Save Account
A variable-rate savings account. The reviewed ongoing rate has no monthly activity requirements. An introductory offer is available to eligible customers.
Savings + Bonus
A variable-rate savings account. Bonus interest depends on meeting the account’s monthly requirements.
Special Purpose
A variable-rate savings account. The reviewed ongoing rate has no monthly activity requirements.
Useful links
Similar institutions
Sources and review
- Institution background (au.linkedin.com)
- APRA ADI register (apra.gov.au)
- Profile evidence 3 (firstoptionbank.com.au)
- Banking access (firstoptionbank.com.au)
- Summary of account and access facilities (firstoptionbank.com.au)
First Option Bank data reviewed . Next profile review due .