First Option Savings + Bonus Summary
Description
Earn Bonus interest on your savings account when you deposit $100 per month with no withdrawals
Benefits
- Ongoing variable rate of 5.00% p.a. at $699, subject to the account’s conditions.
Hoops
- Monthly savings-account fee of $5.
- For bonus interest, deposit at least $100 each month. Check the full requirements below.
- Withdrawals can forfeit bonus interest.
- Ongoing rate cap: $250,000. See the rate breakdown for higher balances.
On this page
Details
Key details
| Product name | First Option Savings + Bonus |
|---|---|
| Maximum variable rate | 5.00% p.a. |
| Ongoing interest rate | 5.00% p.a. |
| Base interest rate | 0.25% p.a. |
| Minimum age | - |
Source: noren.com.au
All comparison details
| Base | 0.25% |
|---|---|
| Ongoing | 5.00% |
| Ongoing cap | $250K |
| Intro | - |
| Intro cap | - |
| Intro period | - |
| Dep/mth | 1 |
| Dep $/mth | $100 |
| Growth/mth | $0 |
| Buys/mth | 0 |
| Txns/mth | - |
| W/d/mth | 0 |
| Min age | - |
| Max age | - |
| Fee/mth | $5 |
Source: noren.com.au
Rates & features
Interest rates
Variable rates % p.a. at $699, assuming applicable bonus conditions are met.
- Base: 0.25% p.a., before bonus interest.
- Ongoing: 5.00% p.a. when bonus conditions are met. Up to $250k.
Full rate breakdown
| Type | Rate | Applies to | Balance |
|---|---|---|---|
| Base rate component | 0.25% | This band only | All balances |
| Ongoing total, conditions met | 5.00% | This band only | First $250k |
| Ongoing total, conditions met | 3.40% | This band only | Over $250k |
Source: noren.com.au
Share/Export
This band only: the rate applies to the money within the listed balance range. Other portions earn their own rates.
Requirements
- Variable annual rates calculated daily and credited monthly. Rates apply to each balance portion as expressly defined by the October provider rate schedule.
- The ordinary account keeping fee is $0. The standard membership administration fee is $5 per month, charged once per member. Fee/mth includes it unless an automatic age waiver is established. It is waived with an average monthly aggregate balance of at least $1,000, an active loan or credit card, age 25 or under, or the first three months of membership. A selected balance alone does not prove the monthly average.
- Optional paper statements cost $3 per statement, waived under age 12, this is not a mandatory monthly account fee. Dormant accounts over 12 months can incur $75 annually. Current fee documents supersede stale CDR age-21 and $2.50-per-month paper-statement wording.
- Deposit at least $100 in the calendar month and make no withdrawals or outgoing transactions. No purchase or additional balance-growth condition. Otherwise the ordinary base rate applies. The source omits these qualification rules, they are independently established by the current rate schedule and account summary.
- No debit-card access, online/app access. The entire balance is not assigned the highest rate: lower and excess portions retain their respective rates.
- Qualification timing: Requirements are assessed in the current month. Check the settlement deadlines and exclusions in the requirements.
Fees
- Monthly account fee: $5
Showing reviewed fees only, other charges may apply
How to apply
Check these eligibility requirements before applying with First Option.
- Personal Australian-resident scenario. Membership, subscription for a member share and identity checks are required.
- The source MAX_AGE 16 conflicts with the current personal TMD, account summary and adult offering. It is not published as a maximum age. No universal numeric minimum or maximum age is established for this account.
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Sources & review
Noren aggregates information from multiple primary sources to ensure you're getting the most up-to-date, accurate information. All product information is peer reviewed.
Collected and verified on 1 Nov 2026.