First Option Special Purpose Summary
Description
SPECIAL PURPOSE
Benefits
- No monthly activity requirements for the ongoing rate.
- No upper balance cap in the reviewed ongoing pricing.
Hoops
- Monthly savings-account fee of $5.
On this page
Details
Key details
| Product name | First Option Special Purpose |
|---|---|
| Maximum variable rate | 0.50% p.a. |
| Ongoing interest rate | 0.50% p.a. |
| Base interest rate | 0.50% p.a. |
| Minimum age | - |
Source: noren.com.au
All comparison details
| Base | 0.50% |
|---|---|
| Ongoing | 0.50% |
| Ongoing cap | No cap |
| Intro | - |
| Intro cap | - |
| Intro period | - |
| Dep/mth | 0 |
| Dep $/mth | - |
| Growth/mth | $0 |
| Buys/mth | 0 |
| Txns/mth | - |
| W/d/mth | - |
| 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: 0.50% p.a..
Full rate breakdown
| Type | Rate | Applies to | Balance |
|---|---|---|---|
| Standard variable | 0.50% | Whole balance | All balances |
Source: noren.com.au
Share/Export
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.
- General-purpose personal savings: no monthly activity interest condition. Availability and current advertised rate are supported by the current rate schedule and everyday-banking savings description, no quote-only or cash-management scenario is included.
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.
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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.