Our verdict

Earn 4.85% p.a for 4 months with zero conditions to meet.

This account is a great set-and-forget option as it offers a strong interest rate with no conditions to meet. You’ll earn a bonus rate of 4.85% p.a for the first 4 months, then 3.05% p.a. ongoing with no account conditions to meet.

Pros

Strong bonus rate of 4.85% p.a.
No account fees
No conditions to meet to earn interest
Make withdrawals and still earn interest

Cons

Ongoing, variable rate is quite low

Details

Key details

Product Name	First Option Bank Save Account
Maximum Variable Rate	4.85% p.a.
Standard Variable Rate	3.05% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$1
Minimum Age	18

Key features

Introductory bonus rate of 4.85% p.a

You’ll earn a bonus rate of 4.85% p.a for the first 4 months after opening the account, with no conditions to meet.

Ongoing variable rate of up to 3.05% p.a.

This account offers an ongoing variable rate of 3.05% p.a. after the 4 month introductory period ends. There are no monthly or ongoing conditions to meet to earn this rate.

You can make withdrawals.

You can make withdrawals from your savings and still earn interest. There is no requirement that your account balance needs to grow each month.

Online account access

You can access your account 24/7 via Internet banking or the First Option Bank mobile app.

First Option Bank membership

You need to join the bank as a member to open an account with them. There is a $5 monthly membership fee, however this is waived if your average monthly account balance is above $1,000 or you’re under 21.

Government guarantee.

Your deposit up to $250,000 is covered by the Australian Government’s Financial Claims Scheme. Note this is up to $250,000 per account holder, not per account, so it’s a combined total across all your First Option Bank accounts.

How to apply

You need to join First Option Bank as a member before you can open an account.

Eligibility

Check first to make sure that you are able to meet the eligibility requirements for the Save Account:

Age.You need to be aged 18 years or older
Address. You must have a valid Australian residential address
Tax status. You must not be a foreign tax resident.

Documentation needed

Identification.You will need at least 1 form of identification, this could include an Australian driver's license or Australian passport.
Personal information. You're going to be asked for your full name, date of birth, and physical Australian address.
Tax File Number (TFN).While providing your TFN is optional, it will help you ensure you're not being taxed at the maximum marginal tax rate.

Go to site More info

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Product	Finder Score	Maximum Variable Rate p.a.	Base interest rate	Intro/Ongoing	Government Guarantee	Monthly Max Rate Conditions
Rabobank High Interest Savings Account	Finder score 7.7 Great	Maximum Variable Rate p.a. 5.15%	Standard Variable Rate p.a. 3.70%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Earn a high interest rate of 5.15% for the first 4 months and then 3.7% thereafter, with $0 account keeping fees and no monthly balance requirements.	Go to site View details Compare	loading Fetching your data...
Suncorp Bank Growth Saver Account	Finder score 8.8 Great	Maximum Variable Rate p.a. 4.55%	Standard Variable Rate p.a. 0.15%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance by $200 each month (excl. interest) Only 1 withdrawal No balance limit on earning interest	Get a solid interest rate on your entire balance, with minimal conditions in order to get the max rate. This account doesn’t offer card access but you can make 1 withdrawal per month & grow your net balance by $200 (excl. interest) to earn the max rate.	Go to site View details Compare	loading Fetching your data...
St.George Incentive Saver	Finder score 8.3 Great	Maximum Variable Rate p.a. 4.75%	Standard Variable Rate p.a. 0.40%	Intro/Ongoing 3 months	Government Guarantee	Monthly Max Rate Conditions Grow balance $50 ($0.01 if under 21) Balance up to $249,999.99	Extra 0.10% p.a. for 3 months for new customers who apply online, balances under $250k.	Go to site View details Compare	loading Fetching your data...
P&N Bank Savvy Saver	Finder score 9.2 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.45%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $500 5 Access Account debit card purchases Balance under $100,000	Get 5% p.a. ongoing when you deposit $500 and make 5 debit card purchases per month. Make withdrawals and still earn bonus interest.	Go to site View details Compare	loading Fetching your data...
Newcastle Permanent Smart Saver Account	Finder score 7.6 Great	Maximum Variable Rate p.a. 4.00%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site View details Compare	loading Fetching your data...
Macquarie Savings Account	Finder score 8.8 Great	Maximum Variable Rate p.a. 4.85%	Standard Variable Rate p.a. 4.50%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Earn 4.85% p.a. for the first 4 months then 4.5% p.a. ongoing with no conditions to meet. Earn the ongoing rate on balances up to $1 million.	Go to site View details Compare	loading Fetching your data...
Ubank Save Account Finder Award	Finder score 9.2 Excellent	Maximum Variable Rate p.a. 4.85%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $500 Savings up to $100,000	Earn an ongoing bonus rate of 4.85% p.a. by simply depositing $500 per month. You can make withdrawals and still earn bonus interest.	Go to site View details Compare	loading Fetching your data...
First Option Bank Save Account	Finder score 6.6 Standard	Maximum Variable Rate p.a. 4.85%	Standard Variable Rate p.a. 3.05%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $2 million	Go to site View details Compare	loading Fetching your data...

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

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Alison Finder

Editorial Manager, Money

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

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