Introduction of Bank First

General Information

Bank First claims to have been established in 1972 by 48 educators, formerly Victoria Teachers Mutual Bank, which changed its name to Bank First in December 2017. Bank First holds an investment advisory license from ASIC in Australia, license number: 240960, but this license is over-restricted, so investors should be careful and aware of the risks.

Products & Services

Bank First provides traders with financial services such as savings, credit cards, home loans, car loans, personal loans, and other loan services, as well as the development of financial plans, pensions, and other services.

Accounts Types

Bank First offers a variety of bank accounts, including trading accounts, savings accounts, time deposit accounts, credit card accounts, travel and foreign exchange accounts, school accounts, and preschool accounts. Transaction accounts include Daily Account Budgeting Account, First Visit Account, and Pension Account. Savings accounts include First Home Bonus Saver, Bonus Saver account, Online Saver account, First Saver account. For more details of the accounts and interest rates, please refer to the Bank First website.

Interest Rate

The interest rate of Bank First is 0.05% for daily accounts, 0.05% for budget accounts, 0.30% for the $0-$48,599 portion of a retirement account balance, 0.45% for the $48,600-$149,999 portion and the $150,000+ portion. The interest rate for the first visit to the account is 0.20%. For more information on account rates, please see the Bank First website.