Take a look at our FAQs below:
- Do I have to be a member to open an account?
- How much do I need to deposit to open an account?
- How do I make deposits to my account?
- Can I make withdrawals from my account prior to maturity?
- What happens when my term deposit matures?
- How often will I receive information on my account?
Do I have to be a member to open an account?
First Option Bank is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. You need to become a member of First Option to open an account with us.
How much do I need to deposit to open an account?
You can open a standard Term Deposit account with as little as $5,000. The minimum deposit amount for Regular Income Term Deposit accounts is $25,000.
How do I make deposits to my account?
You can arrange to make deposits to your account by:
- transfer from another savings or transaction account
- deposit at Bank@Post at participating Australia Post outlets
Can I make withdrawals from my term deposit prior to maturity?
Withdrawals cannot be made until the Term Deposit has matured. If you need to withdraw money prior to maturity, the Term Deposit will be redeemed in full and penalties will apply. Partial withdrawals are not allowed. Check our terms and conditions for further information.
What happens when my term deposit matures?
You will receive a letter advising that your term deposit will soon be due to mature. If we don’t hear from you, we will automatically rollover the deposit from the same term. If you wish to make any changes, you can do so simply by completing the lower section of your maturity notice and returning to our offices.
How often will I receive information on my account?
Most Account Statements are issued quarterly.
Account balances are available through our Internet Banking and Easy App services, and online statements are available through our Internet banking service.