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Things to do when you turn 18

Turning 18 is an important milestone.

There are lots of opportunities and a few more responsibilities. It’s a very exciting time!
Here are a few important things you need to know and do with your banking here at First Option.


You are now entitled to become a full Shareholding Member of First Option Bank. Being a full shareholder gives you voting rights. As you are now eligible, the $2.00 share has been automatically debited from your account.

Kids Bonus Saver

If you have a Kids Bonus Saver (S16) account this will be closed and the funds transferred across to a Bonus Saver (S14) account.

  • Bonus Saver operates in a similar way, except you need to deposit a minimum of $100 and make no withdrawals each month to earn bonus interest. 
  • If you had any Account Signatories on your S16 account (e.g. a parent) these will not move across to the S14 account.
  • If you had any Periodical Payments set up from your S16 account, please contact First Option so we can update them.

Refer to the First Option website for current interest rates.

Smart Start Accounts

First Option has a range of accounts, designed specifically for you.

  • Smart Start Access Saver – Designed especially for members aged 13 to 24 years. Provides easy access to funds, a good rate of interest
  • Smart Start Home Loan – This is a Packaged Home Loan for 18 to 35 year olds buying their first home. No annual fee. First Option will cover up to $1,000 in est costs.
  • Smart Start Car Loan – Get into your first car sooner with a discounted rate for members aged 18 – 24 years. No application fee.
  • Smart Start Investor Loan – This discount rate Personal Loan is ideal for those who want to start building their share portfolio. Available to 18 – 24 year olds. No application fee.
  • Smart Start Education Loan – A Personal Loan that helps you cover employment costs, higher education costs and travel expenses. Available to 18 – 24 year olds. No application fee.
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