Fees and Charges Schedule

First Option Bank is a Member-owned financial institution.

Part of our philosophy is “to remain a fair fee financial service provider based on mutual support”. This means that our fee structure is designed to reward Members who support First Option with their deposits and loans.

To minimise or avoid fees, please read the Additional Information below. You should also refer to the current Fees and Charges Schedule for a complete listing and fee exemptions.

Download a full list of our current fees and charges

10 tips to avoid or minimise fees and charges

  1. Ensure your Minimum Monthly Balance* stays above $25,000
  2. Switch to Online Statements
  3. Apply for a Cash Passport card if you intend to travel overseas
  4. Press Credit when purchasing at eftpos (uses your own funds)
  5. Consolidate your Memberships – if you have more than one
  6. If you need cash out, use a bank-owned ATM that does not have direct charge fees
  7. Switch your Home Loan or Investment Loan to First Option
  8. Move your Savings and Investments from your bank to First Option
  9. Review your last statement and identify any usage patterns. Then talk to a First Option team member about better options
  10. Use fee free transactions wherever possible, e.g. BPAY (online) or direct debit

Additional Information

* Minimum Monthly Balance (or MMB) is the combined minimum monthly account balances (within a single membership) of your Savings accounts + Investment accounts + Loan accounts (treated as a positive number) + any Credit Card / Overdraft balance in debit / credit. With over limit Credit Cards / Overdrafts, only the approved limit will count towards the MMB.