Term deposits

Why put your money into a term deposit?

Term deposits are a great, safe, secure way to lock in a really good interest rate for savings you don't need easy access to for an extended period of time.... usually for 12 to 24 months. 


Interest on a 12 month standard deposit of $25,000 or more

You can get access to your money if you really need to, but doing so will usually cost you some (or all) of the interest earned. There are no fees to set-up a term deposit or at the conclusion of the term when you can roll it over for a new term, with your earned interest. 

The Australian Government guarantees aggregated deposits of up to A$250,000 with Australian authorised deposit-taking institutions, and First Option Bank certainly is one. 

Standard or regular income term deposits

Interest earned can be paid either at the end of the term (standard term deposits) or monthly into another account as a regular income from your investment.  The type of term deposit you choose will impact the interest rate you can earn. Interest rates for term deposits also vary depending on the size of the investment, the term you are 'locking it in' for... as well as the official interest rates (the Cash Rate) controlled by Australia's Reserve Bank! 


Government Guarantee

Deposits in First Option Bank savings accounts are protected by the Australian Government Financial Claims Scheme – up to a total of $250,000 per member. This provides you exactly the same protection as the same type of accounts offered by the major banks. Read more about the Deposit Guarantee on the APRA website here.

Terms & Conditions: The minimum deposit amount is $1,000. The minimum term is 3 months, the maximum term is 24 months. Interest rates are fixed for the term of the investment and paid on maturity. This offer may be withdrawn at any time. Additional deposits will be treated as separate deposits and not added to existing deposits unless an existing deposit has matured on the day or within the previous seven (7) days of the new deposit being received. Deposited funds can be withdrawn on maturity or reinvested. Interest credited to your account may need to be declared in your annual personal tax return. You are not obliged to disclose your Tax File Number (TFN) to us. However, it you do not we are obliged to deduct tax from any interest you earn at the highest marginal rate. Access facilities (such as cheque book, EFTPOS, ATM, Visa card, Redicard, Internet Banking, Telephone Banking, Direct Debits, Direct Credits and BPAY) cannot be linked to a Term Deposit account.