Features and benefits
Our Term Deposits have been designed for people looking for the security of fixed returns over the term selected.Secure online experience
Apply for your Term Deposit using our simple and secure online experience.Guaranteed Returns
With our Term Deposit, if you don’t need immediate access to these funds you have the security of locking in a fixed rate of return, giving you greater peace of mind.Great Rates
Market-leading rates to give our members the best return on investment.Great Service
As a member-owned bank, we prioritise our member service and support, with our Sydney-based member services team.What you need to open an account
Interest rates for term deposits from 3 months – 2 years.Term Deposit Early Withdrawal
Partial redemption: A partial redemption of a new or renewed term deposit is only available within the first seven days of the term deposit. Any term deposits redeemed after this period will be treated as a full redemption.
Full redemption: No fees apply for early withdrawal; however, an interest rate
reduction applies on the term deposit with interest paid at the reduced rate from the
date of deposit to the day prior to withdrawal. The adjusted rate will be the S4
account interest rate in effect at the time.
What you need to open an account
Our Term Deposits have been designed for people looking for the security of a fixed return on their investment. To apply, you'll need:Identification
Provide any TWO of the following documents: Current Australian driver’s licence, current Australian passport, or current Medicare card.Australian residency
Australian citizenship or permanent residency and reside permanently in Australia. You must be over the age of 18.Nominated Bank account
External nominated Bank account details.Tax File Number
Australian Tax File Number (TFN) or exemption (it's not compulsory to provide your TFN, but doing so could avoid taxation at the highest marginal rate).Mobile phone number and email
Australian mobile phone number and email address for verification and correspondence purposes.Joint accounts
For joint account applications, each applicant requires a unique email address and a unique mobile phone number is also recommended.Frequently asked questions
*Terms & Conditions: This offer is only available for new money deposited into First Option Bank, and cannot be transferred from existing funds held with First Option. The minimum deposit amount is $1,000 and the special 4.60% p.a. interest rate applies to 6-month term deposits. Interest rates are fixed for the term of the investment and interest is 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 (EFTPOS, ATM, Visa card, Internet Banking, Direct Debits, Direct Credits and BPAY) cannot be linked to a Term Deposit account.