Bank First Term Deposit Review (2026)
Bank First Term Deposit Review (2026)Rates and details verified 7 June 2026
Rates can change without notice. Last verified: 7 June 2026 (AEST). Please confirm details on the bank’s official page.
12-month rate
5.40%
p.a. at maturity
Min deposit
$500
lowest on this page
6-month rate
5.20%
p.a. at maturity
About Bank First
Bank First is an Australian customer-owned mutual bank with deep roots in the education community. As a mutual, profits go back to members rather than shareholders. It is regulated by APRA and deposits up to $250,000 per account holder are protected under the Australian Government's Financial Claims Scheme (FCS).
The standout feature of Bank First's term deposit is the $500 minimum deposit — the lowest of any lender on this comparison page and significantly below the $1,000–$10,000 required elsewhere. This makes Bank First particularly accessible for smaller savers or those looking to start a term deposit for the first time.
Rates by Term
| Term | Rate (p.a.) |
|---|---|
| 3 months | 4.90% |
| 6 months | 5.20% |
| 12 months | 5.40% |
| 24 months | 5.15% |
| 5 years | Not offered |
Rates as at 7 June 2026. Interest paid at maturity. Check Bank First's website for the latest.
Pros and Cons
Pros
- ✓ $500 minimum — most accessible TD on this page
- ✓ Competitive 12-month rate (5.40%) matching AMP and others
- ✓ Good 6-month rate (5.20%) and 24-month rate (5.15%)
- ✓ Customer-owned mutual — profits back to members
- ✓ FCS protected up to $250,000
Cons
- ✗ No 5-year term offered
- ✗ Smaller, less well-known bank than big-four alternatives
- ✗ No branch network — primarily digital
How It Compares
- AMP Bank Term Deposit (GO)5.40% (12 months) — $5,000 min
- Bank First Term DepositReviewed here5.40% (12 months) — $500 min — most accessible
- Judo Bank Personal Term Deposit5.35% (12 months) — $1,000 min
- Unity Bank Term Deposit5.55% (24 months) — $1,000 min
Related guides
FAQs
What is the Bank First 12-month TD rate?
5.40% p.a. at maturity, with a $500 minimum deposit.
Is Bank First safe?
Yes — Bank First is an APRA-regulated ADI. Deposits up to $250,000 are protected under the Australian Government's Financial Claims Scheme.
What is the minimum deposit?
$500 — the lowest minimum of any lender on this comparison page.
Information verified 7 June 2026. Rates subject to change. Confirm current rates, terms, and eligibility on Bank First's website before investing. This is not financial advice. Deposits up to $250,000 protected under the Financial Claims Scheme.