Bank First Term Deposit Review (2026)
Rates and details verified 18 May 2026
Rates can change without notice. Last verified: 18 May 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 18 May 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
- Judo Bank: 5.45% (12m), $1,000 min
- AMP Bank: 5.40% (12m), $5,000 min
- Bank First: 5.40% (12m), $500 min — most accessible
- Unity Bank: 5.30% (12m), $1,000 min
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 18 May 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.