See your savings swell with RateCity and First Option Bank's exclusive 5% term deposit

Term deposits are a relatively safe and secure way to grow a chunk of your savings by locking in an interest rate for an extended period. First Option Bank and RateCity have partnered to offer an exclusive deal on term deposits in May.

To take advantage of this special offer, simply stash $5,000 or more in a First Option Bank 6-month or 12-month standard term deposit and you’ll receive a fixed rate of 5% annual interest over that period.

When you open a term deposit, you’re putting money in the bank to earn interest over a fixed term. This means you can calculate, in advance, how much interest you’ll earn on your savings, regardless of changes in the market.

Let’s examine the potential interest you could earn, depending on the initial amount you deposit:

You can make a term deposit enquiry with First Option Bank through the bank's website by following the more details button. Be sure to review the features and details of this exclusive opportunity and compare with other term deposits.

Personal Term Deposit (At Maturity)

• 3 months
• Automatic maturity rollover
• Joint application available

Be rewarded for your saving, thanks to a bonus 0.10% loyalty bonus when you roll over your term deposit.

Interest rate

5.00%

for 3 months

Min deposit

$1,000

More details

FeaturedAustralian Credit Licence: 501091 Judo Bank terms and conditions

What do I need to know about this special offer?

This is an exclusive offer for customers referred by RateCity. You’ll need to apply before 31 May 2023.

You’ll need to be a member of First Option Bank to open a term deposit account. Joint applications are available.

The interest you earn will be paid either at the end of the term (standard term deposits) or monthly into another account as a regular income from your investment. 

There are no fees to set up a term deposit with First Option Bank, nor are there any charges to pay at the conclusion of the term. You can choose to withdraw your initial funds and earned interest or roll them over for a new term.

To earn the exclusive 5% interest rate, you can deposit between $5,000 and $1,000,000. Once the initial deposit has been made, no further funds can be added until the date of maturity.

You’ll also need to inform First Option Bank that you wish to withdraw your funds at maturity, otherwise the term deposit will automatically be re-invested for a similar term at the rate applicable at that time. If, for some reason, you need to withdraw your money before the date of maturity, fees may apply.

The Australian government guarantees aggregated deposits of up to $250,000 with Australian authorised deposit-taking institutions (ADIs), including First Option Bank. However, it’s important to be aware that ADI’s can be made up of several banks. Check that your various deposits across different banks don't exceed individual ADI limits.

This is a referral offer from RateCity for First Option Bank customers. RateCity does not offer banking services. Check First Option Bank’s accounts and access terms and conditions for further information before committing any funds. 

Compare term deposits

Provider

Real Time Rating™Min depositInterest rateMaximum rate

$1,000

5.15%

for 6 months

5.15%

for 6 months

More details

Personal Term Deposit (At Maturity)

• Promoted
• 2024 Award Winner
• 6 months
• Automatic maturity rollover
• Joint application available
• Maturity alert by email

$1,000

3.40%

for 3 months

4.40%

for 12 months

More details

Term Deposit

• Promoted
• 3 months
• Automatic maturity rollover
• Joint application available
• Interest payment to other institution

$1,000

2.70%

for 3 months

4.20%

for 24 months

More details

Term Deposit

• Promoted
• 3 months
• Automatic maturity rollover
• Joint application available
• Maturity alert by phone

$1,000

2.10%

for 3 months

2.90%

for 24 months

More details

Term Deposits

• Promoted
• 3 months
• Automatic maturity rollover
• Joint application available
• Maturity alert by email

$5,000

1.20%

for 1 month

4.45%

for 9 months

Term Deposit

• 1 month
• Automatic maturity rollover
• Joint application available
• Maturity alert by email

$5,000

1.25%

for 1 month

4.75%

for 8 months

Term Deposit

• 1 month
• Automatic maturity rollover
• Joint application available
• Maturity alert by email

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