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First Option Bank Standard Term Deposit

Advertiser disclosure
Best rate (up to 1 year)
5.20% p.a.1 year ($500,000 to $)
Minimum Deposit
$1,000.00
Interest paid to another bank?
yes

Mozo editorial review First Option Bank Standard Term Deposit - last updated: 1 December 2023

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What's hot
  • No account fees
  • You can choose to get paid interest monthly into another account
  • No maximum deposit amount
What's not
  • Maximum interest rate is 4.50% on amounts over $500,000 for 24 month terms
Mozo snapshot

The First Option Bank Standard Term Deposit offers a range of options for people willing to lock their money away in a term deposit. They offer periods of 3 months, 6 months, 9 months, 1 year and 2 years. The interest rate you receive will depending on how much money you put in and how long you choose to lock it away in a term deposit.

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Key features

To open a Standard Term Deposit with First Option Bank, you need a minimum of $1,000. Rates start at 3.90% if you choose to lock away between $1,000 and $24,999 for 3 months. If you lock away the same amount for 24 months, you'll earn 4.20% p.a.

The highest interest rate available is 5.20% for amounts over $500,000 when you choose a 12 month term deposit.

Upon maturity of your term deposit, you'll have to alert First Option Bank as to whether you would like the money to be rolled over.  The interest you have earned will be paid into a First Option savings account and can be transferred to another bank as required.

If you need to access your money before the end of the period, you risk losing some or all of the interest earned.

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Who is it good for

This product could be an option worth considering if you're someone looking to stash away a lump sum for a rainy day while cashing in some interest.

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Any catches

Be aware that like a lot of other term deposits, you will have to sacrifice the interest earned if you need to access your money before the end of the term deposit period. So, before opening a term deposit, be sure that you will not need the money before it reaches maturity. 

Details

Rates and fees information correct as at 18 April 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

3.90% p.a. ($1,000 to $24,999)

4.05% p.a. ($25,000 to $249,999)

4.30% p.a. ($250,000 to $500,000)

4.30% p.a. ($500,000+)

4.55% p.a. ($1,000 to $24,999)

4.70% p.a. ($25,000 to $249,999)

4.90% p.a. ($250,000 to $500,000)

5.00% p.a. ($500,000+)

4.55% p.a. ($1,000 to $24,999)

4.70% p.a. ($25,000 to $249,999)

4.90% p.a. ($250,000 to $500,000)

5.00% p.a. ($500,000+)

4.70% p.a. ($1,000 to $24,999)

5.00% p.a. ($25,000 to $249,999)

5.10% p.a. ($250,000 to $500,000)

5.20% p.a. ($500,000+)

4.20% p.a. ($1,000 to $24,999)

4.50% p.a. ($25,000 to $249,999)

4.60% p.a. ($250,000 to $500,000)

4.70% p.a. ($500,000+)

Other financial bits

$1,000.00

none

Features

yes

yes

none

none

Different interest rates apply to different amounts or different interest payment frequencies.

Customer Reviews

How are First Option Bank term deposits rated by the Mozo community?

Overall
Price
Features
Customer service
Convenience
Trust

About First Option Bank

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Yes up to $250,000

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Judo Bank

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5.10% p.a.

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Yes up to $250,000

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4.75% p.a.

$1,000.00

Yes up to $250,000

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Bankwest

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

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MyState Bank

Term Deposit

4.80% p.a.

$5,000.00

Yes up to $250,000

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Judo Bank

Term Deposit

5.10% p.a.

$1,000.00

Yes up to $250,000

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Great Southern Bank

Term Deposit

5.00% p.a.

$5,000.00

Yes up to $250,000

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Rabobank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

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MyState Bank

Term Deposit

4.80% p.a.

$5,000.00

Yes up to $250,000

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Bankwest

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit

5.10% p.a.

$1,000.00

Yes up to $250,000

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Great Southern Bank

Term Deposit

5.00% p.a.

$5,000.00

Yes up to $250,000

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Rabobank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Term Deposit

4.80% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Bankwest
Bankwest

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit

5.10% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Great Southern Bank
Great Southern Bank

Term Deposit

5.00% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Term Deposit

4.80% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Bankwest
Bankwest

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit

5.10% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Great Southern Bank
Great Southern Bank

Term Deposit

5.00% p.a.

$5,000.00

Yes up to $250,000

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