Savings Accounts FAQs

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Take a look at our FAQs below:

Do I have to be a member to open an account?

First Option is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. You need to become a member of First Option to open an account with us. ^

How much do I need to deposit to open a savings account?

There is no minimum deposit required to open a savings account with us. ^

How do I make deposits to my account?

You can arrange to make deposits to your account by:

  • direct credit of payroll or other income;
  • transfer from another savings or transaction account;
  • Internet Banking or PhoneLink transfer;
  • over the counter at any First Option branch; or
  • with your Visa Debit Card via Bank@Post at any Australia Post office. ^

How do I make withdrawals from my account?

Accessing your money will depend on the particular features of your account however we offer an extensive range of access facilities:

  • Internet & mobile banking
  • Phone banking
  • BPAY
  • Electronic funds transfer
  • Visa Debit & Credit Cards
  • Cheque book
  • Branch withdrawal ^

How often will I receive information on my account?

Statements are issued at least every six months or upon request.

Account balances are available through our Internet Banking and PhoneLink services and statements are available through our Internet Banking service. ^



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