Bankfirst is a customer-owned mutual bank that is registered as an Authorised Deposit-taking Institution, and is protected and regulated by the same guidelines that are applicable to all banks and financial institutions in Australia. Formerly known as Victoria Teachers Mutual Bank, the bank is headquartered in the state of Victoria. It currently has over 110,000 customers and assets worth over $2.69 billion under its management.

  • Bank Type


  • Founded


  • Headquarters


  • Industry


  • Formerly/Predecessor

    Victoria Teachers Mutual Bank (F)

  • Subsidiaries


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Pros & Cons-Bankfirst


  • Strict lending policies.
  • Signup Fees.
  • Strict Age Restrictions.
  • Customer Support.


  • Home Loan for Self-Employed.
  • High Property Value for First Home Buyers.

About Bank First

Bank First, headquartered in Hawthorn East, Victoria, was founded in 1972. The bank was formerly known as Victoria Teachers Mutual Bank and strived to offer a better banking experience. Bankfirst customer service gladly assists the educational community through professional development, grants, and sponsorships. The bank is owned by consumers and not outside shareholders. Each of its clients owns an equal stake in the company.

To enable their employees to perform at their highest level, the bank works hard to be the employer of choice. It provides a variety of benefits, including flexible scheduling options. This guide explores Bankfirst bank hours, opening hours and the accounts offered.

Features & Benefits of Bankfirst

  • It is a customer-owned bank. Hence, no executive bonus is given.
  • The business's money from its clients is invested in beneficial ventures. The bank maintains ethical banking practices to protect the client's funds.
  • The bank tries to have a beneficial influence.
  • The client can cast a ballot.
  • Bankfirst interest rates are very competitive.
  • Regardless of their level of growth, anyone can start their investment path.
  • It provides various banking products, including accounts, loans, and others.
  • Low credit card fees and up to 55 days of interest-free borrowing are offered.
  • Through the bank's app, banking services can be conveniently accessed.
  • The term deposit is fee-free.
  • Assistance with claims is offered around the clock.
  • There are no withdrawal fees charged by the bank

Services Offered by Bankfirst

Bank First weaves its services in a way that maximises customer satisfaction and fulfils their banking needs. The following services are available at Bankfirst.


These banking services are extended to individuals to move forward with their banking requirements like buying a house, loans, doing banking daily etc. The freedom and flexibility provided by this service bridge the gap between a consumer and their dreams. Bankfirst interest rates savings begin from 0.05%.


Bank First allows an individual to borrow money to fulfil their dreams. Their loan service includes home loans, car loans, and personal loans. A borrower can utilise the online calculator on Bankfirst’s website to compare the Bankfirst loan rates and choose what suits them best. The Bankfirst interest rates are both fixed and variable.


Bank First has carefully come up with accounts that fulfil the different requirements of their customers. These accounts serve other purposes and have distinct benefits and Bankfirst interest rates to attract customers.


Protects an individual against any loss or default. Bank First offers insurance for car, health, home and contents, life, travel, landlord and other vehicles. This is the right cover for people to secure their belongings.

Other services offered are -

  • Credit Cards
  • Internet Banking
  • Home Buying
  • Future Planning
  • Refinance
  • Investment Property
  • Term Deposits
  • PayWave
  • Visa Debit Cards,
  • Phone Banking

Types of Accounts in Bankfirst

Bank First understands their customer's banking requirements, thus, offering the following bank accounts. The Bankfirst rates are lucrative and help out a customer on their rainy days.

Transaction Account

Transaction accounts allow customers to run their day-to-day banking-related activities smoothly. With features like internet, mobile, or phone banking, customers have complete control over managing their everyday accounts. Additionally, using Visa Debit Cards and PayWave, transactions become pretty simple. The following accounts can be considered when banking.

  • Everyday Account
  • Budget Account
  • First Access Account
  • Pension Account

Savings Account

Bank First recognises the individuality of a person’s financial objectives. The bank’s savings accounts reward customers for planning, whether saving money for a home, a vacation, or emergency expenses. Saving accounts provide freedom and flexibility, which can help account holders fulfil their financial obligations.

  • First Home Bouns Saver
  • Bonus Saver 
  • Online Saver
  • First Saver
  • Christmas Club
  • Cash Management

Term Deposits

Invest your money for a predetermined period and feel secure knowing that it is secured with a competitive fixed interest rate. We provide a variety of terms, ranging from 30 days to 5 years, to meet your demands. The Bankfirst interest rate is 3.15% pa for a minimum deposit of $500 and 6 months tenure.

Travel and Foreign Exchange 

Traveling should be simple, but managing cash abroad can occasionally be challenging. Bank First specifically provides international funds transfers that can clear in as little as three business days because of this. A customer can exchange over 100 currencies with competitive interest rates.

School Accounts

For daily financial management, investments, and loans, Bankfirst provides schools with specialised banking solutions, ensuring that their money works for them. The bank has  knowledgeable Relationship Officers available to assist their customers at every step of the process if they need assistance with the financial journey of their school. The bank offers the following accounts.

  • Everyday School Account
  • 30 - 90 Days School Term Deposits
  • 120 - 180 Days School Term Deposits

Preschool Accounts

Bank First provides preschools with specialised banking solutions for daily money management, investments, and loans so you can be sure the money is working for your preschool. The bank has knowledgeable Relationship Officers available to assist you at every stage of the financial journey for your preschool. The following accounts are offered under preschool accounts.

  • Preschool Savings Account
  • Long Service and Sick Leave Term Deposits
  • 30 - 90 Days Preschool Term Deposits
  • 120 - 180 Days Preschool Term Deposits
  • Day to Day Account
  • Petty Cash Account
  • Fundraising Account 
  • Long Service and Sick Leave Provisions

Bankfirst Opening Hours

A customer must check the operating hours of the bank before they head down to a branch to carry out banking activities. The Bankfirst bank hours are Monday to Friday from 9:30 am - 4:00 pm. On Thursday, customers may find the bank open until 5 pm. However, Bankfirst opening hours remain the same for the day. For a better understanding, follow the table below:

Days Opening Hours
Monday 9:30 am - 4:00 pm
Tuesday 9:30 am - 4:00 pm
Wednesday 9:30 am - 4:00 pm
Thursday 9:30 am - 5:00 pm
Friday 9:30 am - 4:00 pm
Saturday Closed
Sunday Closed

Bank First Contact Details / Customer Service

Bank First has set up various mediums for a customer to reach out to their customer service, in case they find themselves caught up in a problem. A customer can contact Bankfirst customer service in the following ways.

Email ID - [email protected]

Phone Banking - 1300 654 104 (within Australia) and +61 3 4053 5555 (Overseas)

Customer Service - 1300 654 822 (Australia) and +61 3 9834 8560 (Overseas)

Product and General Enquiries

The following contact numbers are available from 9 am to 5 pm from Monday to Friday.

Loans 1300 654 822 [email protected] 
Insurance 1300 654 166 [email protected] 
Financial Planning 1300 654 193 [email protected] 
Report Scam or Loss of Cards
  • 1300 654 822 (Australia)
  • +61 3 4053 5555 (Overseas)
[email protected]

Frequently Asked Questions

How good is Bank First?

Bank First is a customer-owned institution. Therefore, each customer has a say in the bank’s work. It is Australia’s most awarded organisation and has comforted over 200,000 Australians on rainy days.

Who owns Bank First?

Its customers own Bankfirst.

How do I contact Bank First?

Bankfirst customer service can be contacted at 1300 654 822 (Australia) and +61 3 9834 8560 (Overseas). For more information, kindly go through our guide above.

How much cash can I withdraw from Bank First?

The daily limit for external transfers is $5,000; NPP or Osko payments are $5,000; $10,000 for BPAY, with a total daily limit of $20,00 per account.

Is Bank First a good bank?

Bank First strives to work for its customers, generating profit for them as much as possible.

What is the minimum balance for Bank First?

Each type of account requires a different amount to be maintained as a minimum balance. For instance, a school bank account does not require any balance to be maintained.

Why use us?

The customised financial services from UrbanMoney Oceania caters to the varying requirements of the applicant on their fund procurement journey.

Low interest rates

The intricate online model ensures the best interest rates are offered to the customers. The services aim to diminish the overhead costs.

Urban Money Oceania Exclusive Deals

The customers can avail of various exclusive offers available to the customers by UrbanMoney Oceania designed to cater to their budgetary needs.

Australian based support team

Our support team offers tailor-made services to customers intending to conclude loan transactions without any hassle. Available to customers at their convenience.


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