The increase to savings accounts announced Tuesday by Australia's largest customer-owned bank will not only benefit Gen Z, with Great Southern Bank also increasing its Home Saver and Advantage Saver accounts.

Great Southern Bank’s Goal Saver account tailored to those Gen Z savers aged 18-24 now offers a rate of 4.75% p.a. competing with the likes of Bank of Queensland’s Future Saver account. 

Based on Savings.com.au market research, only ING’s offering of a 4.80% p.a. for Savings Maximiser accounts is higher than the 4.75% p.a. currently offered by Bank of Queensland and now Great Southern Bank. 

To receive this Goal Saver rate on balances up to $50,000, customers must:

  • Deposit a minimum of $500 each month into a Great Southern Bank Everyday Edge account
  • Make a minimum of five Visa Debit transactions. 

For those with the goal of cracking into the property market, Great Southern Bank’s Home Saver account has increased to 4.65% p.a. on balances up to $100,000, requiring customers to:

  • Deposit a minimum of $2,000 into a Great Southern Bank Everyday Edge account
  • Make a minimum of five Visa Debit transactions. 

Savers with larger balances are also set to reap the benefits from Great Southern Bank’s latest increase, with Advantage Saver accounts offering a rate of 4.50% p.a. 

To receive this rate on balances between $100,000 and $750,000, customers are required to simply grow balances by a minimum of $250 each month. 

For reference, ING’s market-leading 4.80% p.a. Savings Maximiser rate is only available on balances up to $100,000, with fellow competitors such as Virgin Money offering a 4.60% p.a. rate and Rabobank offering 4.50% p.a. for balances up to $250,000.

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

More details
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 3, 2024. View disclaimer.

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