Great Southern Bank makes sizeable increases to savings account rates
- Great Southern Bank's Goal Saver account now offers a rate of 4.75% p.a., Home Saver account offers a rate of 4.65% p.a. and Advantage Saver offers a rate of 4.50% p.a.
- This increase between 0.60% and 0.70% across savings accounts sees Great Southern Bank join ING and Bank of Queensland in offering some of the highest savings account rates on the market.
- Advantage Saver increase to 4.50% p.a. targets savers with larger balances from $100,000 to $750,000.
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.
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.05% p.a. Bonus rate of 5.30% Rate varies on savings amount. | 5.35% p.a. | $269 | – | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $302 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Promoted | Disclosure | |||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $296 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
