Great Southern Bank’s increase to savings account rates applies from 25 May 2023 across two savings account products.
Gen Z savers aged 18-24 with a Goal Saver account will receive a savings rate of 5.10% p.a. up to a balance of $50,000 once they have:
- Deposited a minimum of $500 each month into a Great Southern Bank Everyday Edge account.
- Made a minimum of five Visa Debit transactions.
Prospective first home buyers looking to continue to grow their deposit nest eggs have also been rewarded, with Home Saver accounts receiving a savings rate of 5.00% p.a. up to a balance of $100,000.
Great Southern Bank customers with a Home Saver account are eligible to receive the 5.0% p.a. rate once they have:
- Deposited a minimum of $2,000 into a Great Southern Bank Everyday Edge account.
- Made a minimum of five Visa Debit transactions.
The 5% savings club
Bank |
Rate per annum |
Conditions |
Effective date |
Bank of Queensland |
5.30% p.a. |
Ages 14-35; Max balance $50k; Deposit $1,000/mo; 5 card transactions. |
12 May 2023 |
ING |
5.25% p.a. |
Max balance $100k; Deposit $1,000/mo; 5 card transactions; Higher balance at end of month. |
Now |
Rabobank |
5.15% p.a. |
4 month intro rate then reverts to 4.00% p.a.; Max balance $250k. |
Now |
Great Southern Bank |
5.10% p.a. |
Ages 18-24; Max balance $50k; Deposit $500/mo; 5 card transactions. |
25 May 2023 |
Virgin Money |
5.10% p.a. |
Max balance $250K; Deposit $1,000/mo into a Boost Saver account; Make at least five purchases; Apply 'Lock Saver' feature. |
12 May 2023 |
Macquarie Bank |
5.05% p.a. |
4 month intro rate then reverts to 4.00% p.a.; Max balance $250k. |
Now |
Westpac |
5.00% p.a. |
Ages 18-29; Max balance $30K; Grow savings every month; 5 card transactions. |
12 May 2023 |
Police Bank |
5.00% p.a. |
Ages 18-29; Max balance $30K across three accounts - $10K per account; Full salary to be credited to Police Bank. |
Now |
Move Bank |
5.00% p.a. |
Minimum deposit of $200 and no withdrawals in a calendar month; Max balance $25K. |
Now |
Source: Savings.com.au Market Research
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Provider | |||||||||||||
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0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
FEATURED | Savings Maximiser (<$100k)
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Savings Maximiser (<$100k)
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0 | 200 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
No monthly fees | Save Account
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Save Account
| |||||||||||||
0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Boost Saver |
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