Home News Great Southern Bank boosts savings accounts to join the 5% club

Great Southern Bank boosts savings accounts to join the 5% club

Australia’s third-largest customer-owned bank has announced an increase to savings account rates for Gen Z savers, passing on RBA’s May cash rate increase in full.

By Jacob Cocciolone

First published on 11 May 2023

Fact Checked

Great Southern Bank boosts savings accounts to join the 5% club

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

Deposit amount

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Provider	Base interest rate	Max interest rate	Total interest earned	Introductory Term	Minimum Amount	Maximum Amount	Account Keeping Fees	Min. Monthly Deposit	Min. Opening Deposit	Linked account required	ATM Access	EFTPOS Facility	as ofMay 1, 2025

	4.00^%_p.a.	Intro rate for 4 monthsthen 4.00% p.a. 5.45^%_p.a.	^$274	4	^$0	^$249,999	0	0	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	High Interest Savings Account (<$250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance
Disclosure
FEATURED High Interest Savings Account (<$250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance More details Disclosure
	4.75^%_p.a.	Intro rate for 4 monthsthen 4.75% p.a. 5.10^%_p.a.	^$256	4	^$0	^$99,999,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Savings Account
Disclosure
Savings Account More details Disclosure
	4.45^%_p.a.	Intro rate for 4 monthsthen 4.45% p.a. 5.15^%_p.a.	^$259	4	^$250,000	^$99,999,999		0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Savings Accelerator Special offer: Savings Accelerator (Kick Starter offer). For a limited time, new ING customers can get a bonus 0.70% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply. If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.45%
Disclosure
Savings Accelerator Special offer: Savings Accelerator (Kick Starter offer). For a limited time, new ING customers can get a bonus 0.70% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply. If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.45% More details Disclosure
	3.50^%_p.a.	Intro rate for 4 monthsthen 3.50% p.a. 4.20^%_p.a.	^$211	4	^$50,000	^$249,999		0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Savings Accelerator
Savings Accelerator More details

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Jacob Cocciolone

Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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Great Southern Bank boosts savings accounts to join the 5% club

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