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


Advertisement

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

Provider

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
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 $1,000 in the previous month
  • No account fees
  • Easy access to your money
02000$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
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 28, 2024. View disclaimer.

Image by Ketut Subiyanto via Pexels