Great Southern Bank boosts savings accounts to join the 5% club
- Great Southern Bank will increase both Goal Saver and Home Saver accounts to offer a rate of 5% p.a. from 25 May 2023.
- Great Southern Bank joins nine other banks offering savings account rates at 5% p.a. or higher.
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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| 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 |
