Compare Great Southern Bank’s savings accounts

Great Southern Bank offers a range of savings accounts to cater for different customers, such as:

• Goal Saver Account
• Home Saver Account
• Advantage Saver Account

Find out what each of these accounts offer in the reviews below.

Goal Saver Account

Great Southern Bank’s Goal Saver account was designed to help those aged 18-24 enjoy bonus interest on savings even if they’re still making withdrawals.

Head of product at Great Southern Bank Barbara O’Conor-Nash said the company is passionate about helping Australians set up good savings habits early on in life to reach their financial goals.

“We are proud to offer award-winning savings accounts to help our customers start the journey to saving for a deposit on a home - something that is key in delivering on our purpose of helping all Australians to own their own home.” Ms O’Conor-Nash said.

“What makes the Goal Saver account different is that it pays bonus interest with a much lower monthly deposit requirement than many other accounts.

“This is perfect for young adults who are just starting out in their careers and because they only need to deposit $500 per month to qualify for their bonus interest, it will even suit those working part time or casual hours.

“When customers reach 25 years old, the account transitions automatically to a Home Saver account so they can continue their savings journey towards home ownership.”

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Compare Great Southern Bank's savings accounts

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Key facts

• Competitive interest rate

• Bonus interest limited to balances up to $50,000

• Withdraw money, without losing interest

• $0 monthly account fee

• Customisable account names

Bonus interest requirements

• Deposit $500+: When customers open a Goal Saver Account, they'll also open an Everyday Edge Account, which is a transaction account. To earn the bonus interest on their Goal Saver Account, they’ll need to deposit at least $500 per month into this Everyday Edge Account

• Make 5+ purchases: Customers will also need to make five or more card transactions per month via their Everyday Edge account to qualify for bonus interest on their Goal Saver Account. 

When customers make the Everyday Edge Account their main transaction account, they'll enjoy:

• $0 monthly account fees

• Unlimited fee-free transactions

• The ability to pay quickly and easily with their digital wallet

• Refund of international card and transaction fees 

Eligibility

New Great Southern Bank customers

• You must be aged between 18-24

• You must be an Australian resident

• Have an email address and a mobile number

• Have one of form of ID such as a driver's license, passport or Medicare card

Existing Great Southern Bank account holder

• Provide your existing customer number

• Have access to Great Southern Bank online banking

How to grow your savings with the Goal Saver Account

1. Ensure you are eligible to apply: As mentioned above, there are several eligibility requirements to check before you apply for a Great Southern Bank savings account.

2. Apply online: Applications should take around five minutes, you'll also need a valid form of ID.

3. Ensure Everyday Edge is your main transaction account: If customers don't already have an Everyday Edge Account, one will need to be opened to qualify for bonus interest on savings. 

4. Watch the savings grow: Customers should assign their savings into the Great Southern Bank Goal Saver Account and earn bonus interest.

Home Saver Account

In addition to the Goal Saver account, the Great Southern Bank also offers a Home Saver account for those saving for a home deposit. This account allows customers to save for their home deposit faster by earning a competitive bonus interest rate.

Key Facts

• $0 monthly account fees

• Bonus interest limited to balances up to $100,000

• Access your money but keep your interest

• Manage your money all in one place

Bonus interest requirements:

• Deposit $2,000+: Each month, deposit $2,000 or more into an Everyday Edge Account from a non-Great Southern Bank account.

• Make 5+ purchases: Make at least five eligible transactions each month using a Visa debit card from the Everyday Edge Account.

Eligibility

• Must be at least 18 years of age

• Must be a permanent resident of Australia

• Must have a Great Southern Bank Everyday Edge Account in order to qualify for bonus interest

How to grow your savings with the Home Saver Account

1. Ensure you’re eligible to apply: There are several eligibility requirements to be aware of before applying for a Great Southern Bank Home Saver Account.

2. Apply online: The application process only takes about five minutes - you’ll need proof of ID.

3. Switch your salary: Arrange for a total of $2,000 or more to be deposited each month from a non-Great Southern Bank account into your Everyday Edge Account.

4. Watch your savings grow: Simply set aside your savings in your Great Southern Bank Home Saver Account and earn bonus interest.

Advantage Saver Account

Great Southern Bank also offers the Advantage Saver Account where customers can earn bonus interest on those bigger balances of up to $750,000.

Key Facts

• Maximum bonus rate limited to balances between $100,000 and $750,000

• $0 monthly account fees

• Withdraw money without losing interest

• Save as your spend

Maximum bonus rate requirements

1. Increase balance by $250 each month: To earn bonus interest on savings, customers must increase their account balance by at least $250 on the previous month’s closing balance

2. Balance between $100k and $750k: Balances between $100,000 and $750,000 will earn the maximum rate on this account. Balances under $100k will earn a smaller bonus rate, while balances over $750k will only earn the base rate (no bonus).

Eligibility

• Must be 18 years of age or older

• You must be an Australian resident

• Have an email address and a mobile number

• Have one of form of ID such as a driver's license, passport or Medicare card

Added ways to save

Great Southern Bank has developed some handy 'smart tools', giving customers access to clever ways to save.

The Vault

This tool ensures customers avoid the temptation to dip into their savings by hiding the account in The Vault.

The Boost

The Boost allows customers to save every time they spend. How it works is an amount between $0.01 and $5 is set to automatically transfer to the account every time a Great Southern Bank Visa Debit card is used. 

For example, if customers were to buy a cup of coffee, an extra 50 cents could go into their savings, if that’s the amount they’ve set. Up to three Boosts can be used per account.

Notifications

Setting up notifications ensures that customers are always aware of what's happening with their accounts. 

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