Great Southern Bank, formerly Credit Union Australia, is Australia's third-largest customer-owned bank (as at December 2025).
See also: What are the biggest banks in Australia?
It services more than 420,000 customers with a branch network across the eastern states and offers a range of savings account products. Its current savings rates feature below:
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.50% p.a. | 5.50% p.a. | $1,128 | – | $0 | $4,999 | $0 | $1 | $0 | |||||||||||
0.50% p.a. Bonus rate of 4.75% Rate varies on savings amount. | 5.25% p.a. | $1,076 | – | $0 | $99,999,999 | $2,000 | $1 | $0 | |||||||||||
0.10% p.a. Bonus rate of 4.75% Rate varies on savings amount. | 4.85% p.a. | $992 | – | $0 | $499,999 | $250 | $1 | $0 | |||||||||||
4.80% p.a. | 4.80% p.a. | $981 | – | $0 | $99,999,999 | $0 | $1 | $0 | |||||||||||
0.10% p.a. Bonus rate of 3.40% Rate varies on savings amount. | 3.50% p.a. | $711 | – | $500,000 | $99,999,999 | $250 | $1 | $0 | |||||||||||
2.65% p.a. | 2.65% p.a. | $536 | – | $50,000 | $99,999,999 | $0 | $1 | $0 | |||||||||||
1.55% p.a. | 1.55% p.a. | $312 | – | $5,000 | $49,999 | $0 | $1 | $0 | |||||||||||
1.00% p.a. | 1.00% p.a. | $201 | – | $5,000 | $99,999,999 | $0 | $1 | $0 | |||||||||||
0.10% p.a. | 0.10% p.a. | $20 | – | $0 | $4,999 | $0 | $1 | $0 |
Home Saver Account
Great Southern Bank offers a Home Saver account for customers aged 18 and over saving for a home deposit. It offers a lower base rate and a competitive bonus interest rate, provided certain conditions are met.
See also: The different types of savings account interest rates
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:
- Have an Everyday Edge account: This can be opened at the same time as the Home Saver account
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
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.
Apply online: The application process only takes about five minutes - you’ll need proof of ID.
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.
When customers make an Everyday Edge Account their main transaction account, they'll enjoy:
$0 monthly account fees
Unlimited fee-free transactions
The ability to pay via 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
Goal Saver Account
Great Southern Bank’s Goal Saver account is designed to help customers aged 18-24 to enjoy bonus interest on savings even if they’re making withdrawals.
It pays a competitive interest rate, made up of a relatively low base rate and a higher bonus rate on balances up to $50,000, provided bonus conditions are met (see below).
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 their 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.
How to grow your savings with the Goal Saver Account
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.
Apply online: Applications should take around five minutes, you'll also need a valid form of ID.
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.
Watch the savings grow: Customers should assign their savings into the Great Southern Bank Goal Saver Account and earn bonus interest.
Everyday Saver Account
The Everyday Saver Account comes with no bonus interest conditions and pays an ongoing interest rate on balance portions up to $750,000. (Note: portions above $750,000 earn no interest.)
Key Facts
Maximum bonus rate limited to balances up to $750,000
$0 monthly account fees
Withdraw money without losing interest
- Access to online, mobile, and telebanking and SMS alerts
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
Future Saver Account
The Future Saver Account pays a top rate made up of a low base rate and a higher bonus rate, if certain conditions are met.
The interest rate that applies depends on the account balance with a higher rate applying to portions under $500,000 and a lower rate to any amount above $500,000.
Key facts
- Must grow account balance by at least $250 each month to earn bonus interest rate
- $0 monthly account fee
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
Youth eSaver
This is Great Southern Bank's savings account for those up to 17 years old. At the time of writing, it pays the bank's highest interest rate on account balances up to $5,000 with no conditions attached. However, the interest rate paid on the portion of the balance over $5,000 is considerably less.
Key facts
- $0 monthly account fees and no online/mobile or telebanking transaction fees
- Pays interest while allowing unlimited withdrawals and transactions
- Allows customised account renaming
Eligibility
- Must be aged up to 17 years and be the sole account holder
- Must be an Australian resident with an Australian address
- To apply online, an email address and contact number will be required with proof the signatory is the parent or legal guardian on the child
- Child's Medicare card, birth certificate, Australian passport, or driver's licence
- A child under 10 must have a parent or guardian open and operate the account as a signatory. The child cannot personally transact with the account
- Once the child turns 10, the child can choose to remove the parent or guardian as a signatory, or remove their authority to obtain account information
- Parents or guardians can be given signatory access or third-party authority to obtain account information if required
Added ways to save
Great Southern Bank has developed some handy 'smart tools', giving customers access to various methods of growing their savings balances.
The Vault
This tool ensures customers avoid the temptation to dip into their savings by 'hiding' their account from sight in The Vault.
Regular payments and transfers will work as usual and customers can still check their account balance without removing it from The Vault.
It essentially adds a layer of invisibility employing the 'out of sight, out of mind' school of saving, although customers can still access their funds in the event of an emergency.
The Boost
The Boost allows customers to direct money to their savings account every time they spend. Customers can set an amount between $0.01 and $5 to automatically transfer to the account every time they use their Great Southern Bank Visa Debit card.
For example, if a customers were to buy a cup of coffee, an extra 50 cents could be deposited into their savings, if that’s the amount they’ve set. Up to three Boosts can be used per account.
Bonus Interest Tracker
Customers can access a Bonus Interest Tracker online to check whether they're on target to earn bonus interest on their:
- Home Saver Account
- Goal Saver Account
- Future Saver Account
Card Controls
Cards can be managed via Great Southern Bank's mobile banking app, allowing customers to switch various functions on or off, depending on how they want to use their cards.
Customers can decide whether they want their card to be open or closed to:
- in-store card purchases
- online card purchases
- digital wallets such as Apple Pay, Google Pay, or wearable devices
- ATM cash withdrawals