Why you’ll love banking with us
The Boost
The Boost gives you a savings kick, everytime you tap or click.
SAVINGS ACCOUNTS
High interest savings accounts
Whatever your goal, we have a savings account to help you save smarter.
Banking on the go from the convenience of your phone
Convenient banking from anywhere? Learn more about digital banking
Get savvy with your banking
Dive into our handy articles, designed to help you get clever with your daily banking and saving.
Transaction, savings and term deposits – What’s the difference?
Looking for a bank account but not sure where to start? Read on to learn the difference between a savings account, transaction account and term deposit.
Read moreEverything you need to know about interest rates
Interest rates can affect your bank account in a good way. But what are they? And how do they work? We break down all things interest rates in our article.
Read moreBanking and saving FAQs
Yes. Money placed in a savings account with a bank, building society or credit union is protected by the Australian Government’s Financial Claims Scheme (FCS).
The scheme protects deposits up to $250,000 per person, per financial institution. In the unlikely event that a financial institution closes you’ll have the peace-of-mind that your money is safe.
You can earn bonus interest on certain high-interest savings-accounts if you meet the requirements, such as saving a specific amount each month or not withdrawing from your savings account.
The bonus interest rate is typically higher than a savings account with a flat rate, which is a clever way to boost your money.
You can earn bonus interest on three Great Southern Bank Savings Accounts:
You can earn bonus interest on your savings when you have either a Goal Saver, Home Saver, Future Saver Account.
Goal Saver Account:
- Deposit a total of $500 (or more) via electronic transfer from a non-Great Southern Bank account into your Everyday Edge accounts; and
- Make five or more Visa debit card purchases from your Everyday Edge accounts each month.
Deposits of $500 or more could easily be achieved by having your pay transferred to your Everyday Edge account or by making a single payment of $500 or more each month from a non-Great Southern Bank account.
Your purchases can be made from multiple Everyday Edge accounts to qualify, as long as they total 5 or more per month.
Please note that bonus interest is awarded on balances up to $50,000 (the portion of your account balance over $50,000 will earn the base rate of interest).
Home Saver Account:
- Deposit a total of $2,000 (or more) via electronic transfer from a non-Great Southern Bank account into your Everyday Edge Accounts; and
- Make five or more Visa debit card purchases from your Everyday Edge accounts each month.
Deposits of $2,000 or more could easily be achieved by having your pay transferred to your Everyday Edge account or by making a single payment of $2,000 or more each month from a non-Great Southern Bank account.
Your purchases can be made from multiple Everyday Edge accounts to qualify, just as long as they total 5 or more per month.
Please note that bonus interest is awarded on balances up to $100,000 (the proportion of your account balance over $100,000 will earn the base rate of interest).
Future Saver Account:
- Increase the balance of your Future Saver Account by $250 before the end of each month (excluding interest payments, withholding tax and fees) to earn bonus interest.
Please note that the top rate of bonus interest is awarded on balances up to $500,000 (the portion of your account balance over $500,000 will earn the bonus interest rate for that balance tier).
Definitely! Customers can withdraw funds from their account at any time without losing their interest. This is true for the:
Yes, we have four accounts that can be opened in joint names. These are our Goal Saver, Home Saver, Future Saver and Everyday Saver accounts.
Keep in mind that each customer can only have one of each of the following account types: Goal Saver, Home Saver and Future Saver.
Please note, if you’re keen to earn bonus interest on your Goal Saver or Home Saver Accounts, any Everyday Edge Account in your name can be used to earn bonus interest. This means the deposits and transactions on an Everyday Edge Account in just your name or joint names can count towards the bonus interest criteria.
You can access your Great Southern Bank Savings Account in many ways, including:
- Through online banking.
- Via mobile banking.
- In person at your local branch.
Absolutely. Simply download our mobile banking app to do your banking anywhere from the convenience of your phone.
Yes. Great Southern Bank Online Banking is easy to use, convenient and secure. As a new customer you'll be set up with online banking as soon as you open an account.
If you are already a customer, you can register for online banking in less than a minute and get started straight away.
We take security very seriously and have several features to keep your online and mobile banking safe and secure.
You’ll always need your customer number and password to log in to digital banking. You can also take advantage of our special features for extra security and peace of mind, which include:
- Biometric login.
- Transaction notifications.
- Security questions.
- Being able to change your password at any time.
While we take proactive steps to fight fraud, it’s important that our customers also take an active role in keeping their accounts secure.
Our online security checklist has tips and tricks to help you keep your account protected. And as always, never share your password with anyone.
We want to help all our customers be clever with their saving and spending habits. That’s why The Vault and The Boost come with all our savings and transaction accounts.
- The Vault makes saving money easier by hiding your savings. This can help you resist the temptation to spend your savings and focus on your goal, like funding a big holiday.
- The Boost allows you to save while spending. Set an amount to auto-transfer to your savings, use your Great Southern Bank Visa Debit card and watch your savings grow – it’s that simple!
Both tools are free to use. Plus, we don’t charge any monthly account fees, so your money stays in your account where it belongs.
A transaction account is designed for everyday use, such as getting paid your salary and purchasing essentials. You’ll receive a Visa Debit card to make transactions online and in-person. You can also add your card to a digital wallet – how convenient!
Savings accounts are designed to help you build up your savings. There is no debit card attached to the account, which can reduce the temptation to spend your hard-earned cash. Savings accounts come with an interest rate to help you reach your savings goals faster.
Did you know that you can earn bonus interest on your savings by pairing an Everyday Edge Account with a Goal Saver Account or Home Saver Account?
Yes. Money placed in a transaction account with a bank, building society or credit union is protected by the Australian Government’s Financial Claims Scheme (FCS).
The scheme protects deposits up to $250,000 per person, per financial institution. In the unlikely event that a financial institution closes you’ll have the peace-of-mind that your money is safe.
You can open a transaction account with as little as $1. There is no minimum or maximum amount to keep in your transaction account. All you need to do is ensure you have enough funds to cover the purchases you make.
You can access and use the money in your Great Southern Bank Transaction Account in many ways, including:
- Online banking.
- Mobile banking.
- Digital wallets, including tap and pay.
- At an ATM.
- In person at your local branch.
Yes. You’ll get a Visa Debit card with your Everyday Transaction Account that can also be added to Google PayTM, Apple Pay, Samsung Pay and Garmin Pay. You can also set up tap and pay on your smart watch.
You’ll never feel weighed down by your wallet when you can use your phone to tap and pay securely at the checkout.
We have two youth accounts for Australian kids: the Youth eSaver Account and the Everyday Youth Account.
Our Youth eSaver Account is one of the best youth accounts for kids on the market. It comes with a competitive base interest rate (no strings attached) and encourages your child to save their money and watch it grow.
The Everyday Youth Account, meanwhile, is a transaction account that helps children, tweens and teens become crafty spenders. And if your child is 10 years or older, they can use their Visa Debit card, smart device or watch to pay for their purchases.
As long as your child is under 18 years old, you can open a youth account for them at any time – even on the day they’re born. It all comes down to how you want to support your child with their money.
For example, opening a kids savings account early in their life means you can deposit cash gifts directly into your child’s savings account, which they can withdraw when they’re older. Or you might want to wait until they start earning some chore money for helping out around the house.
The Youth eSaver Account and Everyday Youth Account come with no monthly fees and are free to open. You can open an account online, over the phone or in person – totally up to you (and your child!).
Once your child turns 18, their youth account will automatically be upgraded to an adult account. If your child banks with us, this means they’ll have an Everyday Edge Account and Goal Saver Account.
Yes. Money placed in a youth savings or transaction account with a bank or credit union is protected by the Australian Government’s Financial Claims Scheme (FCS).
The scheme protects deposits up to $250,000 per person, per financial institution. In the unlikely event that a financial institution closes, you’ll have the peace of mind that your child’s money is safe.
Your child can access and use the money in their youth account in a variety of ways. These include:
- Online banking.
- Mobile banking.
- Digital wallets if they need to pay for something on the go.
- At an ATM, if they need to withdraw money from their transaction account.
- In person at your local branch.
Yes, they can! Simply download our mobile banking app, so your child can see how much money they have from their phone or tablet.
Yes. The Everyday Youth Account Visa Debit card has restrictions to block the purchase of certain items such as alcohol, adult entertainment, tobacco, and gambling. These category restrictions may be varied and are subject to change without notice.
Please note that restrictions are applied based on the merchant category selected by the merchant. These restrictions apply to any Everyday Youth Account Visa Debit card issued on or after 26 February 2023, until the cardholder turns 18.
A term deposit allows you to grow your existing savings by locking them away for a set period of time (the ‘term’) and at a set interest rate.
Your term can be anything from 1 month to 5 years, however, it’s worth keeping in mind that you are unable to make additional deposits after the initial grace period ends. You’ll also earn a lower rate if you need to access your money before the end of your term.
In contrast, a savings account allows you to make unlimited deposits and withdrawals. However, the interest rate is typically lower. Savings accounts can be helpful if you’re just starting out and want to deposit money on a regular basis while a term deposit is useful for earning interest on top of savings you already have.
Absolutely, in fact, it’s the fastest way to get started. Read on to find out how.
- If you’re new to Great Southern Bank;
You can apply for a new term deposit via our website. All you need is 5 minutes and your ID. Once you pass our online verification checks, we will open the term deposit account straight away to lock in your rate and term. - If you’re an existing customer;
You can open a term deposit in less than a minute by logging into online banking and clicking “Open or Apply”.
Once your account is open, you’ll have a 14-day grace period to arrange the transfer of your funds. If the funds you want to invest are not in your Great Southern Bank savings or transaction account, we can arrange this for you via direct debit or you can send the funds yourself using a telegraphic transfer.
If you change your mind or want to change the length of your term, you can do this within the 14-day grace period without incurring a penalty.
With recent interest rate rises, a competitive term deposit rate can be a clever way to grow your existing savings. Plus, your return on investment won’t be affected if interest rates fall.
If you’re part-way through saving for a home, putting some of your savings into a term deposit account could help you save smarter. Some of the benefits include:
- Higher interest rate than a regular savings account.
- Guaranteed rate of return.
- Choose to have your interest paid monthly, annually or at maturity.
- You won’t be tempted to spend your hard-saved cash as it’s locked away for a term.
Wondering how much interest you can earn? Our term deposit calculator can help you find out.
At the end of your term, you can choose to:
- Withdraw your money and the interest earned.
- Re-invest all or part of your savings for another term.
- Add extra funds to your term deposit and re-invest for another term.
Depending on your notification preferences, you will receive an email or text message reminder when your term deposit is approaching maturity.
A notice period of 31 days is required to withdraw part or all of your funds before your term deposit matures unless you are in your 14-day grace period or experiencing financial hardship. Please also be aware that doing so will incur a cost in the form of an interest adjustment. This is outlined in our terms and conditions.
Partial withdrawals must be at least $1,000 and leave a remaining balance of $5,000 or more.
If you wish to provide us with 31 days’ notice to withdraw your funds, or you’re experiencing financial hardship and need them sooner, please call us on 133 282 or visit your local branch.
No, you can’t add additional funds to your term deposit when it’s locked away. You can, however, top up your lump sum at the end of the term.
Yes, you can easily renew and manage your term deposit in online banking without having to call us or visit a branch.
How to manage your term deposit
- Log in to online banking
- Select the three dots ‘Actions’ menu for the term deposit you want to manage
- Select one of the following options:
Edit Maturity Instructions
- You can edit the term deposit maturity instructions at any point during your term (except the day before and day of maturity) and we’ll automatically follow these instructions when your term deposit matures. If you choose to renew your term deposit, the applicable term deposit rate for the renewed term will be the rate which applies on the day of the maturity.
To help get you started, we’ve created a simple step-by-step guide on how to edit your maturity instructions.
Edit Term Deposit
- When you open a term deposit account, you have 14 consecutive days in which you can adjust your term length and add or withdraw funds if your needs change.
- From the day your term deposit matures, you have 14 consecutive days in which you can make changes to your term deposit. You’ll have the choice to inform us whether you wish to reinvest some or all your funds, close the account, or even consider adding extra funds for reinvestment.
- If you don’t provide any instructions within the 14-day period, we’ll automatically reinvest the term deposit for the same term at the interest rate applicable on the date of maturity.
To help get you started, we’ve created a simple step-by-step guide on how to edit your term deposit during the grace period.
Request Early Release
- If you wish to withdraw money from your term deposit before the end of its term, you’ll need to give us 31 days’ notice. Accessing your funds before maturity will incur a cost in the form of an interest adjustment, which is outlined in our terms and conditions.
- You can withdraw all or part of your funds after you have given 31 days’ notice. If you make a partial withdrawal, your balance must not fall below $5,000.
If you’re experiencing financial difficulty and need your funds earlier, please call us on 133 282 or visit your local branch.
Remember you can see and manage your term deposit in online banking at any time, so you never lose track of your term deposit’s status.
Yes. Money placed in a term deposit account with a bank, building society or credit union is protected by the Australian Government’s Financial Claims Scheme (FCS).
The scheme protects deposits up to $250,000 per person, per financial institution. In the unlikely event that a financial institution closes you’ll have the peace-of-mind that your money is safe.
If you have a Fixed Rate Home Loan and have maxed out your extra repayment cap, a term deposit can help you get a head start on extra repayments once your fixed period ends.
Simply add your extra savings into a term deposit with the same or similar timeframe as your remaining fixed rate period. Then sit back and relax while your funds earn interest. Once your fixed rate period ends and your term deposit matures, the funds can be added to your home loan in online banking.
Great Southern Bank is the trading name of Credit Union Australia Limited. You may have previously known us as CUA.
For over 75 years we’ve helped our customers manage their money. We do this by providing clever products and smart tools that help you reach your financial goals sooner. Plus, being customer-owned means that our profits go back into our products and services, not shareholders.
We love helping people reach their financial goals and we can’t wait to help you reach yours, whatever they may be. Contact us to get started, we’re here to help!
Everyone is different – that’s why we offer more than one type of bank account.
Follow the links below to see our bank accounts and find the one that suits you.
Switching to Great Southern Bank is easier than you think – and it takes less than five minutes! All you need to do is open an account. It’s that simple.
Plus, we can help you switch your salary, direct debits, and regular payments to your brand-new Everyday Edge Account. Want to know how? Then you can get in touch with us on 133 282 or visit us in-person at your local branch.
Why choose Great Southern Bank?
We're customer-owned. That means no shareholders, so all our profits go into creating new and clever ways to help you manage your money.
We're able to focus squarely on our mission to empower ordinary Australians to reach their financial goals, whatever they may be.
We believe being owned by the people you help is a more transparent way of doing things and how all banks should work.
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Conditions, fees and charges apply. This is general information and does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information, including the Terms & Conditions (T&Cs) booklet, before acting on it.
The Boost is not available on business accounts.
* Rates current as at 22 January 2025 and is subject to change. Interest is calculated daily and paid monthly. The base rate of interest is payable on the whole balance held in your Home Saver Account. Bonus interest is applied on top of the base rate on balances up to $100,000 in a calendar month if, prior to the last day of that calendar month:
A. You receive deposits totalling $2,000 or more by electronic transfer (excluding telegraphic transfer) from a non-Great Southern Bank account into your Everyday Edge Account/s; and
B. At least 5 Visa Debit card purchases have been processed from your Everyday Edge Account/s and are not in pending status (excludes ATM withdrawals, eftpos cash out, balance enquiries and Bank@Post transactions).