| Eligibility |
Newborn to 17 year olds* | 18 to 24 year olds | All ages | 18+ year olds | 18+ year olds | ||||||
| Account description | An account designed to give young savers a kick start. It offers a competitive tiered interest rate. | An account designed for customers who are saving towards something special like a trip overseas or their first home. It offers a base rate and competitive bonus interest rate. | A flexible savings account that has no hurdles or bonus interest conditions. It offers a competitive variable flat rate on balances up to $750,000 per account. | An account designed for customers who are saving towards their first home. It offers a base rate and competitive bonus interest rate. | This product is designed for customers who want to make regular deposits and grow their savings balance. | ||||||
| Monthly account fee | None | None | None | None | None | ||||||
| Total interest rate | Up to 5.50% p.a. rate on balances up to $5,000** | Up to 5.35% p.a. rate+ | 4.30% p.a. rate# | Up to 5.25% p.a. rate^ | Up to 4.85% p.a. rate> | ||||||
| Base interest rate | N/A | 0.50% p.a base rate | N/A | 0.50% p.a base rate | 0.10% p.a. base rate | ||||||
| Type of bonus interest rate paid | N/A | 4.85% p.a. bonus rate on balances up to $50,000 | N/A | 4.75% p.a. bonus rate on balances up to $100,000 | Between 3.40% and 4.75% p.a. bonus rate applied on a stepped basis | ||||||
| Interest rate when high interest balance cap is reached | 1.00% p.a. rate on balances over $5,000 | N/A | 0.00% p.a. rate on balances over $750,000 | N/A | N/A | ||||||
| Requirements to qualify for bonus interest | N/A |
| N/A |
| Increase the balance of your Future Saver account by $250 by the end of the month (excluding interest payments, withholding tax and fees). | ||||||
KEY ACCOUNT FEATURES SUMMARY | |||||||||||
| Max. Number of Accounts | One per eligible youth | One per eligible customer | Six per eligible customer | One per eligible customer | One per eligible customer | ||||||
| Minimum opening balance | $1 | $1 | $1 | $1 | $1 | ||||||
| Monthly withdrawal conditions to earn bonus interest | N/A | N/A | N/A | N/A | N/A | ||||||
| Interest accrued | Daily on stepped basis | Daily | Daily on stepped basis | Daily | Daily on stepped basis | ||||||
| Interest paid | End of each month | End of each month | End of each month | End of each month | End of each month | ||||||
| Balance cap on bonus interest | N/A | $50,000 | N/A | $100,000 | N/A | ||||||
| Balance cap on high interest | $5,000 | N/A | $750,000 | N/A | N/A | ||||||
| Everyday account required | No, an Everyday Youth Account isn’t required. But, if you open a Youth eSaver Account online as a new customer aged 10-17, an Everyday Youth Account is opened at the same time. Please note, if the account holder is under 10 years of age, an account signatory is required to open an Everyday Edge Account in their name. | Yes - If you don't have one, you can open a Great Southern Bank Everyday Edge Account at the same time as the savings account. | No, an Everyday Edge Account isn’t required. But, if you open an Everyday Saver Account online as a new customer, an Everyday Edge Account is opened at the same time. | Yes - If you don't have one, you can open a Great Southern Bank Everyday Edge Account at the same time as the savings account. | No, an Everyday Edge Account isn’t required. But, if you open a Future Saver Account online as a new customer, an Everyday Edge Account is opened at the same time. | ||||||
| Account signatory requirements |
| N/A | N/A | N/A | N/A | ||||||
SAVINGS FEATURES | |||||||||||
| Ability to nickname accounts | |||||||||||
| Access to Account Notifications | |||||||||||
| Access to The Boost | |||||||||||
| Access to The Vault | |||||||||||
| Access to Bonus Interest Tracker | N/A | N/A | |||||||||
ACCESSIBILITY | |||||||||||
| Open online | |||||||||||
| Unlimited Online & Mobile Banking access | |||||||||||
OTHER FEATURES | |||||||||||
| Overdraft allowed | |||||||||||
| Visa Debit Card | |||||||||||
| Cheque book | |||||||||||
| Deposit book | |||||||||||
| Direct debits | |||||||||||
| Direct credits | |||||||||||
| Periodical payments | |||||||||||
| Bank@Post | |||||||||||
| BPAY | |||||||||||
| Use as offset account | |||||||||||
Open a Term Deposit Account.
Savings Accounts explained
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 been helping Australians with their banking and insurance needs. And today, we continue to provide clever products and tools to help customers reach their financial goals sooner.
As a customer-owned bank, we’re owned by you, our customers. So, instead of chasing huge profits for stakeholders, we reinvest profits back into the business for better products and services.
We love helping customers to achieve their financial goals and we can’t wait to help you with yours, whatever they may be. To get started, contact us today.
No, all Great Southern Bank saving accounts have a $0 monthly account fee. We don’t charge our customers a monthly fee to save – your money’s yours to use how you like.
Working out the right savings account for you is easy with the help of the table at the top of this page. It allows you to compare each savings account’s interest rate, features, and any bonus interest conditions (if applicable) side by side.
If you’re unsure and have any questions, we’re here to help. You can talk to us on live chat, call us on 133 282, or visit your local branch.
Our Future Saver, Goal Saver and Home Saver Accounts reward you with bonus interest when you meet the bonus interest criteria. It’s a good idea to check the requirements for earning the bonus interest before you open an account to make sure it’s right for you.
You can open a Great Southern Bank Savings Account online in just five minutes.
To get started, you’ll need your ID, mobile phone, and email address to hand. Depending on the account you choose, there are eligibility requirements that must be met, which we recommend you check before you apply.
Once your account is open, you can start transferring money to your new savings account or set up automatic transfers straight away.
Yes, you can open multiple savings accounts, however, it’s important to note that some accounts are limited to one account per person. The table above can tell you the accounts this applies to and any eligibility requirements.
It’s possible to mix and match our savings account types too. For example, you could have a Home Saver and a Future Saver Account. Or, you could have an account that allows you to earn bonus interest when conditions are met and an account with no interest-earning conditions if that suits your savings goals better.
Yes, you can access and manage your Great Southern Bank Savings Account via online banking or by downloading our mobile banking app.
We offer different types of accounts to suit different financial needs – be it everyday money management or savings.
To find an account that works best for you, click on the links below.
Did you know we’re customer-owned?
That means no shareholders. Our profits go back into new products and clever ways to help you manage your money.
Our savings accounts have won awards, but our true passion lies in helping everyday Australians reach their financial goals. And we’ve been doing so for over 75 years!
Rates current as at 05 November 2024. Rates and bonus interest criteria are subject to change.
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL 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 and Conditions (T&Cs) booklet, before acting on it. The Financial Claims Scheme may apply to this product; refer to the T&Cs for more information.
Youth eSaver
*Great Southern Bank Youth eSaver account converts to a Great Southern Bank Goal Saver account once you turn 18 years old.
**Rate applies on a stepped basis. Interest paid at 5.50% p.a. on balances up to $5,000, then at 1.00% p.a. on that portion of the balance over $5,000.
Goal Saver
+Interest is calculated daily and paid monthly. The base rate of interest is payable on the whole balance held in your Goal Saver Account. Bonus interest is applied on top of the base rate on balances up to $50,000 in a calendar month if, prior to the last day of that calendar month:
- You receive funds of $500 or more by electronic transfer (excluding telegraphic transfer) from a non-Great Southern Bank bank account into your Everyday Edge Account; and
- At least 5 settled (not pending) Visa Debit card purchase transactions (card present and card not present transactions but excluding ATM withdrawals, balance enquiries, Bank@Post transactions, cash advances and EFTPOS cash out only transactions) have been processed from your Everyday Edge Account.
Only deposits and purchases performed on Everyday Edge accounts are eligible to meet the bonus interest criteria for Goal Saver.
Everyday Saver
#Available to new and existing customers. A maximum of six accounts per customer. Interest is calculated daily on whole balances and paid monthly. Rate applies on a stepped basis - each rate applies to the portion of the total balance that falls within that balance bracket. Refer to the interest rate schedule for current interest rates.
Home Saver
^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:
- 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
- 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).
Only deposits and purchases performed on Everyday Edge accounts are eligible to meet the bonus interest criteria for Home Saver.
Future Saver
>Applicants must be over the age of 18. Available to new and existing customers. Only one account per customer. Interest is calculated daily on whole balances and paid monthly.
Rate applies on a stepped basis - each rate applies to the portion of the total balance that falls within that balance bracket. Refer to the interest rate schedule for current interest rates. Bonus interest is applied on top of the base rate if the balance of the Future Saver account increases by $250 by the end of each calendar month (excluding interest payments, withholding tax and fees).
To view the Target Market Determination for these products, please click here.
Your application ID is in the confirmation email we sent from creditcardapplication@gsb.com.au. For help, call us on 133 282.