Home News Great Southern Bank boosts savings accounts to join the 5% club

Great Southern Bank boosts savings accounts to join the 5% club

Australia’s third-largest customer-owned bank has announced an increase to savings account rates for Gen Z savers, passing on RBA’s May cash rate increase in full.

By Jacob Cocciolone

on 11 May 2023

Fact Checked

Great Southern Bank boosts savings accounts to join the 5% club

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

Advertisement

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Deposit amount

Compare

Provider	Base interest rate	Max interest rate	Total interest earned	Introductory Term	Minimum Amount	Maximum Amount	Account Keeping Fees	Min. Monthly Deposit	Min. Opening Deposit	Linked account required	ATM Access	EFTPOS Facility	as ofAugust 21, 2024

	4.40^%_p.a.	Intro rate for 4 monthsthen 4.40% p.a. 5.75^%_p.a.	^$289	4	^$0	^$250,000	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	High Interest Savings Account (< $250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance
FEATURED High Interest Savings Account (< $250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance More details
	–	5.50^%_p.a.	^$276		^$0	^$100,000	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED*Rate varies on savings amount	Save Account (<$100,000) Deposit $500 per month to get bonus interest 5.50% p.a. available on total savings up to $100k. 5.00% p.a. applies to savings between $100k-250K. Tiered bonus rates apply. (TMDs at ubank.com.au)
FEATURED*Rate varies on savings amount Save Account (<$100,000) Deposit $500 per month to get bonus interest 5.50% p.a. available on total savings up to $100k. 5.00% p.a. applies to savings between $100k-250K. Tiered bonus rates apply. (TMDs at ubank.com.au) More details
	4.75^%_p.a.	Intro rate for 4 monthsthen 4.75% p.a. 5.35^%_p.a.	^$269	4	^$0	^$249,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Account (Amounts < $250k) A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking No withdrawal notice periods or interest rate penalties Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
FEATURED Savings Account (Amounts < $250k) A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking No withdrawal notice periods or interest rate penalties Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace More details
	2.85^%_p.a.	Intro rate for 4 monthsthen 2.85% p.a. 3.55^%_p.a.	^$178	4	^$0	^$49,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Accelerator (Amounts < $50000) For deposit amounts $0 - $49,999 New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate. T&Cs apply.
FEATURED Savings Accelerator (Amounts < $50000) For deposit amounts $0 - $49,999 New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate. T&Cs apply. More details

Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of August 21, 2024. View disclaimer.

Important Information and Comparison Rate Warning

Image by Ketut Subiyanto via Pexels

Jacob Cocciolone

Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

Email Articles

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, InfoChoice.com.au, YourMortgage.com.au, YourInvestmentPropertyMag.com.au, and Performance Drive are part of the InfoChoice Group. In the interest of full disclosure, the InfoChoice Group is associated with the Firstmac Group. Read about how InfoChoice Group manages potential conflicts of interest, along how we get paid.

Savings.com.au Pty Ltd ACN 161 358 363 operates as an Australian Financial Services Licensee and an Australian Credit Licensee Number 515843. Savings.com.au is a general information provider and in giving you general product information, Savings.com.au is not making any suggestion or recommendation about any particular product and all market products may not be considered. If you decide to apply for a credit product listed on Savings.com.au, you will deal directly with a credit provider, and not with Savings.com.au. Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au's Financial Services and Credit Guide (FSCG). The information provided constitutes information which is general in nature and has not taken into account any of your personal objectives, financial situation, or needs. Savings.com.au may receive a fee for products displayed.

Explore the InfoChoice Group network: InfoChoice · Your Mortgage · Your Investment Property · Performance Drive

Our company, Savings.com.au, has obtained accreditation as a data recipient for the Consumer Data Right (CDR). You can view our CDR policy by clicking on this link.

Important information

Savings.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. Importantly, these commercial relationships do not influence our editorial integrity.

For more detailed information, please refer to our How We Get Paid, Managing Conflicts of Interest, and Editorial Guidelines pages.

Editorial Integrity

At Savings.com.au, we are passionate about helping Australians make informed financial decisions. Our dedicated editorial team works tirelessly to provide you with accurate, relevant, and unbiased information. We pride ourselves on maintaining a strict separation between our editorial and commercial teams, ensuring that the content you read is based purely on merit and not influenced by commercial interests.

Learn more about our commitment to editorial integrity in our Editorial Guidelines.

Advertiser Disclosure

Our service is free for you, thanks to support from our partners through sponsored placements, ads, and referrals. We earn compensation by promoting products, referring you, or when you click on a product link. You might also see ads in emails, sponsored content, or directly on our site.

For more details, see How We Get Paid.

Product Coverage and Sort Order

We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements.

Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes.

Additionally, certain products may present forms designed to refer you to associated companies (e.g. our mortgage broker partner) who may be able to assist you with products from the brand you selected. We may receive a fee for this referral.

You can customise your search using our sorting and filtering tools to prioritise what matters most to you, although we do not compare all features and some results associated with commercial arrangements may still appear.

For more details, visit How We Get Paid and Managing Conflicts of Interest.

Comparison Rate Warning and Base Criteria

For home loans, the base criteria include a $400,000 loan amount over 25 years. For car loans and personal loans, the base criteria include a $30,000 loan over 5 years. These rates are only examples and may not include all fees and charges.

*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Monthly Repayment Figures

Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.

Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.

Related Brands

Savings.com.au is proudly part of the InfoChoice Group, which includes InfoChoice.com.au, YourMortgage.com.au, YourInvestmentPropertyMag.com.au, and PerformanceDrive.com.au. The InfoChoice Group is associated with the Firstmac Group.

We may include products and services from loans.com.au, CarLoans.com.au, OnlineAuto.com.au, and YourMortgageBroker Pty Ltd, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner.

Learn more about how we manage conflicts of interest.

General Advice Disclosure

The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.

Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).

Great Southern Bank boosts savings accounts to join the 5% club

The 5% savings club

High Interest Savings Account (< $250k)

High Interest Savings Account (< $250k)

Save Account (<$100,000)

Save Account (<$100,000)

Savings Account (Amounts < $250k)

Savings Account (Amounts < $250k)

Savings Accelerator (Amounts < $50000)

Savings Accelerator (Amounts < $50000)

Jacob Cocciolone

ANZ Plus savings account rules change

Westpac offers new low rate green energy loans

NAB, ANZ shift term deposit emphasis

Macquarie leads home loan rate drops in quiet week

Be Savings Smart.

Great Southern Bank boosts savings accounts to join the 5% club

The 5% savings club

High Interest Savings Account (< $250k)

High Interest Savings Account (< $250k)

Save Account (<$100,000)

Save Account (<$100,000)

Savings Account (Amounts < $250k)

Savings Account (Amounts < $250k)

Savings Accelerator (Amounts < $50000)

Savings Accelerator (Amounts < $50000)

Jacob Cocciolone

Related News

ING bumps up introductory savings account rate

Should you be panicking about the equities crash?

60 ways to save money

Related Guides

Most Aussies don’t understand the very basics of their money

What is the minimum or maximum sized home or block I can get with a home loan?

Great Southern Bank Home Loans Review

Get news & tips delivered

Important information

Editorial Integrity

Advertiser Disclosure

Product Coverage and Sort Order

Comparison Rate Warning and Base Criteria

Monthly Repayment Figures

Related Brands

General Advice Disclosure