In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert
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Greater Bank Bonus Saver

Greater Bank Bonus Saver

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Maximum variable rate
4.00% p.a.
Base interest rate
0%p.a.
Minimum deposit
$1

Summary

With a bonus interest rate as an incentive you won’t be tempted to take out any of your money with the Bonus Saver Account.

Good saving habits are rewarded when you invest your money in Greater Bank's Bonus Saver Account. All you have to do is commit to one deposit and no withdrawals, and the total of your balance is augmented by a competitive interest rate. There are no fees eating away at your money, making it even easier to reach your savings goals.

Pros

  • $0 monthly account keeping fee
  • No transaction fees
  • Free internet, mobile and phone banking

Cons

  • This is a statement account only

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert

Details

Key details

Product Name Greater Bank Bonus Saver
Maximum Variable Rate 4.00% p.a.
Standard Variable Rate 0.00% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $1
Minimum Age 18

Key features

Monthly account keeping fees

You are not charged a monthly maintenance fee with the Bonus Saver account.

Bonus interest rate requirements

So long as you make at least one deposit in a month and no withdrawals, you will be rewarded with bonus interest. No interest is earned if you do not meet those conditions, and it is important to note that interest earnings don't count as a deposit.


How to apply

Eligibility

If the conditions of the Bonus Saver account work with your saving style, you may apply for this account online. Completing the application should only take about ten minutes, but you should start by checking if you meet the eligibility requirements:

  • Minimum age. Only individuals who are over the age of 18 can apply for this account. If opening a joint account, both individuals should fill out the application.
  • Residency requirements. Permanent Australian residents can apply provided that you have a residential address in Australia.

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Carmen

February 05, 2018

It says that I must make a monthly deposit (minimum of $1) in order to obtain the bonus variable rate, however, since there is no bonus interest (0.00%), then do we still earn the standard rate of 2.00% each month if I make no monthly deposits? (e.g. I put in and initial $5000, and don’t deposit any money for 12 months, do I still earn that 2.00% each month?)


Thank you!

Carmen


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Joshua Finder

February 13, 2018

Hi Carmen,


Thanks for getting in touch.


The answer to your question is no. You won’t earn the standard rate of 2.00% if you don’t make any monthly deposits. Interest is only earned if at least one deposit and no withdrawals are made within a calendar month.


They calculate interest by applying the daily percentage rate to your account balance. They pay interest on the last day of each month if at least one deposit and no withdrawals have been made in the calendar month. No Interest applies if no deposits and/or any number of withdrawals have been made during the month. Conditions apply. Please read their Terms and Conditions for more information.


I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.


Have a wonderful day!


Cheers,

Joshua Infantado


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Hx

July 18, 2017

what is meant by “statement only account”?


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Arnold

July 19, 2017

Hi Hx,


Thanks for your inquiry.


Statement savings account has a wider array of options for making transactions, such as by using ATMs, and you receive regular mailed or electronic statements detailing your deposits, withdrawals, and interest compared to passbook savings.


Hope this information helped.


Cheers,

Arnold


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