Greater Bank

Greater Bank savings and bank accounts

Newcastle-based Greater Bank offers a couple of different everyday bank accounts as well as two types of savings accounts.

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Greater Bank savings accounts, bank accounts and term deposit.

Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
Greater Bank Access Account
Visa
$0.70
$0
$0
Everyday bank account with convenient access to money.
Greater Bank Ultimate Access Account
Visa
$0.70
$2,000
$0
An everyday account where you an avoid fees and have unlimited access to your funds.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Greater Bank Life Saver - For NSW residents
1.1%
1.1%
0%
$0
Ongoing, variable interest rate up to 1.1% p.a. when at least one deposit of any value is made during the month and you make no withdrawals. NSW residents only.
Greater Bank Bonus Saver
0.3%
0%
0.3%
$0
Ongoing, variable 0.3% p.a. when you deposit $1+ each month and no withdrawal for the month. Available on the entire balance.
Greater Bank Cash Management Account
0.01%
0.01%
0%
$0
The Greater Bank Cash Management Account offers a competitive interest rate. Interest calculated on whole balance daily and paid quarterly.
Greater Bank Retirement Plus
0.3%
0.3%
0%
$0
Great if you're over 55 years of age and want to earn a higher rate on your savings.
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Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Greater Bank Term Deposit $5,000
0.20%
0.20%
0.20%
0.30%
0.30%
0.40%
0.65%
The Greater Bank Term Deposit offers a competitive interest rate with $0 setup and account keeping fees.
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Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
Greater Bank Access Account
Visa
$0.70
$0
$0
Everyday bank account with convenient access to money.
Greater Bank Ultimate Access Account
Visa
$0.70
$2,000
$0
An everyday account where you an avoid fees and have unlimited access to your funds.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Greater Bank Life Saver - For NSW residents
1.1%
1.1%
0%
$0
Ongoing, variable interest rate up to 1.1% p.a. when at least one deposit of any value is made during the month and you make no withdrawals. NSW residents only.
Greater Bank Bonus Saver
0.3%
0%
0.3%
$0
Ongoing, variable 0.3% p.a. when you deposit $1+ each month and no withdrawal for the month. Available on the entire balance.
Greater Bank Cash Management Account
0.01%
0.01%
0%
$0
The Greater Bank Cash Management Account offers a competitive interest rate. Interest calculated on whole balance daily and paid quarterly.
Greater Bank Retirement Plus
0.3%
0.3%
0%
$0
Great if you're over 55 years of age and want to earn a higher rate on your savings.
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Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Greater Bank Term Deposit $5,000
0.20%
0.20%
0.20%
0.30%
0.30%
0.40%
0.65%
The Greater Bank Term Deposit offers a competitive interest rate with $0 setup and account keeping fees.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Virgin Money Boost Saver (25+ year olds)
1.5%
0.1%
1.4%
$0
Intro rate of up to 1.50% p.a. for the first 3 months and an ongoing bonus rate of 1.20% p.a. thereafter when monthly criteria is met (T&Cs apply). To earn these bonus rates customers aged 25+ need to deposit at least $2,000/month into your bundled Virgin Money Go Transaction Account and make 5+ transactions/month.
Rabobank High Interest Savings Account
1.35%
0.25%
1.1%
$0
Maximum variable rate of 1.35% p.a. for 4 months, reverting to a rate of 0.25% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
Westpac Life (18-29 year olds only)
2.5%
0.15%
2.35%
$0
If you’re between 18-29, you can earn a 2.5% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your Westpac Choice account, up to a balance of $30,000.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
2.5%
0.05%
2.45%
$0
Only available to those aged 14-24. Ongoing, variable 2.5% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Max bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn a lower bonus rate. Base rate applies on balances over $250,000.
Citibank Online Saver
1.1%
0.35%
0.75%
$0
Introductory rate of 1.1% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
Virgin Money Boost Saver (18-24 year olds)
1.5%
0.1%
1.4%
$0
Intro rate of up to 1.50% p.a. for the first 3 months and an ongoing bonus rate of 1.20% p.a. thereafter when monthly criteria is met (T&Cs apply). To earn these bonus rates customers aged 18-24 need to deposit at least $1,000/month into your bundled Virgin Money Go Transaction Account and make 5+ transactions/month.
Bank of Queensland Fast Track Saver Account
1.05%
0.05%
1%
$0
Ongoing, variable 1.05% p.a. when you link to an BOQ Day2Day Plus Account, deposit $1,000+ into the Day2Day account each month from an external account and make 5+ eligible transactions per month. Available on balances up to $250,000.
Virgin Money Grow Saver
0.65%
0.1%
0.55%
$0
Earn an ongoing variable 0.65% p.a. each month you make at least one deposit of any amount and no more than one withdrawal.
Westpac Life
0.3%
0.15%
0.15%
$0
Ongoing, variable 0.3% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
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Quick facts about Greater Bank

  • Greater Bank is a member-owned, mutual bank that has been operating for more than 75 years.
  • Greater Bank is based in Newcastle, New South Wales
  • It started off as a Greater Building Society with a focus on mortgages, and transitioned into Greater Bank in 2016
  • Greater Bank has more than 260,000 customers and more than $7 billion in assets under management

Accounts offered by Greater Bank

Greater Bank Access Account

This is a low-fuss everyday account that has no account keeping fees. You can choose between a Visa debit card or Access card for withdrawals and purchases with low fees for your transactions.

Read our full review of the Greater Bank Access Account.

Greater Bank Ultimate Access Account

This account does charge a monthly account keeping fee, however this is waived each month you deposit at least $2,000. If you meet the monthly deposit requirement there will also be no transaction fees.

Read our full review of the Greater Bank Ultimate Access Account.

Greater Bank Bonus Saver

This bonus saver accounts lets you earn a higher interest rate on your savings by making one deposit into the account each month and no withdrawals.

Read our full review of the Greater Bank Bonus Saver Account.

Greater Bank Life Saver

A Life Saver account can be opened by anyone under the age of 25. It pays a competitive interest rate on your savings each month that you grow your balance by any amount. You can keep the account once you're older than 25, but you need to be under 25 to open it in the first place.

Read our full review of the Greater Bank Life Saver Account.

Greater Bank Term deposit

You can open a term deposit with Greater Bank with as little as a $1,000 investment. Your money will be locked away for the length of the term you choose, which range from one month to five years, with a fixed interest rate. You can also choose to have monthly interest payments made directly to you, adding a little more to your income.

Read our full review of the Greater Bank Term Deposit.

Different ways to bank with Greater Bank

Greater Bank offers many different ways to do your banking.

Greater Bank bank branches

Greater Bank has roughly 50 bank branches spread across NSW and QLD. The large majority are based in the Hunter New England region and the Central Coast, with only 2 in Sydney.

Greater Bank ATM network

Greater Bank has roughly 100 ATMs around NSW and south-east QLD. Customers can also withdraw cash from 10,000 Westpac, CommBank and NAB ATM's for free with their Australian debit card.

Bank@Post

If you need to deposit cash into your account and don't have a branch , you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way.

Greater Bank Internet and mobile banking

Greater Bank Internet Banking can be used 24/7 to monitor your accounts, move money between accounts, pay bills, download recent statements and apply for new Greater Bank products.

The Greater Bank app is free to download and can be used to manage your accounts anywhere at anytime. The app has a 4 star rating in the Google Play store, and a 3.3 star rating on the App Store.

Greater Bank contactless payment options

Greater Bank offers Google Pay and Apple Pay to customers with a Greater Bank debit card.

Pros and cons of banking with Greater Bank

Pros

  • Avoid account keeping fees. There are no account keeping fees on the Access account, and the fee can also be waived on the Ultimate Access Account if you meet the conditions.
  • ATMs and branches. Greater Bank still offers more than 100 branches and ATMs for customers in NSW and south-east QLD.
  • Variety of accounts. Greater Bank offers more than just the one transaction account, so you can choose which is right for you.
  • Savings rates. The Life Saver account often offers a competitive savings rate compared to others in the market.

Cons

  • Not Australia-wide. Greater Bank has no branches or ATMs outside of NSW and QLD, and some accounts require you to be based in these states.
  • Monthly deposit condition. There is a large monthly deposit condition to meet with the Ultimate Access Account in order to have the fees waived.

How to apply for a Greater Bank account online

You can apply for a new account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.

Eligibility

  • You're over 18 years old
  • You're an Australian resident for tax purposes
  • You have an Australian phone number and residential address

Documentation

  • Personal details like your name, date of birth, residential address, phone number and email address
  • ID documents such as your driver's licence, Medicare card, passport or proof-of-age card

If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.

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