In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Greater Bank Life Saver Account

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Greater Bank Life Saver

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Maximum variable rate
4.75% p.a.
Base interest rate
4.75%p.a.

Our verdict

This bank account encourages young Australians to save with a competitive interest rate, easy conditions and no account keeping fees.

This account offers a decent ongoing interest rate of 4.75% each month you grow your balance by any amount. The one catch is you can only open it if you’re under 25. But once you’ve got the account, you can keep it for life and you’ll continue to earn the competitive interest rate. You can also open this account for your child, and the relaxed account conditions make it a great first savings account.

It's not the highest rate in the market, but in comparison to a lot of other savings accounts, the conditions are very easy to meet. You could grow your balance by $5 or $500 over the month and either way you’d be eligible to earn interest. You’re allowed to make withdrawals, but just remember you need to replace the amount you withdraw plus a little bit extra to ensure your balance is higher at the end of the month than it was at the start. This is also great motivation to keep your savings growing.

If you’re not under 25, don’t worry, there are many other savings accounts with great rates available in the market.

Pros

  • Ongoing, variable bonus rate available
  • Simple monthly account conditions
  • Free internet, mobile and phone banking
  • Can be linked to an Access Account to transfer money in and out

Cons

  • Must be 25 when first opening the account
  • Interest rate isn't as high as others in the market

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name Greater Bank Life Saver
Maximum Variable Rate 4.75% p.a.
Standard Variable Rate 4.75% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $1

Key features

$1 minimum balance

The minimum account opening and ongoing balance requirement of this account is just $1.

Earn up to 4.75% p.a. interest

The money in your Life Saver Account earns 4.75% p.a. interest each month you grow your balance by any amount. Greater Bank calculates interest daily and pays it monthly.


How to apply

Eligibility

You can apply for the Life Saver account online or by visiting your nearest Greater Bank branch. Before applying, make sure you meet the required eligibility criteria:

  • Minimum age. You should be less than 25 years of age. If Greater Bank determines that an applicant under 18 years of age cannot understand the account's terms and conditions it may refuse to open an account unless the applicant appoints a benefactor.
  • Residency requirements. You should be an Australian citizen or a permanent resident of Australia.

Your reviews

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Ask a question

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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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Mary

May 04, 2022

Can I open an account for my one-year-old daughter?


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Alison Banney Finder

May 16, 2022

Hi Mary,


Yes, you can open this account for your child. However, if they’re under 18 you need to do this in a branch (you can’t apply online for children).


You can act as a signatory on the account for the child and will need to bring your ID along too.


Hope this helps,

Alison


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