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Our verdict

You can earn an ongoing bonus rate of 5.25% and still be able to make withdrawals when you need.

Finder Awards winner

This account offers an ongoing bonus rate of 5.25% which is higher than many other accounts in the market, but not quite the highest. You need to deposit at least $2,000 a month to qualify for bonus interest which may be difficult if you're not earning a regular income each month. This deposit condition is also higher than other accounts with similar or even higher rates.

However, one major benefit with this account is that you can make withdrawals and still qualify for bonus interest (which isn't the case with many other bonus savers). Plus, the bonus interest rate is available ongoing. This means if you fail to meet the deposit conditions one month you can still be eligible for bonus interest if you meet the conditions the following month.

You do need to link the account to a Great Southern Bank Everyday Edge Account and make 5 purchases a month, however this is a fairly standard condition for a lot of the leading savings accounts at the moment.

Pros

Up to 5.25% interest on your savings
Ongoing bonus rate available every month
Make withdrawals and still be eligible to earn the bonus interest
No account keeping fees on linked Everyday Edge Account

Cons

$2,000 monthly deposit requirement for bonus rate
Very low base rate if account criteria aren't met

Details

Key details

Product Name	Great Southern Bank Home Saver Account
Maximum Variable Rate	5.25% p.a.
Standard Variable Rate	0.50% p.a.
Monthly Account Fee	$0
Minimum Age	18

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Congratulations, Great Southern Bank!

Great Southern Bank Home Saver Account won the award for 'Savings Account' in the 2024 Banking Product Awards.

Full list of 2024 winners

Key features

Bonus interest rate up to 5.25%

This account offers an ongoing bonus rate of 5.25% when the account criteria are met.

To earn bonus interest you need to link your Home Saver Account to an Everyday Edge Account, deposit at least $2,000 a month and make 5 or more transactions from your Everyday Edge account each month.

Make withdrawals whenever you need to

Provided you meet the above account conditions, you can still be eligible for the bonus interest even when you need to withdraw from the account. This gives you the freedom to access your funds when you need to.

No account keeping fees

This savings account has no monthly account keeping fees to worry about. The linked Everyday Edge Account also has no monthly fees.

Linked Great Southern Bank Everyday Edge Account

You need to link your Home Saver Account to an Everyday Edge Account to qualify for bonus interest. This transaction account comes with a Visa debit Card which you can use for day-to-day spending, online purchases and to pay bills.

Set up regular payments into your savings

You can set up automatic regular transfers from your linked transaction account to your Home Saver Account, to help you save effortlessly.

Apple Pay, Google Pay and Samsung Pay available

You can use Apple Pay, Samsung Pay and Google Pay on your linked Everyday Edge Account, to make secure contactless payments with your phone or smartwatch.

Mobile banking app

Use the Great Southern Bank App to keep up to date with your savings, check your balance and transfer funds between your accounts when you're on the go.

How to apply

You can open a Home Saver Account online in less than 10 minutes. Make sure you meet the eligibility requirements and have the necessary documents handy before you begin the application. remember, you'll also need to open an Everyday Edge Account if you want to qualify for bonus interest.

Eligibility

Age requirement. You must be at least 18 years of age.
Residency requirement. You must be an Australian resident or citizen with an Australian residential address.
Account purpose. This account is meant for personal use only, not for business use.

Documentation needed

Personal identification. A valid driver's licence, passport, birth certificate or Medicare card is needed to verify your identity online.
Personal information. Your full name, date of birth and physical address will all be required while filling out the application.

Sources

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Alison Finder

Editor

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Graeme

February 25, 2023

What month is the bonus interest applied to the Everyday Edge account eg the month qualified or the following month?

Raj Lal Finder

February 28, 2023

Hi Graeme,

Thanks for contacting Finder.

If you meet all the conditions, the bonus interest rate is applied to the month qualified.

Thanks

Raj

Bevlyn Grant

February 16, 2023

What is the deposit limit on the acct to receive the 4.65%

Alison Banney Finder

February 21, 2023

Hi Bevlyn,

You can earn bonus interest on balances up to $100,000, provided you meet the monthly conditions.

Thanks,

Alison

Great Southern Bank Home Saver Account