In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Great Southern Bank Home Saver Account

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Great Southern Bank Home Saver Account
Maximum variable rate
5.25% p.a.
Base interest rate
0.5%p.a.
Minimum deposit
$2,000

Our verdict

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

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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

In this guide

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

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

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.


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.

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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Graeme

February 25, 2023

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


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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


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Bevlyn Grant

February 16, 2023

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


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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


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