Great Southern Bank Goal Saver Account (18-24 year olds)

The Goal Saver Account has an ongoing bonus rate of 1.15% p.a. on balances up to $50,000 for customers aged 18-24.

This savings account offers a total bonus rate of 1.15% p.a. for customers aged 18-24 when the monthly criteria is met. To earn this rate you need to deposit $500 a month into your linked Great Southern Bank Edge Account and make 5 or more transactions from that account per month. You can make withdrawals from your savings and still earn bonus interest.

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1.15% p.a.

Maximum variable rate

0.05%p.a.

Base interest rate

$500

Minimum deposit

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Details

Product NameGreat Southern Bank Goal Saver Account
Maximum Variable Rate1.15% p.a.
Standard Variable Rate0.05% p.a.
Monthly Account Fee$0
Minimum Age18

Review by


Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This savings account is for customers aged between 18 and 24 and offers an ongoing bonus rate of 1.15% p.a. This rate is higher than a lot of the big banks, but not quite as competitive as some other savings accounts in the market offered for under 30s.

However, compared to other youth savings accounts that do offer a higher bonus rate, this account has flexible account conditions which could be ideal for newer savers. You need to deposit $500 a month, but you’re able to make withdrawals from your savings when you need. This could be handy if you find you make a few impulse purchases or need to dip into your savings from time to time for unexpected expenses.

Key features

Ongoing bonus rate up to 1.15% p.a.

This account offers an ongoing bonus rate of up to 1.15% p.a. for customers aged 18-24. To earn the full bonus rate you need to:

  • Deposit at least $500 into your linked Great Southern Bank Edge Account each month
  • Make at least 5 transactions from your Edge Account each month

If you don’t meet the account conditions one month you’ll only earn the standard variable rate of 0.05% p.a. that month. The bonus rate is available on balances up to $50,000.

Are you over 24?

If you're aged 25 or older you can open the Great Southern Bank Home Saver Account instead. This account offers an ongoing bonus rate of 1.05% p.a. When you deposit $2000 a month and make 5+ transactions.

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How to apply

You can apply online in less than 10 minutes.

Eligibility

  • Minimum age. You must be between 18-24 to open this account.
  • Residency. You must have an Australian residential address.

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