Greater Bank Life Saver Account
This bank account encourages young Australians to save with a competitive interest rate and no account keeping fees.
You can open Greater Bank Life Saver Account if you are under 25 years of age. However, you can continue using it for the rest of your life.
$1 minimum balance
The minimum account opening and ongoing balance requirement of this account is just $1.
Earn up to 1.4% p.a. interest
The money in your Life Saver Account earns 1.4% p.a. interest each month you grow your balance by any amount. Greater Bank calculates interest daily and pays it monthly.
Easy access to the account
Account holders get free access to Greater Bank's Internet, mobile and phone banking systems. You can use these platforms to transfer money to and from this account to your linked Greater Bank everyday account (if you have one). You can also make deposits and withdrawals by visiting any Greater Bank branch.
No debit or access card
This account does not come with any debit or access card, as it's designed to help you save not spend your money.
Link to a Greater Bank Access account
You can link your account to a Greater Bank Access Account in your name. Doing this simplifies how you move money in and out of your account. You can also benefit through fee free banking for your Access Account provided you meet a balance condition with respect to your Life Saver Account. When you turn 25, you'll have to pay Access Savings Account related fees even if you meet the balance condition.
After you turn 18
Once you turn 18 years old Greater Bank automatically removes any benefactors linked to the account. You then get to operate your account individually.
Account keeping fees
The Life Saver Account does not attract any ongoing monthly fees.
How to apply
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.
- Depository requirements. You can open this account with as little as $1.
In order to complete the application successfully you'll have to provide different kinds of information:
- Identification. If you're a new Greater Bank customer you'll have to go through an identity verification process, as required by the law. You can verify your identity online using an acceptable form of ID such as your Australian driver's license or passport.
- Tax file number. If you don't want Greater Bank to deduct withholding tax from the interest you earn, submit your tax file number.
- Other information. This includes your name, date of birth, home address, email address and phone number.
What happens after I submit my application?
After you submit your application and complete your ID check you receive details about accessing your account online via SMS and email. Before you can start using your account you'll have to verify an authorisation code you receive via SMS.
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This account offers a super competitive ongoing interest rate of 1.4% 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.
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.