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Greater Bank Life Saver Account

Alison Banney
Alison Banney
Last updated:  

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.

1.6% p.a.

Maximum variable rate

1.6% p.a.

Base interest rate

$1

Minimum opening balance

Details

Product NameGreater Bank Life Saver - For NSW residents
Maximum Variable Rate1.6% p.a.
Standard Variable Rate1.60%
Bonus Variable Rate0.00%
Monthly Account Fee$0
Minimum Opening Deposit$1

Expert review

Alison Banney

Review by

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.

Expert review

This account offers a super competitive ongoing interest rate of 1.6% 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.

Key features

$1 minimum balance

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

Earn up to 1.6% p.a. interest

The money in your Life Saver Account earns 1.6% 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.

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