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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.
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Product Name | Greater Bank Life Saver - For NSW residents |
---|---|
Maximum Variable Rate | 1.4% p.a. |
Standard Variable Rate | 1.40% |
Monthly Account Fee | $0 |
Minimum Opening Deposit | $1 |
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.
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.